You may skip your December or January loan(s) payments. There is a $40 fee per loan. This does not apply to credit cards, or mortgage loans.
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By electronically submitting this form you authorize Lake County Educational FCU to extend your final loan(s) by one month. The $40 processing fee per loan will be automatically deducted from your credit union account. Funds must be available in your account before the payment(s) will be advanced. Interest will continue to accumulate on a daily basis at the Annual Percentage Rate (APR) set forth in the loan agreement, both during and after the deferral period. This means it will result in higher total finance charges and possibly a higher total number of payments, than if made as originally scheduled. Therefore extra payment(s) may have to be made after the loan would otherwise have been paid off. In all other respects, the provisions of the original agreement remain in full form and effect. Regular scheduled payments will resume with the payment due during the month following the deferral. this service is subject to final approval of Lake County Educational FCU. Eligible loans may be temporarily restricted from this service if you have any Lake County Educational FCU loan that is more than 30 days past due, you have any share account that is negative, or you do not have at least $5.00 in your primary savings account.
The following loans are not eligible for the skip a payment offer: loans secured by Real Estate, Visa credit card(s) and Overdrafts. We will need a 10 day notice for any payments that are setup on ACH origination to insure that the payment will not be deducted from your other financial institution.