TERMS AND CONDITIONS FOR ONLINE DEFERRAL REQUEST
You request that Schools Financial Credit Union defer your loan payment(s) as indicated and you agree and understand that: 1) Finance charges will continue to accrue at the rate provided in your original loan agreement during and after that time; 2) Deferring your next payment will result in you having to pay higher total finance charges than if you made your payments as originally scheduled; 3) This payment deferral will extend the term of your loan(s) and you will have to make extra payment(s) after your loan(s) would otherwise be paid off; 4) If Guaranteed Asset Protection (GAP) was purchased from a dealership, coverage may be limited to the original payment schedule of the loan. Therefore the extended term as a result of this payment deferral may impact the GAP coverage; 5) You will be required to resume your regular monthly payments at the end of the deferral period, including the finance charges from the deferred month(s); 6) There is a fee to defer a payment on your loan. Refer to the Schedule of Fees for current information; and 7) Deferrals are limited to two (2) per a rolling twelve (12) months for a maximum of ten (10) for the life of the loan. All deferrals are subject to Schools Financial Credit Union approval. Certain restrictions may apply. Your loan(s) must be current (have no amounts past due) at the time you choose to accept this offer. You certify that all parties to the original loan agreement, including co-borrowers, agree to these terms and conditions. All other terms in your loan agreement will remain in full force and effect.
Please note: If your payment is being made automatically as a regularly scheduled payment, you may need to make arrangements to stop the funds transfer. Otherwise, the regularly scheduled payment could be applied to the loan during the deferral period. If your loan payment is being transferred from your Schools account to your loan then no action is required to stop the loan payment, except for a Schools BillPay transaction.