There are two possible payment plan statuses:
- Good Standing: Guarantor has paid the most recent installment
- Delinquent: Guarantor has missed the most recent installment.
How does a plan status change from Good Standing to Delinquent?
A plan will become "Delinquent" if the guarantor misses their monthly payment. Installments are also seen as “missed” if they do not meet min monthly payment within $.01.
All installments have a built in grace period where this payment can be made after the payment due date. If the payment is not made within the grace period, the payment is considered "missed" and plan status changes from "Good Standing" to "Delinquent". The next month the guarantor will owe the current installment amount and the remainder of what wasn’t paid the month prior in order to be brought back into "Good Standing" status.