(a)

1. (1) The term of the loan may be extended for a specified number of months to allow a borrower to defer the normal monthly payment or payments.
2. (2) Interest continues to accrue on the loan, and the loan payments missed are not considered past due or reported as delinquent.

(b)

1. (1) Borrowers are contacted when a payment becomes thirty (30) days past due.

2. (2) Extensions may be granted for unusual circumstances such as:

   1. (A) Medical issues;
   2. (B) Change of residence; or
   3. (C) Unemployment.
3. (3) Borrowers requesting an extension should be able to resume their payments after the extension period.

4. (4) Extensions are discouraged for borrowers who:

   1. (A) Are overextended financially and unable to make payments; or
   2. (B) Will not be able to resume their monthly payments when the extension period ends.

(c) Extensions.

1. (1) No extensions during the first three (3) months of the loan.
2. (2) No more than two (2) extensions during the original loan period except in extraordinary circumstances.
3. (3) Loan extensions up to three (3) months will be approved by the Executive Director.

(d)

1. (1) In certain extraordinary situations, the loan subcommittee may consider extensions for longer than three (3) months or more than two (2) extensions during the original loan period.
2. (2) All extensions approved by the Executive Director or loan subcommittee will be reported to the Technology Equipment Revolving Loan Fund Committee at the next regularly scheduled committee meeting.