Loan Forbearance Sample Clauses

Loan Forbearance. The Member is eligible to have the repayment of certain student loans postponed during their term of service. Members must request forbearance from their loan holders with the National Service Forbearance Request Form. The National Service Trust does not grant forbearances; the loan holders do. Members whose loans are in current default status are not eligible for this benefit.
Sample 1Sample 2Sample 3See All (13)
AutoNDA by SimpleDocs
Loan Forbearance. If the member has received forbearance on a qualified student loan during the term of service, the National Service Trust may repay a portion or all of the interest that accrued on the loan during the term of service.
Sample 1Sample 2Sample 3See All (5)
Loan Forbearance. The member is eligible to have the repayment of certain qualified student loans deferred while they serve in AmeriCorps. The postponement, called forbearance, is not automatic. Members do not have to make payments on eligible loans during a period of forbearance, although interest continues to accrue. The member must request forbearance from their loan holder through their My AmeriCorps online account. The member must register for their online account at the beginning of their term of service. The National Service Trust does not grant forbearance; the loan holders do. The Trust merely verifies membership in AmeriCorps and forwards the documents to the loan holder. Student loans that are in default may not be eligible for loan forbearance.
Sample 1
Loan Forbearance. Upon enrollment and acceptance into the program, the member is eligible for forbearance of any qualified student loans. If the member has received forbearance on a qualified student loan during the term of service, the National Service Trust will repay a portion or all of the interest that accrued on the loan during the term of service. The member may access her/his MyAmeriCorps account and from there can submit a loan forbearance request. After her/his term of service is completed, the member can submit an interest accrual request and can also access her/his education award. The member agrees to complete the tasks designated in the attached High Rocks AmeriCorps Member Service description. The attached service description is a part of this formal contract. The member understands that to successfully complete the term of service, as defined by the program and consistent with regulations of the Corporation for National and Community Service (CNCS), and to be eligible for the education award, she/he must complete the required minimum number of hours of service, satisfactorily complete the appropriate education/training that relates to the member’s ability to perform service, and complete all required service reports in a timely manner. The member will meet with their supervisor each week. During these supervision meetings, members are required to bring a completed list priorities. Your supervisor will have samples of these documents. The member is responsible for turning in their OnCorps timesheets on the appropriate due dates, which are the 15th and last day of each month. Failure to submit timesheets on those dates will result in your living stipend being withheld; for direct deposit, your check will not be deposited, it will be printed as a paper check and held until we receive your timesheet. A maximum of 20% of the member’s hours may be training, education, or other similar approved activities and a maximum of 10% may be fundraising. The member and the program may agree, in writing, to extend this term of service for the following reasons: The member’s service has been suspended due to compelling personal circumstances. The member’s service has been terminated, but a Whistleblower policy procedure has resulted in reinstatement. If the member and the program agree to extend this term of service, the program is required to submit this request in writing to the Corporation of National Service. Extensions will then be considered and evaluated by the AmeriCo...
Sample 1
Loan Forbearance. The member is eligible to have the repayment of certain student loans postponed during their term of service. Members must request forbearance from their loan holders with the National Service Forbearance Request Form in the member’s online My AmeriCorps account. The National Service Trust does not grant forbearances; the loan holders do. Members whose loans are in current default status are not eligible for this benefit.
Sample 1
Loan Forbearance. Individuals who are serving a term of service in an approved AmeriCorps position may be eligible to temporarily postpone the repayment of their qualified student loans through an action called loan forbearance. Members must request forbearance from the loan holder by completing the National Service Forbearance Request Form. The National Service Trust does not grant forbearances; the loan holders do. Members whose loans are in current default status are not eligible for this benefit.
Sample 1
Loan Forbearance. ‌ The member is eligible to have the repayment of certain qualified student loans deferred while they serve in AmeriCorps. The postponement, called forbearance, is not automatic. Members do not have to make payments on eligible loans during a period of forbearance, although interest continues to accrue. The member must request forbearance from their loan holder through their My AmeriCorps online account. The member must register for their online account at the beginning of their term of service. The National Service Trust does not grant forbearance; the loan holders do. The Trust merely verifies membership in AmeriCorps and forwards the documents to the loan holder. Student loans that are in default may not be eligible for loan forbearance. 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 exp...
Sample 1
AutoNDA by SimpleDocs

Related to Loan Forbearance

  • Forbearance Agreement Except as otherwise expressly provided herein, (i) the Forbearance Agreement is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that on and after the date hereof (A) all references in the Forbearance Agreement to "this Forbearance Agreement ", "hereto", "hereof", "hereunder" or words of like import referring to the Forbearance Agreement shall mean the Forbearance Agreement as amended and modified by this Amendment, and (B) all references in the Financing Agreement or any other Loan Document to the " Forbearance Agreement ", "thereto", "thereof", "thereunder" or words of like import referring to the Forbearance Agreement shall mean the Forbearance Agreement as amended and modified by this amendment. This Amendment shall be effective only in the specific instances and for the specific purposes set forth herein and does not allow for any other or further departure from the terms and conditions of the Forbearance Agreement or the Financing Agreement which terms and conditions shall remain in full force and effect.

  • Forbearance Any forbearance by Xxxxxx in exercising any right or remedy under this Note, the Security Instrument, or any other Loan Document or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of that or any other right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in an amount which is less than the required payment, shall not be a waiver of Lender's right to require prompt payment when due of all other payments or to exercise any right or remedy with respect to any failure to make prompt payment. Enforcement by Lender of any security for Borrower's obligations under this Note shall not constitute an election by Xxxxxx of remedies so as to preclude the exercise of any other right or remedy available to Lender.

  • Amendment as Loan Document This Amendment shall constitute a Loan Document.

  • Amendment of Loan Agreement The Loan Agreement is hereby amended as follows:

  • Amendment of Credit Agreement (a) Effective as of the First Incremental Term Facility Amendment Effective Date, the Credit Agreement is hereby amended as follows: (i) The following definitions are hereby added in the appropriate alphabetical order to Section 1.01:

  • Ratification of Credit Agreement Each Loan Party acknowledges and consents to the terms set forth herein and agrees that this Amendment does not impair, reduce or limit any of its obligations under the Loan Documents, as amended hereby. This Amendment is a Loan Document.

  • of the Loan Agreement Section 14.1.1(c)(iii) of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

  • Loan Agreement This Agreement duly executed by Borrower and Lender.

  • Forbearance Period Borrower acknowledges and agrees that upon the Forbearance Termination Date, the forbearance provided under this Section 2 shall terminate and Administrative Agent and Banks shall have the right to exercise any and all rights and remedies to the extent provided under Article 8 of the Credit Agreement or otherwise under the Loan Documents or under applicable law or at equity (collectively, the “Enforcement Actions”) due to the Existing Events of Default or any other Event of Default that has occurred and is continuing. Borrower hereby further acknowledges and agrees that from and after the Forbearance Termination Date, Administrative Agent and Banks shall be under no obligation of any kind whatsoever to forbear from exercising any remedies on account of the Existing Events of Default or any other Event of Default (whether similar or dissimilar to the Existing Events of Default). Borrower hereby further acknowledges and agrees that during the Forbearance Period, Administrative Agent and Banks have no obligation to make any Loans to, or on behalf of, Borrower. The foregoing notwithstanding, if and to the extent that Administrative Agent or any Bank continue to make Revolving Loans, notwithstanding the occurrence of any Default or Event of Default, whether the Existing Events of Default or otherwise, (a) such Revolving Loans shall be made, issued, caused to be issued, or executed, as applicable, in Administrative Agent’s and such Bank’s sole and absolute discretion, and (b) no such action shall be construed as (i) a waiver or forbearance of any of Administrative Agent’s and Banks’ rights, remedies, and powers against Borrower, NCBFC or the Collateral (including, without limitation, the right to terminate without notice, the making of Revolving Loans) or (ii) a waiver of any such Default or Event of Default or the Existing Events of Default.

  • Forbearance Fee In consideration of the Lender’s agreements set forth herein, Obligors agree to pay the Lender a non-refundable forbearance fee in the amount of $2,500.00 (the “Forbearance Amendment Fee”). The Forbearance Amendment Fee shall be: (i) fully earned by the Lender as of the Fourth Forbearance Amendment and Eighteenth Amendment Effective Date; (ii) retained by the Lender as a fee under all circumstances and shall not be applied in reduction of any other of the Obligations; and (iii) paid to the Lender in good and collected funds upon the execution of this Agreement.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!