| Loan
Repayment Information |
|
What if I Stop
Attending Class?
If you do not complete all classes for which you enroll, federal
regulations may require that we return a portion, or the full
amount of the loan to your lender. In addition, before you stop
attending Stark State at least half-time, or you graduate, you must
complete an
exit interview.
When Do I Start
Repayment on the Loan?
Repayment of the principal and interest begins six months after you
drop below 6 credit hours, withdraw or graduate. Students with an
unsubsidized loan have the option of paying the interest while in
school and keeping it current, or letting it accrue and having it
capitalized. Contact your lender for more information.
Give Yourself
Credit and Do Not Default on Your Loan
Making your student loan payments on time is one of the easiest
ways to establish a good credit history. A good credit rating will
serve you well as you go forward in life.
If loan payments are not made and
the delinquency is not resolved, your loan will go into default. If
your loan defaults:
- Your wages can be garnished.
- Your federal income tax refund
can be withheld.
- The default will be reported to a
National Credit Bureau and make it difficult for you to make
major credit purchases such as a new car or home.
- You will be disqualified from
receiving any additional federal financial aid.
- You may be denied professional
licenses to practice an occupation.
| If you experience difficulty in
repaying your loan, you should contact your lender for advice and
assistance including deferment and forbearance. Your lender can
help you with options. |
|
Site
Map
