Loan repayments may be suspended for up to one year if a members is on a leave of absence. The suspension period may be greater than one year if the leave of absence is due to military service. If you go on an unpaid family leave for no more than 12 weeks, your loan repayments will be suspended until you return to active employment. You have the option to continue making payments on your loan, but, if you miss a payment, interest will be accrued. If your leave extends beyond one year, you must begin making payments or your loan may go into default.
Once you return from your leave, it may be necessary for you to make additional payments to cover interest accrued during your leave or to ensure that your loan is paid off within its original schedule. Failure to do so may result in the default of your loan.
For questions on loans, contact MMBB’s business partner, Conduent (formerly Xerox HR Solutions) at www.mmbbaccounts.org or 877-626-4032.