Read This Section Carefully and check each. I understand the following information about my student loan(s):
___ I must start repaying my Federal Direct Stafford/Ford Loan, six month after I graduate, leave school, drop below half-time enrollment in school (6 core hours) and whether I graduate or not.
___A student loan is an obligation by signing the Master Promissory Note (MPN) I agreed to repay all loans in full even if I do not finish school, complete my program of study, or fail to complete my program of study within the regular time for program completion, if I am dissatisfied with my education, and If I am unable to get a job after I complete my program.
___I must repay my loan(s) until the loan principal and interest are paid (under a regular repayment schedule, this can take up to 10 years, depending on the total amount that was borrowed.), unless my loans are consolidated, or I have selected special repayment options-such as income-based, extended repayment, or have qualified for a deferment or forbearance.
___If I leave school before my money is received at the school, in some circumstances, the money may be used for educational expenses related to attendance at this school or the money will be returned to the lender.
___If I have questions about repayment and changing payment plans I must contact my loan servicer, lender and financial aid office at this school.
___If I am delinquent on my Federal Direct Stafford/Ford loans, there are steps I can take to avoid default.
___My minimum monthly payment will depend on the type of loan (s) I received, the repayment plan I select and the total amount owed, but generally will not be less than $50 per month.
___For each repayment option, I have been provided with sample information showing anticipated monthly payment amounts, interest costs and total payments based on a range of student levels of indebtedness or the average indebtedness of student and/or PLUS loan borrowers at my school or in my program of study. (See back of this form for repayment options and repayment related information specific to each type of loan.)
___The prevailing interest rate, fees and repayment terms and conditions are specified in the Master Promissory Note and/or the loan disclosure statement that I received. I may have multiple loans made under more than one MPN with different interest rates, fees, terms and conditions.
___I should contact my school, servicer or lender, if I leave school, enroll in another school, drop below half time (6 core hours) address change, get married (name changes), telephone number, references, Social Security number and employer.
___If I miss a payment on my student loans, it immediately becomes delinquent.
___I will be notified, in writing, if any of my loans are sold, transferred and assigned to another loan servicer. I must direct all future correspondence to that servicer.
___If I attend another school at least half time, I can apply for an in-school deferment, which delays my payments but does not cancel them. ___ I should complete the paperwork for a deferment to temporarily postpone my loan, when I am enrolled at least half time at an eligible school, unemployed and experiencing certain other economic hardships specified by federal law. (See back of this form for details on deferment options.)
___If I do not qualify for deferment, request forbearance, if I am experience financial hardship, affected by a local or national emergency and reside in an area that has been designated a disaster area. (See back of this form for details on forbearance.)
___Default means, I didn’t make the schedule payments on my loan for 360 days, the bank wants my entire loan balance plus interest now and seven years of bad credit.
__If I fail to repay my loan, I will be considered in default and the following may result:
*My default status will be reported to national consumer reporting agencies and have a negative effect on my credit rating.
*The entire unpaid amount of my loan, including interest, will become due and payable immediately.
*My federal and state income tax refunds and other federal payments may be withheld.
*I will lose deferment, forgiveness and repayment options.
*I may be sued by the government for collection of the loan. My wages may be garnished.
*I will be assessed collection costs, including attorney fees.
*I may be ineligible to receive any further federal or state financial aid.
*I may lose or be ineligible to obtain a state professional license in my field or be sued.
__ I have read and understand all the information on this form. I have completed all requested items truthfully and accurately, and I have received loan counseling, including repayment option and debt management information. Also, a copy of my NSLDS information about my federal student loans at https://NSLDS.ed.gov