MILOAN Program Forbearance
The MILOAN Program offers two forbearance options. The chart below shows how each option affects the regular monthly payment amount and total loan indebtedness.



NOTE: Release of Cosigner Option and Forbearance
Effective November 21, 2014:
Upon request from the borrower for their cosigner(s) to be released from all obligations on a Creditworthy MILOAN all the following requirements must be met.

The most current twentyfour (24) regular monthly payments of principal and interest must be paid consecutively and on time. If the loan(s) are in Interest Only repayment, then this is the payment amount that must be paid consecutively and on time.

The most current twentyfour (24) regular monthly payments are not consecutive if there was forbearance usage during this 24 month period.

The borrower must currently meet the following credit standards:
 A debttoincome ratio that does not exceed 45.0%.
 The most current two years must show continuous employment, with the exception of retired individuals who are exempt from this standard.
 A credit history review involving factors such as – minimal credit delinquencies, current account status, level of debt and no derogatory public records (tax liens, etc.).
LOAN DATA 
REGULAR MONTHLY PAYMENTS 
PRINCIPAL FORBEARANCE 
PRINCIPAL & INTEREST FORBEARANCE 
LOAN AMOUNT 
$10,000 
$10,000 
$10,000 
INTEREST RATE 
6.95% 
6.95% 
6.95% 
REPAYMENT TERM 
25 Years 
25 Years 
25 Years 
FORBEARANCE PERIOD USED 
None 
5 Years 
5 Years 
REGULAR MONTHLY PAYMENT AMOUNT 
$69.76 
$76.66 
$107.90 
TOTAL INTEREST PAID 
$10,923.50 
$11,826.15 
$15,893.17 
TOTAL AMOUNT PAID 
$20,923.50 
$21,826.15 
$29,967.46 
The table above shows how selecting a forbearance option may increase the regular monthly payment amount and the total loan indebtedness. For illustration purposes, the example shows a MILOAN Program loan in the amount of $10,000 at a fixed interest rate of 6.95% with a 25year repayment term after utilizing five years of forbearance.
By making regular payments and not using forbearance, the total amount of principal and interest paid on the loan is $20,923.50. Option 1 raises that amount by $902.65, while Option 2 raises it by $9,043.96.
Either you or your cosigner, if applicable, may ask for forbearance by phoning, faxing or mailing (faxed and mailed requests must be signed) a request to our loan servicer, Firstmark Services, at:
Firstmark Services
PO Box 82522
Lincoln, NE 685012522
8882950902 (tollfree)
8662589222 (FAX)
All borrower options and benefits are subject to change.