TerraCorps
Loan Forbearance FormWhile serving,?AmeriCorps members can place qualified student loans in?loan forbearance. This means they won't make payments while serving and the interest that gathers on their qualified loans will get paid once they successfully complete their term(s) of service. Forbearance applies to most federal loans with two?exceptions. Private loans?do not qualify for forbearance.Exceptions include:National service forbearance does not apply to Parent PLUS loans. These are federal loans taken out in a parent's name to pay for a child's education. If you have Parent PLUS loans, you can neither put them into forbearance nor pay them down with your education award.Federal Perkins loans are also not eligible for national service forbearance. (Many educational institutions will use their discretion to grant forbearance for Perkins loans.)It is each member’s responsibility to research loan forbearance benefits and any impact on loan forgiveness programs. For more detailed information: Loan Forbearance Process:Any member who wishes to take advantage of Loan Forbearance must Go to your MyAmeriCorps Portal to request to put your loans in forbearance: Accrual Repayment:Upon successfully completing a term of service and earning an education award, the National Service Trust will pay, on behalf of the borrower, all or a portion of the interest that accrued on a qualified student loan during the member’s term of national service. The loan must have been in forbearance, deferment or a grace period during this period. This form requests the loan holder to provide the interest amount and send the form to the Trust for payment. Payment will be made only to the loan holder. Please note that this payment, like payments from a member’s education award, is considered taxable income in the year the payment is made. The interest accrual form is not valid until you have successfully completed your term of service and have been exited from the program. To view the interest accrual request form, visit: AmeriCorps programs are required to provide information to members about the loan forbearance benefit. Please check the boxes below and provide your signature to certify that you have been informed. FORMCHECKBOX I understand that CNCS offers Loan Forbearance on qualified student loans. FORMCHECKBOX I understand that it is my responsibility to apply for Loan Forbearance. Member SignatureDateMember NamePrograms: please provide member with a copy of this form for reference. ................
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