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Borrower's Rights & Responsibilities
BORROWER'S RIGHTS & RESPONSIBILITIES
* To repay all or part of the loan(s) without penalty at any time.
* To a grace period after graduation or discontinuing education. During this grace period, payment is not required and interest does not accrue on the Perkins and Nursing loans. * To deferment of payment, if eligible. * To cancellation of loan, if eligible. Borrower's responsibilities
* To make payments on time.
* To notify the Long-Term Loan office if payment cannot be made by the due date. A late fee will be charged if the account is not brought current. * To notify the Long-Term Loan office if there is any change of address, name or phone number.. * To file appropriate forms, such as deferment or cancellations, in a timely manner. * To understand that failure to repay your student loan will have serious consequences: Referral to collection agency. Report the past due status of your loan to National Credit Bureau reporting agencies. Loss of eligibility for deferment or cancellation benefits. Loss of eligibility for further Federal Financial Aid. A past due perkins loan hold will be placed on your student account. This will prevent you from registering for classes or receiving your transcripts.
Upon graduating, dropping below half-time status or withdrawing from school you are required to complete an exit seminar. This information will give you everything you need to know about your Perkins Loan through Grand Valley State University.
If you have any questions after completing this, please call the office at (616) 331-2209 and we will be happy to answer any questions you may have. Please note: a repayment schedule will be sent to you in the mail for you to sign and return. If the repayment schedule and the on-line exit counseling is not completed a hold will be placed on your account which will prevent you from obtaining your transcripts or returning to school.
Even if you are enrolled at another institution or are going to return to Grand Valley, you need to complete this. If you are enrolled somewhere else, please request a student deferment. You will need to request these deferments each semester you are enrolled.
Click on the following link and follow the directions.
Your user id is your Grand Valley student id number. Please contact our office to access your password for the first time or your instructions to access this are in the exit counseling packet that was mailed to you.