Payment of Interest on Qualified Student Loans Sample Clauses

Payment of Interest on Qualified Student Loans. AmeriCorps Members who have successfully completed a term of service are eligible to have the National Service Trust pay up to 100% of the interest that accrued on their qualified student loan(s) during their term of service. The loan must have been in forbearance, deferment or a grace period during this period. To have the Trust pay all or a portion of the interest accrued on qualified student loans, the Trust must receive verification from the WSC that the Member has successfully completed their term of service. The Member must complete the Interest Accrued During National Service Form using the MyAmeriCorps online system. This payment, like payments from an education award, is considered taxable income in the year the payment is made.
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Payment of Interest on Qualified Student Loans. Upon successful completion of a term of service, the National Service Trust will pay, on behalf of the borrower (the member), all or a portion of the interest that accrued on a qualified student loan during the member's term of service. A qualified student loan is 1) any loan, made, insured, or guaranteed pursuant to Title IV of the Higher Education Act of 1963, as amended, other than a loan to a parent of a student pursuant to section 428B of such Act; 2) any loan made pursuant to Titles VII or VIII of the Public Health Service Act; and 3) any loan determined by a Title IV institution of higher education to be necessary to cover a student's cost of attendance at such an institution and made directly to a student by a state agency. The loan must have been in forbearance, deferment, or a grace period during this period. Payment will only be made to the loan holder. The payment, like payments from the member's education award, is considered taxable income in the year the payment is made. If the member obtains loan forbearance at the beginning of their term of service, they must submit an Interest Accrual Form to their loan holder up to 30 days before their service ends. Submission is made through the member’s My AmeriCorps account. The loan holder will complete the applicable portion of the form, compute the total accrued interest, and send it to the Trust for payment. The Trust will only pay interest if the member completes their term of service and receives an education award. This amount, in addition to the education award, is taxable. Living Allowance (Stipend members only) For stipend members, the living allowance is designed to help the member meet necessary living expenses incurred while participating in the program. The living allowance is not an hourly wage and will not fluctuate based on the hours served in each period. The member may not fundraise for their living allowance. The living allowance is typically paid in 20 payments (for a 10-month term of service) or 21 payments (for a 10.5-month term of service). If member needs to extend their term of service, they will not receive additional living allowance payments or health insurance coverage beyond the service term listed in this Member Service Agreement.
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Related to Payment of Interest on Qualified Student Loans

  • Interest on Loans (a) Except as otherwise set forth herein, each Class of Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof as follows:

  • Interest on Floating Rate Notes (a) Interest Payment Dates Each Floating Rate Note bears interest from (and including) the Interest Commencement Date and such interest will be payable in arrear on either:

  • Interest on Fixed Rate Notes Each Fixed Rate Note bears interest from (and including) the Interest Commencement Date at the rate(s) per annum equal to the Rate(s) of Interest. Interest will be payable in arrear on the Interest Payment Date(s) in each year up to (and including) the Maturity Date. If the Notes are in definitive form, except as provided in the applicable Final Terms, the amount of interest payable on each Interest Payment Date in respect of the Fixed Interest Period ending on (but excluding) such date will amount to the Fixed Coupon Amount. Payments of interest on any Interest Payment Date will, if so specified in the applicable Final Terms, amount to the Broken Amount so specified. As used in the Conditions, Fixed Interest Period means the period from (and including) an Interest Payment Date (or the Interest Commencement Date) to (but excluding) the next (or first) Interest Payment Date. Except in the case of Notes in definitive form where an applicable Fixed Coupon Amount or Broken Amount is specified in the applicable Final Terms, interest shall be calculated in respect of any period by applying the Rate of Interest to:

  • Payment of Interest The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each Interest Period (and, if the Interest Period is longer than six Months, on the dates falling at six monthly intervals after the first day of the Interest Period).

  • Determination of Rate of Interest and calculation of Interest Amounts The Agent will at or as soon as practicable after each time at which the Rate of Interest is to be determined, determine the Rate of Interest for the relevant Interest Period. The Agent will calculate the amount of interest (the Interest Amount) payable on the Floating Rate Notes for the relevant Interest Period by applying the Rate of Interest to:

  • Determination of Interest Rates for the LIBOR Floating Rate Classes The Interest Rates for the LIBOR Floating Rate Classes for each Interest Accrual Period shall be determined by Xxxxxx Xxx or the Paying Agent on the Index Determination Date in the month following the month in which the Settlement Date occurs and on each Index Determination Date thereafter so long as the LIBOR Floating Rate Classes are outstanding on the basis of LIBOR and the applicable formulae specified in the Prospectus Supplement or the Lower Tier Schedule, as the case may be. For any period during which LIBOR for any LIBOR Floating Rate Class is to be determined on the basis of the “LIBO Method” (as defined in the Prospectus), until such Class is paid in full, Xxxxxx Mae shall at all times retain at least four Reference Banks (as defined in the Prospectus). The Paying Agent and Xxxxxx Xxx shall have no liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks which is caused by circumstances beyond their reasonable control. In determining LIBOR, any Interest Rate for the LIBOR Floating Rate Classes or any Reserve Interest Rate (as defined in the Prospectus), Xxxxxx Mae or the Paying Agent may conclusively rely and shall be protected in relying upon the rates or offered quotations (whether written, oral or disseminated by means of an electronic information system) provided by the sources specified in the Prospectus. Neither Xxxxxx Xxx nor the Paying Agent shall have any liability or responsibility to any Person for (i) the Paying Agent’s selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) its inability, following a good-faith reasonable effort, to obtain the applicable rates or quotations or to determine the arithmetic mean of such quotations, all as provided for in the Prospectus.

  • Interest on Delinquent Payments Without waiving any other right or action available to Authority, in the event of default of Company's payment of Rents or other charges hereunder, and in the event Company is delinquent in paying to Authority any Rents or other charges for a period of five (5) days after the payment is due, Authority reserves the right to charge Company interest thereon from the date the Rents or other charges became due to the date of payment at one and one-half percent (1.5%) per month, to the maximum extent permitted by Applicable Law.

  • Interest on Unpaid Balances Interest on any unpaid amount (including amounts placed in escrow) shall be calculated in accordance with the method specified for interest on refunds in the Commission’s regulations at 18 C.F.R. § 35.19a (a)(2)(iii). Interest on unpaid amounts shall be calculated from the due date of the xxxx to the date of payment. Invoices shall be considered as having been paid on the date of receipt of payment.

  • Late payment on Zero Coupon Notes If the amount payable in respect of any Zero Coupon Note upon redemption of such Zero Coupon Note pursuant to paragraph (a), (b), (c) or (d) above or upon its becoming due and repayable as provided in Condition 11 is improperly withheld or refused, the amount due and repayable in respect of such Zero Coupon Note shall be the amount calculated as provided in paragraph (e)(iii) above as though the references therein to the date fixed for the redemption or the date upon which such Zero Coupon Note becomes due and payable were replaced by references to the date which is the earlier of:

  • Calculation of Interest The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

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