I understand the following information about my student loan (s):

• I must pay back my loan(s) with accrued interest and any deducted fees.
• I must repay my loan(s) even if I don't complete my education, if I am dissatisfied with my education, or if I am unable to get a job after I complete my program.
• I must repay my loan(s) within 10 years, unless my loans are consolidated.
• I may be eligible to repay my student loans under a graduated or income contingent schedule.
• I may be eligible for one or more repayment alternatives.
• I may prepay all or part of my loan(s) without penalty.
• My minimum monthly payment for a loan is $50, but may be more depending on the amount borrowed.  In most cases, repayment will begin following a six month grace period on Federal Direct Loans & within 60 days of the last disbursement, unless a deferment option has been arranged on Federal PLUS Loans.
• I must notify my lender within 10 days, if I change name, change my address, change my phone number, change my graduation date, transfer to another school, enroll less than half-time, withdraw from school, or change my social security number.
• I will be notified, in writing, if any of my loans are transferred to another holder.  I must direct all future correspondence to that holder.
• If I qualify, I may apply for a deferment (a postponement of loan payments).
• If I do not qualify for a deferment and am unable to make payments on a loan, I may request forbearance from my lender.  Forbearance is a special arrangement made for borrowers experiencing financial hardship. 
• If I fail to repay a loan, I may be considered in default and the following may result:
  • My status may be reported to a national credit bureau and have a negative effect on my credit rating for seven years.
  • The entire unpaid amount of my loan, including interest, may become due and payable immediately.
  • I may lose deferment possibilities.
  • My federal and state income tax refunds may be withheld.
  • My wages may be garnished.
  • I may be ineligible to receive any further federal and state financial funds.