How does Skip A Pay affect my loan?

Here is how skipping a month's payment on a loan will affect it:

The skipped months will be added to the end of your loan, extending the loan term and changing the total amount and schedule of repayment.

Interest will continue to accrue at the rate set forth in the loan/credit agreement during the skipped months and after the deferral period; there will be an increase in the total finance charges.

In all other respects, the provisions of the loan/credit agreement shall remain in full force and effect.

Need further assistance? Please contact a Loan Center representative by calling 518.654.9028 and pressing option 3.