1. What is a Payment Holiday?
Several times throughout the year, you may receive a letter allowing you to defer a payment to free up cash for the holidays, vacations or back to school.
2. How does a Payment Holiday affect my loan?
The payment you skip will be due at the end of your loan term and interest will continue to accrue. Your next payment after the payment holiday will be applied to the total interest accrued since your last full payment with the remainder of your payment applied towards the principal balance. Keep the payment coupon for your skipped payment. You will owe this amount at the end of your loan term.
For Example: Your final loan payment is scheduled for June 2021. You accept a Payment Holiday offer for December 2019. By deferring your December 2019 payment, your new final payment will be in July 2021.
3. Why Do I need to send a check if I am skipping my next payment?
There is a one-time administrative fee to process your request.
4. I use Auto Pay to make monthly loan payments. How do I accept a Payment Holiday offer?
If you set up Auto Pay through Ameris Bank, simply fill out the form and mail it with a check for the Administrative Fee using the enclosed envelope. We will not deduct a payment for the month you choose. Regular payments will begin again the following month. Make sure you send in your form right away. We need ten (10) business days to change your Auto Pay Schedule.
If you set up automatic payments through Ameris Bank Online Bill Pay or another bank you must login to Online Bill Pay or contact the other bank to cancel your skipped payment and resume normal payments.
5. I lost my Payment Holiday Certificate. Can I still take advantage of the offer?
Yes! Please call our Customer Service Center at 866-616-6020.
6. Can I choose a different month for a Payment Holiday?
Payment Holidays are only available for the months listed on your Payment Holiday Certificate. You may only choose one of these months.
7. Can I take a Payment Holiday for both months listed?
No. You may only choose one month.