Perkins and Nursing Loans 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 understand your responsibilities, and you agree to honor them.
I understand that I must, without exception, report any of the following changes to the Student Loan Service Center:
- If I withdraw from school.
- If I transfer to another school.
- If I drop below half-time status.
- If my name should change (for example, because of marriage)
- If my address, or my parent's address changes.
I understand that when I graduate or withdraw from the University I must complete Exit Loan Counseling.
I understand that my minimum monthly payment could be a minimum of $40.00. It may be more if the amount borrowed is sufficient to require larger payments. Payments will be arranged during the Exit Loan Counseling.
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 FOR PERKINS LOANS ONLY cancellation or partial cancellation may be granted for the following:
- Teaching full-time in a low income school, Head Start program, special education program, mathematics, science, foreign language or bilingual education.
- Full-time professional provider of early intervention services or provider in a family service agency serving high-risk children from low income community.
- Full-time law enforcement.
- Full-time nurse, medical technician or Allied Health Professional.
- Full-time Armed Services in an area that qualifies for hazardous duty pay.
- Full-time Peace Corps.
- In the event of permanent and total disability or death.
I understand that FOR PERKINS LOANS ONLY deferment of payment will be granted for the following periods:
- Enrolled at least half-time as a student
- Study in a graduate fellowship program or rehabilitation training program excluding medical or residency program. (2 years)
- Unable to secure full-time employment. (3 years)
- Economic hardship. (3 years)
- For active duty military service during a war or other military operation or national emergency. (3 years)
- Engaged in services eligible for cancellation.
I understand that the NURSING LOAN can be deferred if I enter military service, Peace Corps or Public Health Service, or return full-time to study at an institution of higher education in the pursuit of advanced professional training.
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 the University or Student Loan Service Center 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 Student Loan Service Center 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.
Student Loan Service Center Contact Information
Student Loan Service Center
Dept. 3180, PO Box 6050
Fargo, ND 58108-6050
1440 University Dr N, Room 135
Fargo, ND 58102
Phone: 701-231-9545 or 800-698-7397