THIS FORM MUST BE COMPLETED IF
YOU HAVE BEEN AWARDED
A PERKINS LOAN, STAFFORD LOAN OR
UNSUBSIDIZED STAFFORD LOAN.
THE FINANCIAL AID OFFICE CANNOT
DISBURSE YOUR LOAN FUNDS
UNTIL RECEIPT OF THIS STATEMENT
OF RIGHTS AND RESPONSIBILITIES FORM.
Statement of Rights and Responsibilities and
Confirmation of Entrance Counseling
Student loans are a
serious legal obligation. Therefore, it
is extremely important that you understand your rights and
responsibilities. When you, the student
borrower, sign this statement it means that you do understand your
responsibilities, and you agree to honor them.
1. I understand I must, without exception, report any
of the following changes promptly to my lender: (a) If I withdraw from school;
(b) drop below half time status; (c) transfer; (d) graduate.
2. I understand when I graduate or withdraw from
Oregon Health & Science University, I must attend a student loan exit
interview.
3. I understand I must promptly answer all
communications from Oregon Health & Science University regarding my loans.
4. I understand student loans are serious legal
obligations and I am obligated to repay the full amount of my loans even if I
do not complete my education, am unable to obtain employment, or am
dissatisfied with the educational services I received.
5. I understand failure to make my monthly payments
results in default and that the likely consequences of default include adverse
credit reports, litigation, loss of my right to deferment, and loss of
opportunities for forbearance and loan consolidation. I also understand, if I default on my loan, the lender may
declare the entire unpaid amount of the loan, including accrued interest,
immediately due and payable.
6. I understand the annual percentage interest rate
on my Direct Stafford Loan will depend on when I first borrowed from the
Stafford Loan program and changes annually on July 1st.
7. I understand the annual percentage interest rate
on my Perkins Loan is five percent.
8. I understand the length of my grace period for
Stafford loans is six months after I graduate or cease to be enrolled as at
least a half-time student.
9. I understand the length of my grace period for
Perkins loans is nine months after I graduate or cease to be enrolled as at
least a half-time student.
10. I understand I may be eligible for deferments,
forbearance and /or loan consolidation. I understand it is my responsibility to
file the correct forms in order to be eligible for such benefits.
11. I understand the repayment period of my Stafford
and Perkins loans begins at the end of my grace period and my first Stafford
and Perkins loan payment will be due no later than the end of my grace period.
12. I understand I must contact my lender if I cannot
make my payment on time.
13. I understand that all student loan disbursements
made to me and any defaulted loans in my name will be reported to credit
bureaus.
I certify I have received
information regarding the terms, conditions, agreements, and my rights and
responsibilities as a borrower in the Direct Subsidized/Unsubsidized Stafford
and Perkins loan programs.
I understand I have a
legal obligation to repay all student loans.
My signing indicates all of my questions regarding my Direct
Subsidized/Unsubsidized Stafford and Perkins loans have been answered.
____________________________________
_______________________
Signature Date