Skip-a-Payment

Can I add the $25 Skip-a-Payment fee to the balance of my loan?

No, the $25 must be collected at the time you apply to Skip-a-Payment.

When must I apply to skip next month’s payment?

You must apply at least 10 days before the payment you want to skip is due.

Can I skip two months in a row?

Though you can skip two months per rolling 12-month period, you cannot skip two consecutive months.

When can I skip my first payment?

You must have had the loan open and not had a late payment (longer than 30 days late) for at least 6 months before it becomes eligible for the Skip-a-Payment program.

What if I have set up an automatic payment?

Automatic payment is a great way to pay! However, with Skip-a-Payment, it’s important to make preparations if you have an automatic payment set up:

• If the transfer is an internal transfer from another Interra account, your loan payment due date will be advanced automatically.
• If you make your loan payment automatically from another institution, you will need to make arraignments to skip the payment once you’re approved by Interra to do so.
• If you have authorized Interra to initiate withdrawals from another financial institution, you then automatically authorize Interra to suspend the transfer for one month by applying for Skip-a-Payment.

Will my loan still accrue interest when I skip a payment?

Yes, interest will continue to accrue regardless of the skipped payment. For more information, read the terms and conditions.