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HESAA will provide the Cosigner with a Loan Offer Disclosure Statement and a Predisbursement Disclosure Statement prior to consummation of the loan. Only the borrower has the right to cancel the loan within the previously specified time.
You are being asked to guarantee payment of this debt. If the borrower does not pay the debt, you will have the obligation to pay the loan. Be sure that you want to accept this responsibility. You may have to pay up to the full amount of the debt including interest if the borrower does not pay, as well as late fee or collection costs, which increase this amount.
The creditor can collect this debt from you without first trying to collect from the borrower. In the case of the borrower's default, or the cancellation of the borrower's debt due to death or total and permanent disability, the creditor can also collect this debt from you. The creditor can use the same collection methods against you that can be used against the borrower, such as suing you or garnishing your wages.
Disclosure of your Social Security Number (SSN) is required to participate in the NJCLASS ReFi+ Loan Program. The authority for collecting the requested information from and about you is N.J.S.A 18A:71C-21 et seq.
The principal purpose of this information is to verify your identity, to determine your Program eligibility and benefits, to permit the servicing of your loan(s) and, in the event it is necessary, to locate you and to collect on your loan(s) if it becomes delinquent or defaulted throughout the life of your loan(s).
The routine uses of this information include its disclosure to Federal, State, or local agencies, to private parties such as relatives, present and former employers, business and personal associates, to guaranty agencies, to credit bureau organizations, to educational and financial institutions, and to agency contractors in order to verify your identity, to determine your Program eligibility and benefits, to permit the servicing or collecting of your loan(s), to counsel you in repayment efforts, to investigate possible fraud and to verify compliance with Program regulations.