When you borrow a Stafford, Perkins or Federal Nursing Loan you are informed of your rights and the responsibilities involved in borrowing a loan. This information will be included in your promissory notes/applications and in an Entrance Counseling session. All first time borrowers are required to complete an Entrance Counseling Session prior to any funds being disbursed to them. You will also be reminded of these rights and responsibilities prior to leaving school or graduating in an Exit Counseling Session.
Some of your rights and responsibilities include:
- Regardless of the type of loan you borrow, you must receive entrance counseling before you’re given your first loan disbursement, and you must receive exit counseling before you leave school. These counseling sessions will be administered by Wagner and will provide you with important information about your loan.
- When you sign a promissory note, you are agreeing to repay the loan according to the terms of the note. The note is a binding legal document and states that you must repay the loan-even if you do not complete your education, are not able to get a job after you complete the program, or are dissatisfied with, or don’t receive, the education you paid for. Think about what this obligation means before you borrow a loan. If you do not repay your loan on time or according to the terms in your promissory note, you may go into default, which has very serious consequences.
- You must notify the appropriate agency (Wagner, guarantee agency, lender) that manages your loan in writing when you graduate, withdraw from school or drop below half-time status; change your name, address, or Social Security Number; or transfer to another school. If you borrow a Perkins Loan, your loan will be managed by Wagner or by an agency Wagner assigns to service the loan.
- When repayment begins you must make payments on your loan even if you do not receive a bill or repayment notice. Billing statements and/or coupon books are sent to you as a convenience, but you are obligated to make payments even if you do not receive any notice.
- If you apply for a deferment or forbearance, you must continue to make payments until you are notified that the request has been granted. If you do not, you may end up in default. You should keep a copy of any request form you submit, and you should document all contacts with the organization that holds your loan.
Borrowing a loan is a responsibility that must be taken seriously!