How to request a Loan Forbearance using “My AmeriCorps Online Account” Compiled from Montana and Washington Campus Compacts.
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How to request a Loan Forbearance using “My AmeriCorps Online Account” Compiled from Montana and Washington Campus Compacts
What is a Loan Forbearance? Individuals who are serving in a term of service, in an approved AmeriCorps position, may be eligible to postpone the repayment of their qualified student loans through an action called Loan Forbearance. Forbearance is a temporary postponement of principal loan payments. Interest continues to accrue. See the Interest Accrual Request PowerPoint to learn how the CNCS may be able to pay for the interest accrued while volunteering with AmeriCorps.
How do I know if I’m eligible for a Loan Forbearance? AmeriCorps does not approve or disapprove your forbearance request. Only the loan holder can determine your loan’s eligibility. Remember that your loan must be a federally funded loan. This includes: US Dept. of Education Direct Loans –Subsidized –Unsubsidized –PLUS
Visit the AmeriCorps Homepage: www.americorps.gov Click MyAmeriCorps: Login
Select the state where your loan holder is located, if you do not know, select “Search”: Select state and then search
If your Loan Holder is not listed, select “not found”:
Enter your Loan Holder’s contact information here: If you do not know this information, check with your financial aid office. They also have your loan type and number available.
Once you have entered in your loan information, you must select “submit”
From your home page, select My Education Award: On your My Education Award page, you will be able to see all the activity you have done with your account, and if the institution accepted or denied your request. This process is dependant on the Loan Holder and could take up to a month to reflect in your account. Remember it is up to the Loan Holder to decide whether or not to grant you a forbearance; there is no guarantee.
If you need further assistance: Your Students in Service Campus Coordinator. The National Service Trust: 1.888.507.5962 My AmeriCorps Hotline: 1.800.942.2677