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How to request a Loan Forbearance using “My AmeriCorps Online Account”

How to request a Loan Forbearance using “My AmeriCorps Online Account”. Compiled from Montana and Washington Campus Compacts. What is a Loan Forbearance?.

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How to request a Loan Forbearance using “My AmeriCorps Online Account”

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  1. How to request a Loan Forbearance using “My AmeriCorps Online Account” Compiled from Montana and Washington Campus Compacts

  2. 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.

  3. 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

  4. Visit the AmeriCorps Homepage: www.americorps.gov Click MyAmeriCorps: Login

  5. Log into your account.

  6. Once you are logged in you want to select “Create Forbearance Request”.

  7. Select your Term of Service:

  8. Select (Search for Institutions):

  9. Select the state where your loan holder is located, if you do not know, select “Search”: • Select state and then search

  10. If your Loan Holder is not listed, select “not found”:

  11. Enter your Loan Holder’s contact information here: • If you do not know this information, check with your financial aid office or search for information regarding your federal loans online (see instructions below). • If you call your financial aid office, ask if they have your loan type and number available. • 5 Steps to Retrieving Your Federal Student Loan Information: • Use the website & instructions below to retrieve your federal student loan information, which should assist you in searching for your loan holder in your MyAmeriCorps account: • http://www.nslds.ed.gov/nslds_SA/ (National Student Loan Data for Students) • 1. Click on “Financial Aid Review” • 2. Click Accept until you view a page that asks for your SSN & Federal Student Aid Pin number • 3. Next you should be able to view your “Aid Summary” Page.  • 4. In this page click on the BLUE NUMBERS on the left of the page under “Type of Loan” to view specific information about your federal student loan (i.e. current servicer, current lender, outstanding balance, etc.) • 5. After you click on a blue number, see where it says “CURRENT LOAN SERVICER”—your current loan serviceris who you should search when putting your loans on forbearance in your MyAmeriCorpsAccount.

  12. Once you have entered in your loan information, you must select “submit”

  13. From your home page, selectMy 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.

  14. 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

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