Repaying your loan. 8.1 Your repayment obligation is determined under the Act and depends on your income, and whether you are a New Zealand based borrower or overseas based borrower. For more information on repaying your loan see xxx.xxx.xxxx.xx/xxxxxxxxxxxx.
Repaying your loan. The repayment period for a Direct Unsubsidized Loan that was previously a TEACH Xxxxx begins on the day after your grace period ends. We will notify you of the date your first payment is due. You must make payments on your loan even if you do not receive a bill or repayment notice. You must repay the principal amount of your loan, plus any interest charged on the loan in accordance with the Act. Under this Agreement, the principal amount that you owe, and are required to repay, is the sum of all TEACH Grants you receive that are converted to Direct Unsubsidized Loans, plus any unpaid interest that is capitalized and added to the principal balance. You must generally repay all of your Direct Loans under the same repayment plan. There are two types of repayment plans: traditional repayment plans and income-driven repayment plans. We will ask you to choose a repayment plan before your loans enter repayment. If you do not choose a repayment plan, we will place you on the Standard Repayment Plan, which may require you to make a higher monthly payment than other repayment plans. If you choose a repayment plan that reduces your monthly payment amount by extending the period of time you have to repay your loans or by basing your payment on your income, you will likely pay more in interest over time than you would pay on another repayment plan. Traditional repayment plans Under a traditional repayment plan, your required monthly payment amount is based on the loan amount that you owe, the interest rate on your loans, and the length of the repayment period. There are three traditional repayment plans: Standard Repayment Plan. Under the Standard Repayment Plan, you will make fixed monthly payments and repay your loan in full within 10 years (not including periods of deferment or forbearance) from the date the loan entered repayment. Your payments must be at least $50 a month, and will be more, if necessary, to repay the loan within the required time period. Graduated Repayment Plan. Under the Graduated Repayment Plan, you will make lower payments at first, and your payments will gradually increase over time. You will repay your loan in full within 10 years (not including periods of deferment or forbearance) from the date the loan entered repayment. Your scheduled monthly payment must at least be equal to the amount of interest that accrues each month. No single scheduled payment will be more than three times greater than any other payment. Extended Repayment Plan. Yo...
Repaying your loan. A SBS Unwind Loan operates like an overdraft. Subject to a few limitations set out in these SBS Unwind Loan Terms and Conditions, you can draw down and repay your Loan (in part or full) as often as you like as long as you stay within the Credit Limit of your Loan. You do not have any set regular repayments on your SBS Unwind Loan. You can repay all or part of your Loan at any time. However, you must make such repayments to your Loan Account to ensure that, at all times, the Unpaid Balance of your Loan does not exceed your current Credit Limit. As set out in clause 7 above, you must also pay all fees and charges in respect of your Loan and all other outgoings relating to the Mortgaged Property. You must repay, in full, the Unpaid Balance of your Loan on the Repayment Date (as set out in your Loan Schedule). The amount you are required to repay in satisfaction of your Loan may be reduced or limited under our Loan Repayment Guarantee (clause 10) or, if it applies, our Equity Protection Guarantee (clause 11). The Repayment Date for your Loan is the earlier of: • the date the Mortgaged Property is sold; • six months after the last Nominated Resident dies or ceases to reside in the Mortgaged Property or; • the date we make demand due to a breach of your Loan. Nil Balance If at any time before the Repayment Date (or before the earlier termination or cancellation of your Loan in accordance with your Loan Agreement) the Unpaid Balance of your Loan is nil (or you have a credit balance in your Loan Account), your Loan will not be considered to have been terminated or cancelled. Your Loan will continue, unless you request us to cancel your Loan. However, you may not make further drawdowns under your Loan following a Repayment Date Event.
Repaying your loan. You must make the payments set out in the Mortgage Offer by direct debit until your Loan is repaid. You must repay the Loan to us (a) by the last day of the mortgage term; (b) if you sell or remortgage the Property; or (c) if we demand immediate repayment. If you still owe us money at the end of your mortgage term, we’ll continue to charge you interest and you may also have to pay some additional charges (see our Price List for details). If you have a ‘repayment mortgage’, each of your payments will cover that month’s interest and some of the original amount you borrowed. We’ll calculate your payments to make sure the whole Loan will be paid off by the end of your mortgage term. If you have an ‘interest only mortgage’, your monthly payments will only cover the interest we’re charging you, so you’ll need to make a lump sum payment at the end of your mortgage term to repay the Loan in full. It’s your responsibility to make sure you can do this. If your mortgage is part repayment, part interest-only, you will still owe the interest-only amount of your Xxxx at the end of the mortgage term, when you’ll need to make a lump sum payment to repay it. It’s your responsibility to make sure you can do this. If you pay less than you owe us in any given month, we will apply the amount we receive in the following order:
