The Northern Mariana Islands Retirement Fund will be offering a loan payment deferment of three months to ease financial burdens.
“As our entire Commonwealth focuses on recovery and relief efforts, we want to ensure that we alleviate hardship for our community as much as we can. I extend my appreciation to Finance Secretary [Larrisa] Larson and the NMIRF for their collaboration. While we prioritize basic necessities such as food, water and shelter in our community, we want our retirees to know that we are all working together to return back to normalcy,” said Gov. Ralph DLG Torres.
Larson explained that, with the recovery efforts currently in progress, NMIRF will be offering a loan payment deferment of three months for November, December and January for both the principal loan payments and all accruing interest for NMIRF borrowers and debtors from Saipan, Tinian, and Rota. Detailed information regarding the deferment are as follows:
1. Thirty-day loan deferment is automatically granted to all NMIRF borrowers and debtors. No request is necessary.
2. After the initial 30 days, if the borrowers and debtors need additional time, NMIRF will provide additional 60 days (December and January) of loan payment deferment. However, NMIRF borrowers and debtors are required to notify NMIRF of their request to avail of this additional time, either by phone, email or in person.
3. No interest will accrue for the entire 90-day period. If borrowers and debtors choose to make payments during the loan deferment period, all payments will be applied to the principal loan balance.
4. Please note that for loans that are delinquent for more than 30 days, this offer on loan payment deferral will not cure the delinquent amounts owed.
5. NMIRF borrowers and debtors who have not previously refinanced will be eligible to refinance.
For more information, contact NMIRF program manager Velma Palacios at (670) 664-1100. (PR)