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Student Loans

 

Deferments/Cancellations

Deferments  |   Cancellations

Deferments

A deferment allows you to defer your loan payments for a specified period of time. See a complete list of available deferments on your promissory note. You can also see the list of eligible Perkins deferments on our web site. Please note that Institutional Loans do not qualify for deferments with the exception of a student deferment for a borrower attending at least half-time at Auburn University or Auburn University at Montgomery.

HOW TO APPLY
You may contact Campus Partners for forms or you may access their website at www.campuspartners.com. You will also need to supply documentation to support your request. Federal Regulations require that these forms be completed at least annually. Forms may also be accessed at Auburn's Student Loan Forms page.

Your loan must be current at the beginning of the deferment request. Once Campus Partners receives your request, you will be sent a notice stating whether or not your deferment is granted. Contact Campus Partners if you do not receive anything within a reasonable amount of time. (At least 2 weeks)

It is important to follow up on your paperwork. If you do not get confirmation from us in a reasonable amount of time, it could be we haven't received your paperwork. So, it is crucial to follow-up on your paperwork. IT IS NOT OUR RESPONSIBILITY TO FOLLOW UP ON PAPERWORK.

Please note - when you default on your loan, you lose your rights to deferments and cancellations.

1 Important: Be sure to continue making your regular loan payments while your deferment is being reviewed and processed. Late payments may affect your credit rating.
2 Time Limit: The maximum length of time for deferments varies, depending upon your situation and the type of deferment you have. You won't be able to get another deferment of the same type if you have used the maximum term.
3 A Final Word of Advice: Keep a copy of each deferment form and any other deferment correspondence with your records.

Cancellations

A cancellation allows you to cancel a portion (up to 100% depending on the type of cancellation you are eligible for) of your principal balance for a specified period of time. See a complete list of available cancellations on your promissory note and the allowable percentage of cancellation. You may also visit the Campus Partners website at www.mycampusloan.com. You can also view Student Loan Forms on-line for information also.

HOW TO APPLY
Campus Partners has the cancellation forms on-line. You may also call them. You will also need to supply documentation to support your request. Please make sure the forms are completed in its entirety. Feel free to call Campus Partners with any questions.

A deferment is processed first. This means that you plan to be in an eligible period of cancellation for the following time period (has to be a year at a time.) This will defer your loan and principal and interest payments are not due. Campus Partners will notify you when they have processed this deferment and provide you with the cancellation form that you will use once your first year of service is over. It will be your responsibility to make sure that this form is filled out when your year of service is completed. Therefore, the first time you fill out your form you are stating your intent to (example) "teach in a low-income school"; the second time (once your year is over) you fill out the form confirming that you actually taught during the time period you specified previously. It is at this time that a partial cancellation is done. Both forms will need to be signed by an authorizing official. Federal Regulations require that these forms be completed, signed and certified. It is important to follow up on your paperwork. If you do not get confirmation from Campus Partners in a reasonable amount of time, it could be that they haven't received your paperwork. So, it is crucial to follow-up on your paperwork. IT IS NOT OUR RESPONSIBILITY TO FOLLOW UP ON PAPERWORK.

You must complete one full year of service to be eligible for cancellation of a portion of your Perkins loan. However, if you do not complete your one year of service, you may be eligible for a deferment during that time period.

Please note - when you default on your loan, you lose your rights to deferments and cancellations.

Institutional Loans do not qualify for these service cancellations.

 


Student Financial Services · Mary Martin Hall
Auburn University · Alabama 36849 USA
334-844-4634