Are there other reasons to delay a loan default?
Yes, loan policies may permit participants to forego payments during approved leaves of absence or military leave. For non-military leave, the delay can be for no more than 12 months. More liberal rules apply to military leave. Also, your loan policy may provide participants with a period of 60 days in which to repay a loan in full, following employment termination. You should review your loan policy for specific rules covering these issues.