Exit information
Rights and responsibilities recap
When you signed for your loan you were
give a brochure that described your rights and responsibilities. These
are important to revisit as you prepare to exit the University.
Responsibilities:
To repay the loan according to the terms of your Promissory Note. You
must repay this loan even if you don’t complete your
education, can’t find a job in your field, or are dissatisfied with or
don’t believe you received the education you paid for.
To make payments even if you don’t get a statement or bill.
To make payments until you have been notified any deferment or
forbearance you request has been granted.
To notify this office if you move, change your name or your social
security number.
To notify this office if you believe you cannot make a payment and to
apply for any economic deferment you may qualify for
before your payments become overdue.
To file any deferment, forbearance, or cancellation paperwork on time
and complete with all required back up paperwork.
Rights:
To know the total amount of money you borrowed.
To receive a copy of your Promissory Note, Repayment Schedule and Truth
in Lending Form and exit interview information in person or by mail.
To know that your interest rate is 5 percent and that it accrues after
your initial grace period of nine months.
To know that during any deferment you apply for and receive, no payments
will be due and interest may not accrue (depending on date of advance.)
To know that late fees of 20 percent of your payment will be charged to
you if your scheduled payments are not received when due.
To know that costs of collection will be charged to you.
To know that you can prepay your loan at any time without penalty
To know that you are entitled to consolidate federal loans one time only
through your bank or lender.
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