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Perkins Loan Rights and Responsibilities
Perkins Loan Statement of Rights and Responsibilities
Your student loan is a serious legal obligation. Therefore, it is extremely important that you understand your rights and responsibilities. When you, the student borrower, sign your award notice, it means that you do understand your responsibilities, and you agree to honor them.
- I understand that I must, without exception, report any of the following changes to the Financial Aid Office and the Student Loan Service Center, NDUS - PO Box 5675 - Fargo, ND 58105-5675 (phone 701-231-9545 or 800-698-7397).
- a) If I withdraw from school.
- b) If I transfer to another school.
- c) If I drop below half-time status.
- d) If my name should change (for example, because of marriage)
- e) If my address, or my parent's address changes.
- I understand that when I graduate or withdraw from WSC, I must complete exit loan counseling by going to www.mappingyourfuture.org.
- I understand that my minimum monthly payment could be at least $40.00. It may be more if the amount borrowed is sufficient to require larger payments. Payments will be arranged at the exit interview.
- I understand that the ANNUAL PERCENTAGE RATE OF 5% will be the FINANCE CHARGE based on the unpaid balance and that it will begin to accrue nine months after I cease to be enrolled as at least a half-time student.
- I understand that cancellation or partial cancellation may be granted for the following:
- a) Teaching full-time in a low income school, Head Start program, special education program, mathematics,science, foreign language or bilingual education.
- b) Full-time professional provider of early intervention services or provider in a family service agency serving high-risk children from low income community.
- c) Full-time law enforcement.
- d) Full-time nurse, medical technician or Allied Health Professional.
- e) Full-time Armed Services in an area that qualifies for hazardous duty pay.
- f) Full-time Peace Corps.
- g) In the event of permanent and total disability or death.
- I understand that deferment of payment will be granted for the following periods:
- a) Enrolled at least half-time as a student
- b) Study in a graduate fellowship program or rehabilitation training program excluding medical or residency program. (2 yrs)
- c) Unable to secure full-time employment. (3 yrs)
- d) Economic hardship. (3 yrs)
- e) For active duty military service during a war or other military operation or national emergency. (3 yrs)
- f) Engaged in services eligible for cancellation.
- I understand that, per Federal Regulation (Section 467), my loan status will be reported to the national credit bureaus on a monthly basis. If I fail to repay any loan as agreed, the total loan may become due and payable immediately, be referred to a collection agency and my credit rating will be affected adversely.
- I understand that I will promptly answer any communication from WSC or SLSC regarding the loan.
- I understand that I may prepay at any time, without penalty. I further understand that prepayments will save on the total amount of interest charged on the loan.
- I understand that if I cannot make payment on time, I must contact the SLSC (phone 701-231-9545 or 800-698-7397) to make arrangements.
- I understand a penalty charge may be assessed against my account if I fail to make timely payment of all or part of a scheduled installment, or if I am eligible for deferment or cancellation but fail to submit the appropriate request form on time.
- I understand I have the right to rehabilitate a defaulted loan ONE TIME ONLY.
- The Office of the Ombudsman may be reached at:
- Office of the Ombudsman
Student Financial Assistance, U.S. Department of Education
Rm. 30122 ROB #3, 7th and D Streets SW
Washington, DC 20202-5144
Toll Free Telephone: 1-877-557-2575, or
- Office of the Ombudsman