Read through these terms before using our program.
FFEL Student Loans, CU Student Choice Loans, First Mortgages, Home Equity Loans and Home Equity Lines of Credit, PowerLine Lines of Credit, and credit card payments are not eligible to skip. Other restrictions may apply. All skip a payment requests are subject to approval.
Clearview Federal Credit Union may extend the term of your loan(s). Deferment of payment will extend the life of the loan and may cause an increase in the final payment amount. All loans must be paid through the preceding month before the skip payment date in order to skip your loan payment. If Clearview approves skipping your next loan payment(s), the interest will continue to accrue at the normal contract rate on the unpaid balance of the loan during the month of the skipped payment. You will not owe a late fee for postponing this payment. All other terms of the loan(s) shall remain the same. Only two months of payment(s) may be skipped per a 12-month period, with at least a 60-day span between any two Skip A Payments. Only six months of payment(s) may be skipped over the life of the loan. If your Auto loan has Guaranteed Asset Protection (GAP) insurance, your loan may only be covered up to the original contract date, and in the event of a claim, skipping your loan payment(s) may increase your deficiency balance. Clearview reserves the right to review accounts at the time of the request.
The $35.00 processing fee per loan cannot be added to the principal of your loan(s). By requesting to skip your loan payment(s), you are authorizing Clearview to automatically transfer the fee(s) from the account you’ve specified. The fee(s) transfer will occur immediately after receipt of your request to skip your loan payment. If funds for the $35.00 processing fee(s) for each loan are not in the indicated savings or checking account you select, your skip will not be set up. Loans must be open for three months to be eligible for skip a payment.
If you have a recurring payment set up from an external financial institution, you will need to cancel the payment for that month in order for the skip payment to process.