Temporary Repayment Plan

Options for Financial Difficulties

If you do not qualify for a deferment, and can afford at least partial payments monthly, we recommend this alternative over a forbearance. Under this plan you will be billed at a monthly payment amount that you choose. The benefits of this plan are that you will be satisfying at least a portion of the amounts due on your account. Also, your account is considered to be "current" while conforming to the plan. In addition, should you run into any other financial difficulties, we will work with you to make further adjustments. Finally, while in a temporary plan, you would not be using forbearance time which is limited.

We do require that the temporary payment amount be at least your monthly interest accrual and we would also request that you include at least a nominal amount towards the principal. As your financial situation improves, we will ask that you increase your payment amount to cover your regular payments, and any amounts that have fallen past due since the beginning of the plan.

If your account is already past due, a temporary repayment plan is an excellent means to get back on track. A plan can be established in which you would be billed for the regular payments coming due, as well as a portion of the amount past due. This plan will allow you to bring your account current gradually and systematically if you cannot afford to do so with one payment. Enrolling and conforming to a temporary repayment plan for a past due account stops collection activities, late fees, and can help repair a damaged credit record.

To request a temporary repayment plan, please contact us and advise us of your current financial situation, as well as the payment amount that you feel can afford monthly. Bowdoin College reserves the right to reject plan proposals we deem to be inadequate.