Take a break from making loan payments and get some extra cash this holiday season by skipping your November or December loan payment(s). Simply fill out the form below, and we will advance the current due date on your loan by one month for $25 per loan, giving you plenty of extra cash.
Below are a few things you should remember:
- Make sure the $25 fee per loan is in your primary savings account (you will be charged this fee before your loan skips).
- You must be current on all accounts with the credit union.
- Real Estate, Term Loans, Credit Card, Workout Loans, Delinquent Loans, or loans that have already received two extensions in 2020 are not eligible.
- If you have set up automatic transfers to your loan payment, you will need to log into online banking and advance your loan payment(s).
- If the credit union set up your automatic transfers, we will advance your loan payment for you.
- Online banking will not show your new due date until three days before your initial due date.
- All requests must be submitted a minimum of 1 week in advance of loan due date, and before December 18, 2020.
- If your loan is paid weekly, bi-weekly, or semi-monthly, the agreement will allow you to Skip-A-Pay for two payments during the selected month that you choose.
Members are eligible to skip their loan payment(s) twice per calendar year. If you have skipped your loan payment once during 2020, you are still eligible for the Holiday Skip-A-Pay. If you have skipped your payment twice already during 2020, you will not be eligible to skip your November or December loan payment(s).
Submit Your Skip-A-Pay Request
By submitting this form, I am requesting Gulf Coast Educators to advance the due date equal to one month’s payment on all of my eligible loans. I understand that interest will continue to accrue during the “Skip-a-Pay” period and that by electing to “Skip-a-Pay” the total interest charge will increase and extend the time required to pay my loan(s) in full based on my required minimum monthly payment. GAP insurance may not cover skipped payments (refer to your GAP contract for details.)
Must have the $25 fee per loan in the savings account at the time of processing. Must be current on all accounts with the CU; excluding Advantage checking accounts that have not been negative over 30 days. To skip a payment on your auto loan, you must have current insurance on your vehicle. You cannot have received an extension the month prior to the skip a pay request. If you take advantage of the skip a pay, you will not be eligible for an extension the following month. Must have the request turned into the credit union by December 18, 2020. Request must be submitted a minimum of 1 week in advance of loan due date. Loans secured by Real Estate, Term Loans, Credit Card, Workout Loans, Delinquent Loans, or loans that have already received 2 extensions in 2020 are not eligible. If your loan is paid weekly, bi-weekly or semi-monthly, the agreement will allow you the “Skip-a-Pay” for two payments during the selected month that you choose. New loans do not qualify for “Skip-a-Pay’s” unless three month’s worth of payments have been made.