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.
