STATEMENT OF BORROWER'S RIGHTS AND RESPONSIBILITIES
A loan is a serious obligation. It is important that you
understand your rights and responsibilities before you receive a Federal Perkins
Loan. Please read the following information carefully. When you sign this
statement, you will be indicating your understanding of the conditions of the
loan and your willingness to accept your responsibilities as a borrower. The
conditions and terms listed below will be of particular interest. You should
refer to your copy of the promissory note as you review these items. Your note
will be identified as PERK09.The appropriate sections of each note are
referenced below. Be sure to keep copies of this statement and your promissory
note for future reference.
I have read and understand the following conditions and
terms of the loan as stated on the promissory note:
1. Principal amount of the loan as stated in the Schedule of
Advances;
2. Interest rate and periods during which interest will accrue;
3. Repayment obligations;
4. Prepayment options;
5. Definition of default and its consequences, including the
addition of collection and litigations costs;
6. Forbearance/Deferment rights;
7. Cancellation Rights;
8. Change of address, name or social security number;
9. Late Charges;
10. Assignment of the loan to the United States;
I also understand the following requirements of this loan program:
1. I must report to the Loan Section any change in my student status, such as
withdrawal from school, transfer to another school, reduction of course load to
below half-time status or completion of my studies (graduation).
2. Before I graduate or withdraw from Fayetteville State University, I
must either arrange for an individual exit interview with a representative of
the Financial Aid Office or attend one of the loan conferences scheduled to
replace the individual exit interview.
3. I may contact the Loan Section at any time to request the total cumulative
balance owed on my account and any estimates of monthly payment amounts needed
to repay that balance.
4. I authorize Fayetteville State University to contact any school with I may
attend to obtain information concerning my student status, dates of attendance,
graduation, withdrawal, transfer to another school or current address.
5. I understand that my loan is reported to the Credit Bureau when it
is disbursed.
________________________
__________
Signature of
Borrower
Date
__________________________
Borrower's Local
Address
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