Nursing Loans Statement of Rights and Responsibilities

I understand that I must, without exception, report any of the following changes to the Student Loan Service Center:

• If I withdraw from school.
• If I transfer to another school.
• If I drop below half-time status.
• If my name should change (for example, because of marriage)
• If my address, or my parent's address changes.

I understand that when I graduate or withdraw from the University I must complete Exit Loan Counseling. 

I understand that my minimum monthly payment could be a minimum of $40.00. It may be more if the amount borrowed is sufficient to require larger payments. Repayment information and the minimum payment amount will be communicated during the exit process..

I understand that the annual percentage rate of 5% will be the finance charge based on the unpaid balance and that it will begin to accrue nine months after I cease to be enrolled as at least a half-time student.

I understand that FOR PERKINS LOANS ONLY cancellation or partial cancellation may be granted for the following:

• Teaching full-time in a low income school, Head Start program, tribal college or university, special education program, mathematics, science, foreign language or bilingual education.
• Working full-time as a professional provider of early intervention services or provider in a family service agency serving high-risk children from low income community.
• Working full-time as a staff member in a Pre-Kindergarten or Childcare program licensed or regulated by state authority. 
• Serving as a full-time law enforcement officer, corrections officer or firefighter.
• Working as a full-time nurse, medical technician or Allied Health Professional.
• Serving in the Armed Services in an area that qualifies for hazardous duty pay for a full year.
• Serving as a full-time public defender or prosecuting attorney.
• Serving in the Peace Corps.
• In the event of permanent and total disability or death.

I understand that FOR PERKINS LOANS ONLY deferment of payment will be granted for the following periods:

• Enrolled at least half-time as a student
• Study in a graduate fellowship program or rehabilitation training program excluding medical or residency program. (2 years)
• Unable to secure full-time employment. (3 years)
• Economic hardship. (3 years)
• For active duty military service during a war or other military operation or national emergency. (3 years)
• Engaged in services eligible for cancellation.

I understand that the NURSING LOAN can be deferred if I enter military service, Peace Corps or Public Health Service, or return full-time to study at an institution of higher education in the pursuit of advanced professional training.

I understand that, per Federal Regulation (Section 467), my loan status will be reported to the national credit bureaus on a monthly basis.  If I fail to repay any loan as agreed, the total loan may become due and payable immediately, be referred to a collection agency and my credit rating will be affected adversely.

I understand that I must promptly answer any communication from the University or Student Loan Service Center regarding the loan.

I understand that I may prepay at any time, without penalty. I further understand that prepayments will save on the total amount of interest charged on the loan.

I understand that if I cannot make payment on time, I must contact the Student Loan Service Center to make arrangements.

I understand a late fee or penalty charge may be assessed against my account if I fail to make timely payment of all or part of a scheduled installment, or if I am eligible for deferment or cancellation but fail to submit the appropriate request form on time.

I understand that if my loan becomes delinquent I may be assessed additional collection costs by any servicer, agent or entity working on behalf of the University. These costs maybe real or estimated based on the average cost of activity. I also understand that if my loan is referred to a third-party collection agency I am responsible and will pay all collection agency fees and/or commissions charged by the agency to the University for my loan up to 40% or the maximum allowed by law. 

I understand I have the right to rehabilitate a defaulted loan ONE TIME ONLY.

Student Loan Service Center Contact Information

Mail:
Student Loan Service Center
Dept. 3180, PO Box 6050
Fargo, ND 58108-6050

Physical Address:
1440 University Dr N, Room 135
Fargo, ND 58102

Phone: 701-231-9545 or 800-698-7397
E-mail: ndus.slsc@ndus.edu