Can I defer my loan payments under the CARES Act?

The CARES Act allows participants to defer loan payments on new and existing retirement plan loans until January 2021. In order to qualify, you must be able to certify that you are:

A. an individual, or to an individual’s spouse or Code section 152 dependent, who is diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (COVID-19) by a test approved by the CDC; or

B. an individual who experiences, or whose spouse experiences, adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of business owned or operated by the individual due to such virus or disease, or such other factors as may be determined by the Secretary of the Treasury.

The deadline to request loan payment deferral is December 31, 2020, and requests must be made at least two business days prior to the first loan payment due date that you would like to defer. 

You will not accrue additional interest during the time the payments are deferred, however your loan will be extended by the amount of time loan payments are deferred. You may resume payments before the requested loan payment deferral period has ended.

Important: GuideStone is temporarily waiving the $50.00 Origination Fee for loans taken on or after the CARES Act was passed on March 27, 2020.

You may request your loan payment deferral by logging on to your MyGuideStone account:

  1. Click on the "Retirement and Investments" tab
  2. Click on "Loans" on the toolbar
  3. Click on the "Defer Payment" button
  4. Click on the "Defer" button after reading the self-certification conditions.

For additional assistance please contact a Customer Solutions Specialist at 1-888-98-GUIDE (1-888-984-8433). Our Customer Solutions Specialists are available Monday through Friday between 7 a.m. and 6 p.m. CST for your convenience.

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