When obtaining financial aid, it’s important to always abide by the rights and responsibilities put forth by federal regulations. Please be aware of all points below before accepting loan funding.
- You may accept all, some or none of the loan funds offered.
- You are entitled to a copy of your promissory note, which outlines the terms and conditions of your loan, and will receive it before or after the loan is made.
- Before you begin to repay, your loan holder is required to give you a repayment schedule and detailed information about interest rates, fees, the balance you owe and your repayment options.
- You have a right to defer payments for certain defined periods or to request forbearance, if you qualify.
- You may be eligible to repay under a graduated or income-based repayment plan.
- You may prepay your loan in whole or in part at any time without penalty.
- You must notify your school if you want to borrow less than the amount that has been awarded.
- You must repay your loans on time and in full even if you do not finish your education, get a job or feel satisfied with the education you received.
- You must notify your loan holder or servicer immediately of any change to your name, address, telephone number or Social Security Number.
- You must make scheduled monthly payments even if you do not receive a bill or coupon booklet.
- First-time borrowers must complete entrance counseling before funds can be disbursed.
For more information about borrower rights and responsibilities, please contact Financial Aid at 602.682.6800 or by email at email@example.com.