A new school year can bring plenty of excitement—and plenty of expenses.
Between school supplies, new clothes, activity fees, technology and last-minute purchases, back-to-school spending can quickly put pressure on your monthly budget.
When you need a little extra flexibility, ALLIANCE Credit Union’s Skip-a-Pay benefit may be able to help.
What Is Skip-a-Pay?
Skip-a-Pay allows eligible ALLIANCE members to skip a qualifying loan
payment and use that money for what matters most. During the back-to-school season, that could mean keeping more cash available for the expenses that come with getting your family ready for the classroom.
Instead of stretching your budget too thin, you may be able to temporarily
pause an eligible auto or personal loan payment and redirect those funds
toward your family’s immediate needs.
How Can Skip-a-Pay Help During Back-to-School Season?
Every family’s back-to-school list looks different. The money normally used for a loan payment could help cover expenses such as:
- School clothes and shoes
- Backpacks, notebooks and classroom supplies
- Laptops, tablets or other technology
- Sports equipment and extracurricular fees
- School lunches and transportation costs
- Dorm room supplies for college students
- Unexpected expenses at the beginning of the year
Skip-a-Pay does not eliminate your loan payment, but it may give your budget some temporary breathing room during an especially expensive time of year.
How Does It Work?
Eligible members may skip a payment on a qualifying auto or personal loan
after making three consecutive on-time payments.
Each eligible loan may receive up to two payment extensions per calendar
year, but skipped payments cannot be used during consecutive months.
Processing fees depend on the type of loan:
- A $55 processing fee applies to eligible auto, RV, motorcycle and boat loans.
- A $35 processing fee applies to eligible signature, share-secured and
certificate-secured loans.
The applicable processing fee will be added to the principal balance of the
loan.
Mortgage loans, home equity lines of credit, credit cards, revolving lines of credit and business loans are not eligible for Skip-a-Pay.
Important Things to Consider
Not all members or loans qualify. A payment cannot be skipped if any
ALLIANCE loan connected to the borrower or co-borrower is delinquent.
Additional eligibility requirements also apply to loans that have recently
received an extension or late fee.
Give Your Budget a Little More Flexibility
Back-to-school season should be about preparing for a successful year—not worrying about how every additional expense will fit into your monthly budget. ALLIANCE Credit Union’s Skip-a-Pay benefit may help eligible members keep more cash available for school supplies, clothing, activities and other seasonal needs.
Ready to see whether your loan qualifies? Visit our Skip-a-Pay page to review the complete terms and submit your request.
Skip a payment. Keep the cash. Enjoy the flexibility.
Membership and eligibility requirements apply. Interest will continue to accrue during the skipped-payment period. Payment extensions may lengthen the repayment term of the loan. Processing fees and additional terms apply. Not all loan types or members qualify.