1. I must repay my loan(s)
with all accrued interest and deducted fees.
2. I must repay my loan(s)
within 10 years (unless my loans are consolidated).
3. I may prepay all or part
of my loan without penalty.
4. The minimum monthly payment
for the loan is $50.00, but can be more depending on the amount borrowed.
Repayment will begin as follows: Stafford Loan Borrowers-following
a 6 or 9 month grace period. Please reference Promissory Note for
other loan repayment (if applicable).
5. The interest rate for
my loan is specified in the promissory note.
6. I must notify my lender,
or designated agency in writing, within 10 days, if I:
* Change my name * Transfer to
another school
* Change my address * Enroll for
less than half time
* Change my telephone number *
Withdraw from school
* Change my graduation date
7. I will be notified, in
writing, if my loan is transferred to a new holder. I must direct
all future correspondence to that new holder.
8. If I qualify, I may apply
for a deferment (or postponement) of my loan payments.
9. If I do not qualify for
a deferment, and I am unable to make payments on my loan, I may request
forbearance from the holder of my loan.
10. If I fail to repay my
student loan, I will be considered in default and the following may
result:
* I may be reported to a National
Credit Bureau and have negative effect on my credit rating.
* The entire unpaid amount of my
loan, including interest, may become due and payable immediately.
* I may be ineligible to receive
any additional federal or state financial aid funds.
* My federal and state income tax
refunds may be withheld.
* My wages may be garnished.
* Liability for collection and
legal costs.
* Referral to a collection agency.
* Loss of deferment options.
* Exposure to civil suit.
11. I understand how loan
funds will be disbursed.
12. I understand the MUSC
policy concerning satisfactory academic progress.
13. I understand that if
I falsify my application, I can be prosecuted for criminal fraud.
14. I understand that student
loan repayment is required, regardless of whether student completes
a program of study, obtains employment, or is not satisfied with the
educational services provided.
15. I understand my rights
and responsibilities as is pertains to student loans.
16. I am aware of the MUSC
Refund policy.
17. I am aware that I will
be required to attend an exit interview.