A few ways to prepare.
Skip A Pay is offered during two seasons each year: Summer (available May through August) and Winter (available November through January).
To qualify, at least one payment must already have been made on the loan. Each eligible loan may skip one payment during a Skip A Pay season, up to a maximum of six skipped payments over the life of the loan. Mortgages, personal lines of credit, and credit cards are not eligible for Skip A Pay.