In the event that I experience a financial or other hardship and am unable to make my regular monthly payments, or in the event I return to school after obtaining this Loan, but only for the purpose of obtaining a graduate degree and not for obtaining an additional undergraduate degree or license, you may offer certain deferment and forbearance options. Requests for forbearance must be submitted in accordance with your reasonable procedures and requirements, and the decision to grant my request for forbearance shall be solely at your discretion. I may obtain copies of deferment or forbearance request forms that explain the eligibility and documentation requirements for the type of deferment or forbearance I am requesting by sending an e-mail request to CustomerService@sofi.org or mailing your office a request at P.O. Box 29372, San Francisco, CA 94129-0372 or any future address or electronic method you provide to me. If I am in default on my Loan, I may not be eligible for a deferment or forbearance.
Deferments are available to me if I return to an eligible school on at least a half-time basis to obtain a graduate degree only, if (i) I submit documentation of my eligibility for the deferment, or (ii) you receive other credible information from a third party that I am enrolled at least half-time at an eligible school to obtain a graduate degree. If you grant me a deferment under this Section 2(a), I understand that I will be responsible for making interest only payments during such deferment period. If you grant me a deferment based on information you obtain from a third party, you will notify me of the deferment and I will have the option of canceling the deferment and continuing to make payments on the Loan. I understand that Deferment granted specifically for returning to school after my Repayment Period begins is limited to a maximum of thirty-six (36) months.
Deferments are also available to me if (i) I am enrolled in an approved full-time disability rehabilitation program, or (ii) if I am serving on active duty during a war or other military operation or national emergency or performing qualifying National Guard duty during a war or other military operation or national emergency, and for an additional 180-day period following the demobilization date for my qualifying service.
You may give me a forbearance in three (3) month increments if I am temporarily unable to make my scheduled loan payments for reasons including, but not limited to: financial hardship, unemployment, or illness. Under certain circumstances, you may also give me forbearance without requiring me to submit a request or documentation. These circumstances include, but are not limited to, the following: periods necessary for you to determine my eligibility for a loan discharge, a period of up to sixty (60) days in order for you to collect and process documentation related to my request for a deferment, forbearance, change in repayment plan, or a local or national emergency (interest is not capitalized during this period).
During any period of deferment or forbearance, regularly scheduled payments of principal and interest on my Loan may be deferred. Except as described above, I understand that I will remain responsible for all interest accruing during any period of deferment or forbearance and that you may add any interest that I do not pay during any deferment or forbearance period to the principal balance as described in Section E.2. I understand that my Repayment Period as defined in Section D.9 is inclusive of any forbearance periods unless prohibited by applicable law.
You will discharge (forgive) my Loan if (a) I die and you receive acceptable documentation of my death consisting of a certified copy of my death certificate or other documentation acceptable to you; or (b) if I become totally and permanently disabled (“TPD”) as defined below. In order to establish total and permanent disability I must demonstrate to your satisfaction that I am unable to engage in any substantial gainful activity due to a physical or mental impairment that: (i) can be expected to result in death; (ii) has lasted for a continuous period of not less than sixty (60) months; or (iii) can be expected to last for a continuous period of not less than sixty (60) months. A doctor of medicine or osteopathy, authorized to practice in the United States, must describe and certify my TPD status on your TPD discharge application form.