Repayment Assistance

Standard Repayment Plan

You'll pay less interest over time under this plan. Monthly payment amounts are based on your total loan amount - the more you owe, the higher your monthly payments will be.

Description:

• This plan has a repayment schedule with fixed monthly payment amounts covering principal and interest due. Terms are indicated in your loan agreement.

Considerations:

• This plan provides a consistent and fast way to repay your loan.

• By making consistent payments on this plan, you will pay the least amount of interest over the life of the loan.

• If consistent monthly payments are not received, you will pay more interest over the life of the loan.

How to Apply:

• Your loans are automatically placed into the Standard Repayment Plan once full repayment begins.

Reduced Payment (P2) Plan

You'll pay reduced payments towards interest while participating in a qualifying instructional program.

Description:

• This repayment plan was applied at disbursement of your loan. Qualifying loan programs include Meritize's Commercial Pilot, Interest-Only and Fixed Minimum Payment Loan.

• The reduced payment period is applied while you are in school (or instructional training) before your loans enter full repayment.

• The monthly reduced payment amount varies by loan program.

Considerations:

• This repayment plan allows you to pay towards accruing interest while attending school or training as a commercial pilot which reduces the total cost of the loan.

How to Apply:

• Your loans are automatically placed into Reduced Payment Plan if you elected a Meritize Commercial Pilot, Interest Only or Fixed Minimum Payment loan. You can not apply for this repayment plan.

In School Repayment Options

Meritize offers options to help manage your student loan repayment while you are in school or during an instructional training period.

Options:

• In School Interest Only - you may be eligible for up to 36 months of interest only payments while you attend a qualified school or an instructional training program in at least a ½ time enrollment status.

• Graduation Date Change - you may be eligible to extend your graduation date if you have not switched schools and have been continuously enrolled ½ time, this can push out the date you are required to begin full repayment.

• Repayment Policy Change - if you are currently on a Fixed Payment, Minimum Fixed Payment or Interest Only Payment schedule and are having difficulty making your monthly payments while in school, you may be able to fully defer your monthly payments until graduation.

Considerations:

• An In School Interest Only Forbearance will provide a reduced monthly payment but will extend the terms meaning you may pay more over the life of the loan.

• A Graduation Date Change - Your graduation date may be extended for the maximum time allowed based on your original program. This option will extend the terms of your loan and may increase the total cost of your loan.

• A Repayment Policy Change - This option will allow you to defer payments while attending school; however, interest will continue to accrue on the loan. This option may increase the total cost of your loan.

How to Apply:

• Contact us at 844.925.6271 to speak with one of our account specialists to select the option that best fits your situation.

Re-Age

A hardship assistance program designed to assist you get back on track with your monthly payments after a period of delinquency.

Description:

• Re-Age is designed to assist you when you have the financial ability to resume your monthly payments but cannot satisfy the missed payments.

• If approved, your account will be brought current after a set number of on-time monthly payments.

Qualifications:

• You must make payments within an allotted timeframe.

• The Re-Age option is limited to being used 1x in 12 month period, 2x in a 5 year period, and 4x over the life of the loan.

Considerations:

• The terms of your loan are extended by the number of months covered by the Re-Age.

• If you meet the qualifications for Re-Age, a forbearance will be applied to bring the past due bills current.

• Interest continues to accrue and will remain outstanding, but it is not capitalized at the end of the Re-Age.

• If the loan does not immediately meet the payment requirement, it will enter a monitoring period up to 90 days.

• If the loan is 120 or more days past due during the monitoring period, it is eligible for default.

How to Apply:

• Contact us at 844.925.6271 to review your eligibility with one of our account specialists and submit a verbal agreement to Re-Age your Meritize loan

Temporary Loan Modification

A repayment option offering you short term relief in times of financial hardship.

Description:

• Monthly payment amounts will be calculated at 50% of the Standard Repayment plan for 6 months.

Qualifications:

• Your loan must be on a Standard Repayment Plan.

• You must receive income and be able to provide proof of it.

• The Temporary Loan Modification option is limited to being granted 1x in 12 month period, 2x in a 5 year period, and 3x over the life of the loan.

Considerations:

• This repayment option will provide a reduced monthly payment for a limited time however; you may pay more over the life of the loan.

• The terms of your loan will be extended for each approved period of loan modification.

• Interest will not capitalize (be added to your principal balance) at the end of the reduced payment period.

How to Apply:

• Contact us at 844.925.6271 to review your eligibility with one of our account specialists. If you qualify, an application will be provided.

Forbearance

Your monthly loan payments are temporarily postponed.

Description:

• Eligibility requirements vary by type of forbearance.

• Available forbearance time is often limited and varies by forbearance type.

• You have the option of making a payment at any time during the forbearance period. You may also shorten or cancel your forbearance and return to making Monthly Payments.

Types of Forbearances:

• Economic Hardship Forbearance - you may be eligible for up to 12 months of monthly payment postponement if your loan is less that 90 days past due and you are experiencing financial hardship resulting in your inability to repay the loan.

• Natural Disaster Forbearance - you may be eligible to postpone your monthly payments for up to 90 days if you live in an area impacted by a national emergency or natural disaster declared by FEMA.

• Military Forbearance - you may be eligible to postpone your monthly payments for up to 12 months if you are serving on active duty in the Armed Forces, National Guard or Reserves.

• Temporary Total Disability Forbearance - you may be eligible to postpone payments if you, your spouse or dependents are temporarily unable to work because of injury or illness.

Considerations:

• Forbearances provide postponed monthly payments, but often extend the terms meaning you may pay more over the life of the loan.

• Interest continues to accrue during forbearance periods and in some cases may capitalize at the end of the forbearance period.

How to Apply:

• Contact us at 844.925.6271 to review your eligibility with one of our account specialists, if you qualify, an application will be provided.

• You may log into your meritize.mohela.com account to complete an Economic Hardship Forbearance or Natural Disaster Forbearance application.

Discharge

Description:

• Your loan could be discharged if you are experiencing long term financial difficulty due to a verified disability.

Qualifications:

• You are unable to engage in gainful activity due to a physical or mental impairment that has (or could) last a continuous 60 months or could result in death.

• You are financially unable to repay the remaining balance of your loan.

Considerations:

• The loan must have been originated before your declared disability.

• Your application must be certified by a Doctor of Medicine or Osteopathy legally authorized to practice in a state.

• Proof of income is required with your application.

• Meritize will provide a decision for a conditional 12 month waiting period and again for the final discharge.

How to Apply:

• Contact us at 844.925.6271 to review your eligibility with one of our account specialists, if you qualify, an application will be provided.