How it works
- You will owe a fixed payment that is less than the full payment owed per loan agreement.
- The loan will continue to accrue interest.
- Your account can be brought current if you adhere to the payment agreement.
Rules for agreements
- You will be put on a specific payment agreement for a certain time frame. In this time frame, you need to make the payments for the exact amount you were approved on the due date the payment is due (if you pay over the amount of the payment agreement or pay on a day that is not the due date you risk being revoked from the payment agreement).
- Your account will show passed due until the payment agreement is completed once it is completed successfully the account will be brought back to current. Again this will only happen once the payment agreement is completed.
- You will be reported to the credit bureau as current and account will be backdated so that the your credit report reflects that no payments were missed during the time you are enrolled in the payment agreement once the payment agreement has been completed. (If you have questions about credit reporting, you can reach out to your loan servicer directly.)
- If you miss two or more payments in the payment agreement the payment agreement will be revoked and the full past due amount will be owed.