Fillable Rehab Agreement (Southern Utah University)

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Rehab Agreement (Southern Utah University)

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File type: PDF

U.S.A. forms for Southern Utah University

BROWSE SOUTHERN UTAH UNIVERSITY FORMS

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Terms of the LOAN REHABHILITATION AGREEMENT
This Repayment Agreement is a written agreement between the borrower and Southern Utah University in an
attempt to successfully complete the requirements for rehabilitation as set by federal regulations governing
Federal Perkins loans. The account will be closely monitored for payments.
“…a loan is rehabilitated if the borrower makes an on-time, monthly payment, as determined by the institution,
each month for nine months and the borrower requests rehabilitation…”
(34 CFR 674.39)
Responsibilities of the borrower
- The borrower must request rehabilitation
- The borrower must sign a rehabilitation agreement
- The borrower must make 9 on-time consecutive monthly payments; payments are due by the 1st of
each month.
Benefits of Rehabilitation ( once successfully completed)
- Return to regular repayment status
- The first payment made under the 9 consecutive payments becomes the first payment under the new 10-Year
repayment period
- Removes the default from the borrower's credit history
- Rehabilitation re-establishes a borrower's eligibility for Title IV student financial assistance
- Removes all registration and transcript blocks
The purpose of the agreement is to indicate your intent to rehabilitate your defaulted loan by paying the SUU Loan
Office each month for 9 consecutive months. The college will determine the appropriate payment amount after
reviewing the documentation you are required to provide. Your loan will NOT be considered rehabilitated until the
9 consecutive, on-time, monthly payment has been received.
If you have successfully rehabilitated a defaulted loan and then become in default again, you may not attempt to
rehabilitate that loan again. Understand a defaulted loan may be rehabilitated only once. I will again be subject to
terms, conditions, benefits, and privileges of the original promissory note. I will also be subject to the same
responsibilities under the note.
351 West University Blvd
Admin @207D
Cedar City, UT 84720
(435) 586-7728
fax (435) 865-8064
www.suu.edu/ss/loans/ Rehabilitation Repayment Agreement
Name:
Borrower Information
SUU T# /SSN:
Address:
Cell Phone #:
City, State, Zip:
Phone #:
Name of Employer:
Work Phone #:
Sources to Pay:
E-mail:
Account Number: This is SUU T #
Account Information
Original Due Date:
Balance: (thru______)
Agreed upon monthly payment amount:
Schedule of Payments for TRA
First Payment Due Date:
Date of scheduled final (09
th
) payment:
- The borrower must request rehabilitation
Terms of the Rehabilitation Repayment Agreement
This Repayment Agreement is a written agreement between the borrower and Southern Utah University in an attempt to successfully complete the requirements for
rehabilitation as set by federal regulations governing Federal Perkins loans. The account will be closely monitored for payments.
Responsibilities of the Borrower
- The borrower must sign a rehabilitation agreement
- The borrower must make 09 on-time consecutive monthly payments, payments are due by the 1st of each month
Benefits of Rehabilitation (once successfully completed)
- Return to regular repayment status
- The first payment made under the 09 consecutive payments becomes the first payment under the new 10-year repayment period
- Removes the default from the borrower’s credit history
- Rehabilitation re-establishes a borrower’s eligibility for Title IV student financial assistance
- Removes all registration and transcript blocks
*I understand and agree to the above Schedule of Payments
*I understand that if a payment is not made in a timely manner, the amount I owe will become due in full immediately.
*I understand that I will remain blocked from registration, transcripts and other University Services until this loan is successfully rehabilitated or paid in full.
*I understand that to insure that I receive a monthly billing statement, I must notify the Loan Collections Office (at the address or phone listed below) of any address
changes. Furthermore, I understand that it is my responsibility to make monthly payments whether or not I receive a billing statement.
*I understand that this Temporary Repayment Agreement does not nullify the original terms of any promissory note (if debt is arising from a loan) I have signed. It is
a renegotiated payment plan offered due to the fact that I did not honor the terms of my promissory note.
*I understand and agree to the terms of this Rehabilitation Repayment Agreement.
State law requires that you be informed of the following: (1) you are entitled to request to be informed about the information about yourself collected by use of this form (with a few
exceptions as provided by law); (2) you are entitled to receive and review that information; and (3) you are entitled to have the information corrected at no charge to you.
Signature:_____________________________________ Date:___________________________
Approved by:___________________________________ Date:___________________________
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Rehab Agreement (Southern Utah University)

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Completed 26 July 2020

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