Victory University 2012-2013 Academic Catalog

• Payments can be deferred for up to 48 months while the dependent is in school, if the
parents are experiencing financial difficulty
RIGHTS AND RESPONSIBILITES AS A STUDENT LOAN BORROWER
Borrower’s Rights
The borrower has the right to know:
• School policy regarding enrollment, attendance and good academic standing.
• School policy regarding when tuition, fees, and other expenses must be paid.
• Average student indebtedness (amount borrowed), default rate, and graduation rate at
the school.
• The consequences of default.
• How financial aid is determined.
• The financial aid programs available at the school and how to qualify for them.
• The type and amount of loan fees taken from the student loan.
• When loan funds are received and the number of disbursements.
• When repayment will begin and what the average monthly payment will be.
• Information on deferment, cancellation, and forbearance of loan(s).
• Any portion of the loan can be repaid early without penalty.
Borrower’s Responsibilities
The borrower has the responsibility to:
• Complete the Master Promissory Note (MPN) forms accurately and on time.
• Provide additional information or documentation, if requested.
• Inform the Financial Aid Office of any change in his/her family’s financial circumstances.
• Complete Loan Entrance Counseling before the first loan disbursement is received.
• Keep track of all loans and understand all terms and conditions regarding repayment
and deferment.
• Notify lender of changes in address, name, telephone number(s), or Social Security
Number.
• Inform lender if graduation date changes, enrollment status changes, or if student
transfers or withdraws from school.
• Know which lender holds the student loan.
• Participate in Exit Counseling before graduation or if enrollment status drops below halftime.
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