Now, Sallie Mae student loan borrowers who suspend their payments won't be required to pay forbearance fees until after they resume regular payments, the company said.
The backlash against Sallie Mae's forbearance policy began when 23-year-old college graduate Stef Gray of Brooklyn, N.
Although certain economic indicators have hinted at the start of an economic upturn, Fitch does not expect pressure to ease on deferment and forbearance levels anytime soon.
However, 'increasing forbearance levels can have a more damaging effect on excess spread of FFELP ABS trusts,' said Ullrich.
However, if the Company is unable to obtain forbearances from these creditor groups, or if substantial amounts of the Company's debt are accelerated as a result of a default, the Company may be forced to seek protection under the Bankruptcy Code.
We developed this forbearance working together with the financial and legal advisors to an ad hoc committee of holders of TRCLP Notes the members of which hold, in the aggregate, approximately 41% of TRCLP Notes.
A going-concern risk factor has been included in our public securities filings due to our recurring operating losses, current strain on cash flow, $4,200,000 obligation to our former preferred stockholders and our forbearance
agreement with Imperial Bank which expires on December 29, 2000.
The agreement, which is subject to the satisfaction of certain conditions, includes continued forbearance by WorldCom from taking any action to implement WorldCom's notice of intent to disconnect all of NTC's telecommunication services no later than Aug.
Under the extended forbearance agreement, NTC must make payments to First Bank of $800,000 on each of Sept.