Common use of Collection of Student Loan Payments Clause in Contracts

Collection of Student Loan Payments. (a) The Servicer shall make reasonable efforts (including all efforts that may be specified under the Higher Education Act or any Guarantee Agreement) to collect all payments called for under the terms and provisions of the Financed Student Loans as and when the same shall become due and shall follow such collection procedures as it follows with respect to all comparable Student Loans that it services. The Servicer shall allocate collections with respect to the Financed Student Loans between principal and interest in accordance with the terms of each such loan. The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Financed Student Loan.

Collection of Student Loan Payments. (a) The Servicer shall make reasonable efforts (including all efforts that may be specified under the Higher Education Act or any applicable Guarantee Agreement) to collect all payments called for under the terms and provisions provision of the Financed Student Loans as and when the same shall become due and shall follow such collection procedures as it follows with respect to all comparable Student Loans that it services. The Servicer shall allocate collections with respect to the Financed Student Loans between principal and interest in accordance with the terms of each such loanStudent Loan. The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Financed Student Loan.