Student Loan Responsibilities

Student Loan Responsibilities

The Default Prevention Coordinator at Jarvis Christian College wants to help you bring your loan account(s) current. One of the goals of Jarvis Christian College is to help you keep your student loan(s) out of default. I am available to assist both our current and former students. If you have any questions or need assistance, please contact Mrs. Rosamond Gholson at (903) 730-4890 Ext.2712 (voice) or via email at rgholson@jarvis.edu

Borrower Responsibilities

Ø       The borrower is responsible for repaying the loan(s) he/she received, even though he/she is unable to secure employment after graduation or leave school.

Ø       The borrower is responsible for repaying his/her loan(s) with all accrued interest and any fees.

Ø       The borrower is responsible for repaying the loan(s) he/she received even though he/she did not complete his/her education.

Ø       The borrower is responsible for making the minimum monthly payment for the loan(s) he/she received according to the terms and conditions of the Promissory Note.

Ø       The borrower is responsible to notify the lender immediately and before the due date, if he/she cannot make a payment.

Ø       The borrower is responsible to notify his/her lender within 10 days if there is a change in name, address, social security number, telephone number, graduation date or employment.

Ø       The borrower is responsible to notify his/her lender within 10 days if he/she transfers to another school, enroll on a less than half time basis or leave school for any reason.

Ø       The borrower is responsible for attending an exit interview before he/she leaves school.

Ø       The borrower is responsible for repaying his/her loan(s) to avoid going into default.

Borrower Options

Deferment
The borrower may postpone his/her payments if he/she qualify for an Economic Hardship, In-school, Unemployment, or Disability deferment. Qualification is determined by current economic, enrollment, employment, or disability status.

Forbearance

The borrower may qualify for a Mandatory or Economic Hardship Forbearance. The borrower should contact his/her lender/servicer for more information on forbearance.

Consolidation
The borrower may be eligible to consolidate his/her loans. Loan consolidation often reduces your monthly student loan payment amount.

Alternative Payment Plans

The borrower may qualify for Income Sensitive, Graduated, or Lowered Payment plans.

If the borrower does not resolve this delinquency before his/her account reaches 270 days past due, his/her loan(s) will be considered as defaulted.

Some Default Consequences

Ø      The unpaid balance of the borrower’s loan, including interest, becomes due immediately.

Ø      The borrower’s loan will be assigned to the guarantor and they will report the default to national credit bureaus.

Ø      The guarantor may begin proceedings to collect the borrower’s income tax refunds.

Ø      The borrower’s loan may be assigned by the guarantor to the federal government for litigation.

Ø      The borrower’s wages may be garnished.

Ø      The borrower will be ineligible for any further federal or state financial aid.

Ø      The borrower’s loan account may be forwarded to a collection agency, a civil suit may be brought against the borrower to force repayment, and the borrower may be held responsible for the expenses incurred in the attempt to collect, which includes attorney’s fees.

Ø      The default will be reported to all national credit bureaus.

Ø      The borrower’s IRS tax refund may be seized by the U.S. Department of Education.

Contributions can be sent to:
Office of Institutional Advancement
Jarvis Christian College
P.O. Box 1470
Hawkins, TX 75765