What You Need to Know About as a Student Loan Recipient
Posted on July 23, 2014 by Lori Wischmann
Working in beauty has been your dreams for years, don’t let anything get in your way of turning those dreams into a reality!
If one of the barriers that you feel is getting in the way of your dreams is financial, do not worry!
You can learn more about the types of aid that could be available to you, on this blog.
Offering student aid is only one part of the puzzle, however. We want to give our students the best possible start in their new careers, and one of the ways we do that is by helping them understand their education, as well as the loans they may be using to pay for that valuable knowledge.
You are able and ready to make responsible choices in borrowing and repaying any student loans. We are happy to be able to arm you with the knowledge you need to do so.
Read below to learn more about financial wisdom when it comes to borrowing for or funding an education.
What federal student loan borrowers need to know:
- You need to keep accurate records of your federal student loans.
- Keep your copy of the signed Master Promissory Note.
- Open, read, and maintain any loan information you receive from your school or loan holder.
- Don’t ignore your loan payments.
- When having difficulty making your scheduled payments, contact your loan holder to discuss repayment options.
Your rights and responsibilities as a borrower:
- You must use your federal student loan for educational expenses only.
- Your loan holder must give you details about your federal student loan before it’s disbursed, and again when it’s time to start paying your federal student loan.
- You must tell your loan holder any time you drop below half-time enrollment or change schools.
- You must tell your loan holder if you change your name, address, phone number, social security number, references or driver’s license number.
- Before you leave school, you need to tell your loan holder your permanent address, the name and address of your expected employer (if known), and the address of your nearest relative.
- You must repay your federal student loan, plus interest, even if you fall into the following categories: you did not finish your program, did not finish your program in the regular time allotted for program completion, you are unable to get a job after you finish, or if you are unhappy with or do not get the education or other services expected that you purchased from the school.
- Your loan holder may sell your federal student loan or use a service to manage your account. If the federal student loan is sold and the address where you send payments changes, you’ll be notified of the name, address and phone number of the new loan holder.
- You are entitled to a deferment or forbearance of your federal student loan payments in certain situations. Contact your loan holder for the details.
- You may prepay your federal student loan at any time without penalty.
If you are unsure about the types of loans that are available to you, or how much you will need to borrow to make your dreams a reality, please visit this blog.
If you’re interested in receiving guidance in understanding financial aid, contact Xenon Academy today! Our admissions directors are ready to help you succeed, and make the most of your education experience from application to graduation.