Skip A Pay
With Skip A Pay, members may defer an eligible monthly loan payment and extend the original loan term. Put those funds towards holidays, vacation, gifts, or anything else the season brings. Skip A Pay is offered for the months of July, August, November, December, and January. Review our FAQ below. Then print out and complete the Skip A Pay agreement and mail or fax it to our offices, or pick one up the next time you stop by to visit.
Q: What is a Skip A Pay?
A: Skip A Pay allows you to skip a pre-determined monthly payment. One monthly payment is deferred and will extend the original term of the loan.
Q: Is there a fee for skipping a payment?
A: Yes, there is a $39 fee per loan.
Q: What do I have to do in order to participate in the Skip A Pay program?
A: In order to participate, complete a Skip A Pay Agreement. The forms are available on the website, at the offices, and in the MemberLink newsletter.
Q: I have a co-signer/co-borrower on the loan. Do they have to sign the agreement also?
A: Yes, the borrower and all co-borrowers must sign the Skip A Pay loan extension agreement.
Q: Does interest still accrue on the loan during this time?
A: Yes. All other terms and provisions of the original loan agreement are unchanged and remain in full affect.
Q: Do all loan types qualify for Skip A Pay?
A: No. Mortgage, home equity, VISA credit card, and Big Ten loans are not eligible for this loan extension.
Q: Are there any other exclusions?
A: Yes, members who have been granted extensions due to extenuating circumstances within the previous 12 months are not eligible to participate. Members must have payments up to date, including the previous months loan payment and paid at least 6 months of loan payments before a Skip A Pay may be granted. All SPE loans in the members name must be up to date for any loan Skip A Pay approval.