Rights and Responsibilities

You have the right to receive the following information before the first loan disbursement:

  • the full amount of the loan;
  • the interest rate;
  • when you must start repaying the loan;
  • the effect borrowing will have on your eligibility for other types of financial aid;
  • a complete list of any charges you must pay (loan fees) and information on how those charges are collected;
  • the annual and total amounts you can borrow;
  • the maximum repayment periods and the minimum repayment amount;
  • an explanation of default and its consequences;
  • an explanation of available options for consolidating or refinancing the student loan; and
  • a statement that you can prepay the loan at any time without penalty.

Students are not held liable and do not lose Title IV eligibility because of a Title IV grant overpayment resulting from JIU’s error or JIU’s failure to follow regulations.

You have the right to receive the following information before leaving school:

  • the amount of your total debt (principal and estimated interest), what your interest rate is, and the total interest charges on the loan(s), a loan repayment schedule that lets you know when your first payment is due, the number and frequency of payments, and the amount of each payment;
  • the fees you should expect during the repayment period, such as late charges and collection or litigation costs if delinquent or in default;
  • an explanation of available options for consolidating or refinancing your loan; and
  • a statement that you can repay your loan without penalty at any time.

You have a responsibility to:

  • maintain satisfactory academic progress (SAP) in accordance with JIU's SAP policy located in the Student Handbook;
  • understand that by signing the promissory note, you are agreeing to repay the loan according to the terms of the note;
  • make payments on the student loan even if you do not receive a bill or repayment notice;
  • if you apply for a deferment or forbearance, you must still continue to make payments until notification that the request has been granted;
  • notify the appropriate representative (institution, agency or lender) that manages your loan when you graduate, withdraw from school, or drop below half-time status; change your name, address or Social Security Number or transfer to another institution; and
  • participate in entrance counseling before being given the first loan disbursement and to participate in exit counseling before leaving school.