By accepting any loan, you promise to accept the responsibilities that come with it. You are also entitled to certain rights. Your government requires us to bring several things to your attention. The law will not accept ignorance as an excuse for defaulting.
This is a Loan
- You are required to use your loan for educational purposes - fees first
- All loans have to be repaid. You can't choose not to repay if you didn't like the course, or if you failed
- They are not discharged by bankruptcy. There is no means of non-repayment unless you die or become too disabled to hold any job.
- Interest is charged on ALL your loans
- There may be penalties for defaulting
If you withdraw
If you withdraw from your course or take a break, then Trinity will inform your lender and any 'unspent' part of your loan has to be immediately repaid by you. The unspent part of your loan has nothing to do with how much money you have left. The portion of the year left is the unearned portion of your loan. That is very broadly, for example, if an academic year was 30 weeks, and you withdrew or break in week 10, then 20 weeks' worth of your loan - two thirds - is unearned (not entitled) and has to be immediately repaid. The 'spent' or 'earned' part of the loan has to be repaid according to your repayment terms.
- Tell your lender of any address changes
- Tell your lender about course changes
- Tell your lender about any changes
- Open and read your student loan mail
How much you can Borrow
You have the right to Stafford Loans, subject to the maximum amounts allowable. You may have the right to a Graduate PLUS Loan. That is your only entitlement; everything after that is borrowed from a commercial lender at commercial rates and subject to them being willing to lend to you, remember, they don't have to lend you anything. You may borrow up to the Cost of Attendance in total (including Stafford Loans), subject to your credit rating.
You have the right to …
- Repay your loan early without penalty
- Written information of obligations
- Explanation of default consequences
- Be notified if your loan is sold
- To defer all loans while still in school, you must complete a deferment form and have it certified by Student Services. You can a obtain deferment form from your lender.