About two months before the end of your last semester at the university, you will need to make an appointment for an exit interview if you have received a Federal Perkins Loan.
During the interview, you will receive information about repaying your loans. Most loans have a “grace” period of six or nine months. You do not have to start repayment for this length of time after you graduate, withdraw or enroll for less than half time. Refer to your promissory note copy for this length of time. If you can make payments on your loan during your grace period, do so. Grace period payments are interest-free and greatly reduce the overall amount of interest you pay.
- Stafford Loans: You will hear from the lender from whom you borrowed the loan, the secondary market, or the billing agent that bills for them. If you do not hear from someone regarding your loan within 60 days of leaving our school, call your lender. When you signed your promissory note you agreed to contact your lender when payday loans in South Carolina you leave school.
- Federal Perkins Loan: You will hear from our current billing service, University Accounting Services, within 90 days of leaving our school. If you do not hear from them, please contact:
Consolidation Loans allow you to combine certain federal student loans. It allows you to make one monthly payment rather than multiple payments to various lenders. If you have both Stafford Loans and a William D. Ford Direct Loan, you can consolidate through the federal government by calling Direct Loan Consolidation at 1-800-557-7392.
You can consolidate the Federal Perkins loans with either the Stafford Loans or the federal government. You can lose important deferment benefits through consolidation but benefit by have a lower payment overall and one place to send payments. Four repayment plans are offered. There is no charge for consolidating your loans.
For most students, a student loan is the first experience with credit. Student loans can be an excellent way to establish a good credit rating. Pay your student loan promptly each month. Frequent late payments constitute delinquency and may harm your credit history. Here are some tips on establishing good credit:
- Notify the necessary parties regarding change of address or name change. Stafford Loan changes should be referred to your lender, servicing agent or the secondary market.
- Send the payment due each month, even if you haven’t received a bill. When you can, send extra payments to reduce your total interest.
- Always call the appropriate (lender, servicing agent, secondary market, direct loan servicing center or University Collections) if you have a question or problem.
- Never ignore correspondence or a payment request.
Your Exit Interview
If you default on your NDSL or Federal Perkins Loan, you may rehabilitate your defaulted loan by requesting the rehabilitation and by making an on-time, monthly payment, as determined by the loan holder, each month for twelve consecutive months. If you successfully rehabilitate your defaulted NDSL or Federal Perkins Loan, you will again be subject to the terms and conditions and qualify for the benefits and privileges of your original promissory note and the default will be removed from your credit history. You can rehabilitate a defaulted NDSL or Federal Perkins Loan only once.
If you dispute the terms of your Stafford Loan or NDSL or Federal Perkins Loan in writing and the holder of your loan is unable to resolve the dispute, you may seek the assistance of the Federal Student Assistance Student Loan Ombudsman of the Department of Education. The Student Loan Ombudsman will review and attempt to informally resolve your dispute and may be reached at 1-877-557-2575. You must first have tried to resolve your dispute yourself.