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What is the Skip a Payment Program?

1st University Credit Union’s Skip-A-Payment Program allows you to skip up to three monthly payments in a calendar year (January – December) on eligible loans. Those payments are then added to the end of your loan term. Using this program to skip a loan payment does not impact your credit rating.

What loans are eligible for skips?

Consumer loans that are not currently delinquent or have terms less than 120 months. Exclusions: Real Estate loans, Private Student loans, Credit Cards, and loans with original terms over 120 months.

Am I eligible to skip my payment(s)?

Members in good standing are eligible to skip 3 payments per calendar year.

Which payments can i skip?

  • If have have not skipped any loan payments in 2024, you can skip November AND December, and January 2025.

  • If you have skipped one loan payment in 2024, you can skip November AND December. You can also skip January 2025.

  • If you have skipped two loan payments in 2024, you can skip either November OR December, and January 2025.

  • If you have skipped three loan payments in 2024, you can skip January 2025.

Is there a fee?

Yes, there is a fee, which can be rolled into the loan or paid up front. You can indicate your choice on the form below.

Skip-A-Pay fees are applied separately to each LOAN skipped.

  • Skip 1 month on one loan: The processing fee is $45

  • Skip 2 months on the same loan: The processing fee is $80

  • Skip 3 months on the same loan: The processing fee is $120

If you skip payments on more than one loan, you will incur additional processing fees based on the number of payments you wish to skip, for example:

  • Skip 1 month on two loans: The processing fee is $45 each loan for a total of $90

  • Skip 2 months on the same two loans: The processing fee is $80 each loan for a total of $160

  • Skip 3 months on the same two loans: The processing fee is $120 each loan for a total of $240

How does participating in the skip-a-payment program affect my loan?

The daily interest continues to accrue, and the term of the loan will be extended the number of months skipped. If you have an auto loan with GAP and we file a claim, it may affect the payment amount.

what if I have automatic (ACH) payments, can i participate in the skip a payment program?

You must notify 1st UCU at the time of your Skip-A-Payment request. When you do, 1st UCU will suspend the automatic (ACH) transfer for the skip-a-payment period requested.

Terms and Conditions

  • By participating in the Skip-A-Payment program, you are requesting 1st UCU to defer your loan payment(s).

  • All new loans must have one full payment made before the loan is eligible for a skipped payment.

  • Loan(s) payments must be current, delinquent loans are not eligible for this program.

  • FINANCE CHARGES will continue to accrue interest at the rate of your original loan agreement.

  • Deferring your payment will extend the term(s) of your loan(s) and increase the finance charge.

  • You are required to resume your monthly payments following the skipped month(s).

  • If you have authorized 1st UCU to initiate withdrawals from another financial institution, you must notify 1st UCU at the time of your Skip-A-Payment request, by doing so, 1st UCU will suspend the automatic (ACH) transfer for the skip a payment period requested.

  • All Skip A Payment requests are subject to 1st UCU approval. Loan must be current and in good standing.

  • The processing fee is $45 per loan skipped for one month, $80 per loan skipped for the two-month option, and $120 per loan skipped for the three-month option.

  • Exclusions: Real Estate loans, Private Student loans, Credit Cards, and loans with original terms over 120 months.