Private Consolidation Loan Program Forbearance Request

BORROWER INFORMATION
Social Security Number: ___ ___ ___ - ___ ___ - ___ ___ ___ ___ Name: ________________________________________________________ Address: ______________________________________________________ City, State, Zip: _________________________________________________ Home Telephone: (___ ___ ___) ___ ___ ___ - ___ ___ ___ ___ Other Telephone: (___ ___ ___) ___ ___ ___ - ___ ___ ___ ___ Email Address: __________________________________________________
For more information, you may speak with a Loan Counselor (888) 811-7101 Return Completed Form To: Xpress Loan Servicing P.O. Box 94553 Cleveland, OH 44101-4553 Fax: (888) 811-7103

FORBEARANCE TYPES
You must check one of the following to be considered for the forbearance. Please review the reverse side of this form for an explanation of each forbearance type. FORBEARANCE OPTIONS: _____ Internship/Residency _____ Extension Due to Military _____ In-School

AUTHORIZED OFFICIALS CERTIFICATION

I certify that the borrower is eligible for the forbearance selected above and meets all of the requirements on the reverse side of this form for the period: (MM/DD/YY) _____/_____/_____ to _____/_____/_____ PLEASE PRINT ALL OF THE FOLLOWING EXCEPT FOR THE SIGNATURE: _____________________________________________________________ Name of Authorized Official _____________________________________________________________ School or Organization ____________________________________ Title (___ ___ ___) ___ ___ ___ - ___ ___ ___ ___ Phone Number

School Status: Full Time _______ Half-Time ________ Less Than Half-Time _______ Other (please specify) - _______________ Major/Degree Program __________________________________________ Anticipated Graduation Date: _____/_____/_____ _____________________________________________________________ Officials Signature ___________________________________ Date

During the time you are on the forbearance, any outstanding interest will be added to and become part of the principal of the loan at the end of the forbearance period. Payments will resume within forty-five (45) days of the forbearance end date as determined by Xpress Loan Servicing on behalf of the lender. The exact amount of the monthly payments will be calculated at the end of the forbearance. The calculation of the payment amount will be in accordance with all applicable laws governing private student loans. For an account that is delinquent, the forbearance can be used retroactively to cover the period of delinquency; however, any negative reports that were submitted to the credit bureaus on behalf of the lender will not be removed. I understand that should my situation under which I applied for this forbearance change, I must notify Xpress Loan Servicing. I wish to have the forbearance applied to my Private Consolidation Loan. I understand the forbearance I have requested will not be granted for more than 12 months at any one time. I also understand that this is a loan that I must repay. The above information is true and correct to the best of my knowledge.

______________________________________________________ Borrowers or Cosigners Signature

_____________________________ Date

In order to be considered for forbearance, you must: 1. Sign and date the form. 2. Supply a valid end date. 3. Attach the necessary documentation or have the AUTHORIZED OFFICIALS CERTIFICATION completed.

FOR OFFICE USE ONLY

Date Reviewed: _____/_____/_____ PH# _____________ Dates: _____/_____/_____ to _____/_____/_____ ___ Approved ___ Denied

Private Consolidation Loan Program Forbearance Request

Internship/Residency: This type of forbearance is granted to borrowers who require deferment time due to Internship/Residency. In order to be
considered for this forbearance type, attach documentation verifying your internship/residency position and the dates you are registered with the program or have the AUTHORIZED OFFICIALS CERTIFICATION completed. An Internship/Residency Forbearance is limited to a maximum of 48 months during the loan term. Extension Due to Military Mobilization: This type of forbearance is granted to borrowers who have been called to active duty as described under the Military Mobilization forbearance. In order to be considered for this forbearance type, attach documentation that demonstrates your continued active duty status (i.e. a copy of military orders) or have the AUTHORIZED OFFICIALS CERTIFICATION completed with a statement that confirms your call to active duty status was due to a specific military mobilization, including the location of the military mobilization. A Military forbearance is limited to a maximum of 36 months during the loan term. In-School: This type of forbearance is granted to borrowers who have enrolled in school at least half-time in another degree or certificate program in an accredited school as defined by the Department of Education. In order to be considered for this type of forbearance, you must attach the enrollment verification or have the AUTHORIZED OFFICIALS CERTIFICATION completed. You may be asked to provide documentation showing continued progress toward a degree or certificate program. An In-School forbearance is limited to a maximum of 36 months during the loan term.

Cosigner Information:
If there is a joint applicant(s) on the loan(s) for which you are requesting forbearance, the joint applicant(s) must also apply and be eligible for the same or different forbearance type during the same period of time in order to be eligible.

Explanation of Capitalization of Interest:

Capitalization of Interest is the addition of outstanding accrued interest to the current principal balance of a loan. The interest during a forbearance period will automatically be capitalized by Xpress Loan Servicing at the end of forbearance. However, you will receive a notice at the end of each quarter (March 31, June 30, September 30, and December 31) advising you of the amount of interest which has accrued on your loan(s). The major advantage of capitalizing interest is the flexibility it provides because no payment is required, but you may still pay the interest if your financial situation allows for this. It is recommended that you make the interest payments during the course of your forbearance because the interest which is capitalized will result in a higher principal balance and additional finance charges over the course of repayment. In addition, the capitalization may cause your monthly payment amount to increase.

Principal

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

The purpose of this chart is to help you estimate the amount of interest that would accrue on your loan every month so that you can estimate how much would be added to your loans principal if the interest is capitalized. For example, if you owe $10,000.00 in principal at an interest rate of 6.0%, then approximately $50.00 in interest would accrue on your loan every month. If capitalization occurs on a quarterly basis (every three months), then approximately $150.00 would be added to your $10,000.00 principal balance. As a result, at the end of one quarter, you would owe and interest would accrue on $10,150.00 in principal. Or, if you owe $40,000.00 in principal at an interest rate of 11.0%, then approximately $366.70 in interest would accrue on your loan every month. If capitalization occurs on a quarterly basis (every three months), then approximately $1,100.10 would be added to your $40,000.00 principal balance. As a result, at the end of one quarter, you would owe and interest would accrue on $41,100.10 of principal.

$10,000.00 $15,000.00 $20,000.00 $25,000.00 $30,000.00 $35,000.00 $40,000.00 $45,000.00 $50,000.00 $55,000.00 $60,000.00 $65,000.00 $70,000.00 $75,000.00

$50.00 $75.00 $100.00 $125.00 $150.00 $175.00 $200.00 $225.00 $250.00 $275.00 $300.00 $325.00 $350.00 $375.00

$58.30 $87.50 $116.70 $145.80 $175.00 $204.20 $233.30 $262.50 $291.70 $320.80 $350.00 $379.20 $408.30 $437.50

$66.70 $100.00 $133.30 $166.70 $200.00 $233.30 $266.70 $300.00 $333.30 $366.70 $400.00 $433.30 $466.70 $500.00

$75.00 $112.50 $150.00 $187.50 $225.00 $262.50 $300.00 $337.50 $375.00 $412.50 $450.00 $487.20 $525.00 $562.50

$83.30 $125.00 $166.70 $208.30 $250.00 $291.70 $333.30 $375.00 $416.70 $458.30 $500.00 $541.70 $583.30 $625.00

$91.70 $137.50 $183.30 $229.20 $275.00 $320.80 $366.70 $412.50 $458.30 $504.20 $550.00 $595.80 $641.70 $687.50

CIT Bank is the originating lender of the Private Consolidation Loan. Xpress Loan Servicing and logo are service marks of Education Loan Servicing Corporation. CIT is a registered service mark of CIT Group Inc. 2006 Xpress Loan Servicing. All Rights Reserved. PCF-001 1/2009