This means the entire amount that is in excess of your normal monthly payment will be applied directly to principal. You will still be billed the following month and expected to make your next regular monthly payment. By making an accelerated payment, you are quickly reducing the amount of principal and reducing the amount of interest you will eventually pay. The back of our billing statement provides a very easy way to apply for a cancellation or deferment. All the options are listed in the top section of the bill and you simply check your selection.
Different loans are eligible for different cancellations or deferments.
The lower part of the bill lists all the different cancellations and deferments and which loans are eligible. After reading over the information, you may check the appropriate fields on the top section and return it to our office. We will review your request, take the appropriate action, and inform you of that action. Take special note that you are responsible for initiating a request for cancellation or deferment . Back to Top Collection Agencies Placement of Account Under Federal regulations and under State statute, we are required to place your account with a collection agency when it becomes 120 days past due.