Office of Financial Aid
Waycross Campus (912) 287-6584
Jesup (912) 427-5800
Alma (912) 632-0951
Camden (912) 510-3327
Hazlehurst (912) 379-0041
Baxley (912) 367-1700
Golden Isles (912) 262-4999
Private Educational Loan Exit Counseling
Aid Year: 2020-2021
Student ID#: __________________
Printed Name ______________________________________________________________________________________________________
Borrower Rights and Responsibilities
By initialing each item below, I indicate that I understand these general private educational loan borrower rights and responsibilities:
___I understand that private educational student loans are borrowed money that must be repaid with interest, just like car loans and
home mortgages.
___I understand that I cannot have my private educational student loans canceled/forgiven for any of the following: I didn’t complete
my program of study, didn’t like the education I received, didn’t get a job in my field of study or because I’m having financial difficulty.
___I promise to pay under the terms and conditions of each promissory note I sign the total principal amount, interest on such principal
amount, NSF fees, late fees, and any other fees, charges, and/or costs agreed upon in my promissory note.
___I understand that repayment terms are specific to the terms and conditions identified on my signed promissory note and should
consult such note and /or contact my lender for specific repayment amounts and options.
___I understand that I must notify my lender within ten (10) days of any changes to my name, address, or school enrollment status.
___I understand that my lender may report information about my account to credit bureaus, such as late payments, missed payments
or other defaults on my account.
___I understand that any funds disbursed to me from my private educational student loans must be used to pay educationally related
expenses only (e.g. tuition and fees).
___I understand that it is my sole responsibility to make all required payments to my loan holder, regardless of receipt, or lack of
receipt, of a payment notice, coupon booklet, or other such notification.
___I understand that if I become delinquent on any current and/or previous payment, and I am expecting a subsequent disbursement,
that such disbursement may be held due to the delinquency.
___I understand that I must adhere to all entrance/exit counseling requirements provided by my lender.
Signature __________________________________________________________ Date ______________________________________
It is very important that you make your loan payments on time. If you are having trouble making your monthly payment, you should
immediately contact your loan holder or loan servicer.
Sallie Mae
You have made a commitment to yourself and your future. B
e a responsible borrower you do not want to default on your student loan. Default
is the failure to repay your loan according to the terms of the promissory note. If you have/had a student loan in default within the past 24 months
prior to the first day of the semester, you cannot take on additional loans to use for return to Coastal Pines Technical College.
Loan default has serious consequences:
Your entire loan balance (principal and interest) may be due in full immediately.
You may lose eligibility for loan deferment/forbearance.
Your account may be turned over to a collection agency and you will have to pay additional charges, late fees and
collection costs, all of which become part of your debt.
Your credit rating will be damaged for several years because defaulted loans are reported to national credit bureaus.
You will have difficulty qualifying for credit cards, a car loan, a mortgage, or renting an apartment (credit checks are
required to rent an apartment).
You can be sued for the entire amount of the loan.
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Office of Financial Aid
Waycross Campus (912) 287-6584
Jesup (912) 427-5800
Alma (912) 632-0951
Camden (912) 510-3327
Hazlehurst (912) 379-0041
Baxley (912) 367-1700
Golden Isles (912) 262-4999
Private Educational Loan Exit Counseling
Aid Year: 2020-2021
Student ID#: __________________
ful Educational Loan Definitions
talization increases your loan principal balance and you will then have to pay interest on the increased loan principal
amount. If you allow interest to be capitalized, the total amount you repay over the life of your loan will be greater than if
you paid the interest as it accrued.
Consolidation is a process by which you combine multiple loans into one loan, which may reduce your monthly payment,
extended your repayment term, and change your interest rate.
A deferment is a period of time in which your repayment obligation to your loan holder may cease.
Disbursement is the process by which loan funds are applied directly to your student account.
A forbearance is a period of time in which your repayment obligation to your loan holder may be reduced.
Grace period is the specified period after you graduate, leave school, or drop below half-time enrollment during which you
may not be required to make payments or may only be required to make minimal payments. The repayment period begins
at the end of the grace period.
Interest is a charge for using borrowed money. Everyone has to pay interest no matter what type of loan they have;
education loans are no different.
Lender is the organization that made the loan initially; the lender could be a bank, credit union, or other lending institution.
Loan is the money borrowed from a lending institution that must be repaid
Loan Default is the failure to repay a loan according to the terms agreed to.
Loan Holder is an entity that holds your loan promissory note and has the right to collect from you. Many banks sell loans,
so the initial lender and the current holder could be different.
Loan Servicer is an organization that handles billing and performs other loan servicing functions on behalf of the lender.
NSF Fees are non-sufficient funds fees a loan holder may assess you if your payment cannot be cashed due to the
unavailability of funds.
An Origination Fee is fee charged by the lender at the time the loan is originated, and is deducted from the proceeds prior
to disbursement to the institution.
Promissory Note is a binding legal document that you signed before receiving your educational loans and by which you
agreed to repay your loan(s). This also contains a Borrower’s Rights and Responsibilities statement that explains the terms
and conditions of the loans your received. It is very important to read and save the Promissory Note because you will need
to refer to it later when you begin repaying your loan.
A repayment incentive is a benefit that is offered to encourage you to repay your loans on time. Under a repayment
incentive program, the interest rate charged on your loans may be reduced. Some repayment incentive programs require
that you make a certain number of payments on time to keep the benefits of the repayment incentive.
A repayment schedule is a disclosure that provides you, as the borrower, a monthly payment amount, interest rate, total
repayment obligation, due date information, and length of loan repayment.