Optional Debt Cancellation Program Contract Sample Contracts
Optional Debt Cancellation Program ContractOptional Debt Cancellation Program Contract • January 29th, 2021
Borrower 1 Name (called “You” or “Your”) Member Number Borrower 2 Name (also called “You” or “Your”) Covered Loan Number PROGRAM OPTIONS for: ☐Open-end Loan or ☐ Closed-end Loan YOU ELECT:(Check only one box) ☐ Option 1• Loss of Life ☐ Option 2• Loss of Life• Disability ☐ Option 3• Loss of Life• InvoluntaryUnemployment (IU)• Family Leave (FL) ☐ Option 4• Loss of Life• Disability• Involuntary Unemployment (IU)• Family Leave (FL) ☐ No Protection Rate per $1,000 of the Monthly Outstanding Covered Loan Balance* Single Joint @ 100%( ) ( ) $ $ Single Joint @ 100%( ) ( ) $ $ Single Joint Life @ 100%( ) Joint IU / FL @ 50%( )$ $ Single Joint Life, Disability @ 100%( ) Joint IU / FL @ 50%( )$ $ For the Option elected above, You choose:(Check only one box) ☐ Joint Protection☐ Single Protection for Borrower 1☐ Single Protection for Borrower 2 Enrollment Date Estimated Total Program Fees for Option Chosen (Closed-End Only): $ *Protection is not available on the portion of the outstanding loa
