Statement Of Rights And Responsibilities Form Federal Nursing Loan

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ILLINOIS STATE UNIVERSITY
Financial Aid Office
Federal Nursing Loan
Statement of Rights and Responsibilities
A Federal Nursing Student Loan is a serious legal obligation. Therefore, it is essential that you understand your rights
and responsibilities and that you agree to honor them.
1. Do you intend to serve in a medically underserved community?
Yes
No
2. Do you intend to practice in primary care?
Yes
No
3. Do you intend to serve in a rural area?
Yes
No
Initial each item below to indicate that you have read and understand it.
__
I understand that I must, without exception, report any of the following changes to the Collections Office at Illinois
State University (309-438-3347) if:
a.
I withdraw from school;
d.
My name changes (i.e., because of marriage);
My address or my parent’s address
b.
changes;
e.
I transfer to another school;
c.
I drop below half-time status
f.
I join the military service or Peace Corps
g.
I leave the nursing program
__ I understand that when I graduate or withdraw from Illinois State University I will be contacted for an Exit Interview.
__ I understand that my first loan payment will be due nine months from the time I cease to be a half-time student or at
the time I leave the nursing program.
__ I understand that my minimum loan payment will be at least $40. It may be more if the amount borrowed is sufficient
to require larger payments in order to repay it within the maximum time frame.
__
I understand that the ANNUAL PERCENTAGE RATE of five (5) percent below will be charged on the unpaid balance
and that it will begin to accrue nine months after I cease to be enrolled as at least a half-time student or at the time I
leave the nursing program. I understand that the ANNUAL PERCENTAGE RATE is 5% on the total amount
borrowed.
__ I understand that cancellation may be granted for death or permanent and total disability. I also understand the
school must be informed of such a status.
__ I understand that if I enter military service or the Peace Corps, or pursue advanced professional training, I may
request that the payments on my loan be deferred.
__ I understand that if I fail to repay my loan as agreed, the total loan may become due and payable immediately and
legal action could be taken against me.
__
I understand that I must promptly answer any communication regarding my loan.
__ I understand that if I cannot make a payment on time, I must contact the school.
__ I authorize the Collections Office to contact any school which I subsequently attend to obtain information concerning
my student status, my year of study, my dates of attendance, graduation, or withdrawal, my transfer to another
school, or my current address.
__ I authorize the Collections Office to report this loan to credit bureaus.
__
I understand that my loan will be credited to my student account and I must sign a Promissory Note in the Student
Accounts Office (605 West Dry Grove St.) by the last day of the semester or my loan will be reduced by the awarded
amount for the current semester.
… please turn the page
MDC005 –2015-2016 Nursing Loan Personal Data Form 2
- 1 -
9/28/2015

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