Loan Forbearance and Public Student Loan Forgiveness Sample Clauses

Loan Forbearance and Public Student Loan Forgiveness. Member may be eligible for the following benefits, but these benefits are not managed by Program. Loan Forbearance and Interest Payments. Member is eligible to have the repayment of certain student loans postponed during their term of service. Member must request forbearance from their loan holders with the National Service Forbearance Request Form. The National Service Trust does not grant forbearances; loan holders do. Individuals whose loans are in current default status are not eligible for this benefit. If Member has received forbearance on a qualified student loan during the term of service, upon completion, the National Service Trust will repay a portion or all the interest that accrued on the loan during the term of service. However, if Member leaves for non-compelling reasons, even if the loan was in forbearance, the Trust will not pay the interest. The interest paid will be taxed as income. Public Service Loan Forgiveness (PSLF) and Income-Based Repayment (IBR). As an alternative to putting qualified student loans into forbearance, Member, if serving a full time AmeriCorps position, may be eligible to count the regular student loan payments made during their service toward the PSLF program. Member may elect to participate in the IBR plan in order to make loan payments more affordable during service. Under IBR, loan payments may be as low as $0 per month. Additionally, loan payments made using the Xxxxx Education Award may count toward PSLF, even if the loan(s) are put into deferment or forbearance during service. The PSLF program allows an exception for AmeriCorps alums to make a lump sum payment using the AmeriCorps Xxxxx Education Award and receive credit for up to 12 qualifying payments for PSLF. The number of payments for which Member will receive credit is determined by dividing the amount of the lump sum payment by the scheduled full monthly payment amount, (but Members may not receive credit for more than 12 monthly payments toward the PSLF payment requirement). See xxxx://xxx.xxxxxxxxxxxxxxx.xxx/pdf/08_1210_ccraa_faqs.pdf for additional reference.
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Loan Forbearance and Public Student Loan Forgiveness. Member may be eligible for the following benefits, but these benefits are not managed by Program.
Sample 1

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