Repaying your Loans

Your rights as a borrower:

• Before you begin to repay your student loan, the holder/servicer of the loan is required to give you a repayment schedule and information about interest rates, fees, outstanding balance, and repayment options.
• You have the right to request a deferment for a defined period after the grace period expires.  You must apply and be approved for this deferment.
• You have the right to request a forbearance.  You must apply and be approved for this forbearance. To determine if you meet the eligibility requirements for a forbearance you may review the attached chart here.
• You may repay your loan in whole or in part, at any time without penalty.

Your responsibilities as a borrower:

• You must complete an exit interview session before you graduate, leave school or drop below half-time enrollment.
• You must repay your loans, even if you:
  • do not complete the academic program
  • are dissatisfied with the education you received
  • are unable to find employment after graduation
• You must notify the holder/servicer of your loan immediately of:
  • changes to your name
  • address
  • telephone number
  • Social Security number
• You must provide notification if you:
  • withdraw from school
  • drop below half-time enrollment
  • transfer to another school
  • fail to enroll
  • re-enroll in school for a period which the loan was intended
  • graduate
  • change your expected graduation date
• You must make your loan payments on time after you leave school, unless a deferment or forbearance was granted.

Student Loan Repayment

Student Loans go into a "grace period" and then into repayment when you:

• Graduate
• Leave School
• Drop below half-time enrollment

Exit Counseling

This process is conducted to provide you with information about repayment as well as notify you of the date loan repayment begins.