Debts & Loans

Your school will pay you in one of two ways:

Credit your account with the school for tuition, fees, and other allowable charges. If you have a contract with the school for room and board, the school may also credit your school account to pay for your room and board with Student Loan Repayment. Any remaining amount will be paid to you by check, given to you as cash, or—with your permission— transferred electronically to your bank account.

Pay you the entire amount by check or other method that requires your endorsement or certification. Note: Before each academic year begins, you must reapply for financial aid from Student Loan Repayment. What Happens While You’re in School. Each time you receive a student loan repayment, your financial aid administrator will make sure you’re still eligible for the loan proceeds.

To stay eligible, you must be enrolled at least half time and making satisfactory academic progress in your course of study. Here are some points to remember:

• You don’t have to make payments on your student loan repayment while you’re enrolled in school at least half time.
• You should keep the school informed if your enrolment status changes—for example, if you drop to less than half
  time.
• You’ll receive information about your student loan repayment while you’re still in school— this doesn’t necessarily mean it’s time to begin repayment.

Before you leave school, you must attend an exit counseling session. At that time, your school will give you detailed information about your student loan repayment. You’ll be counselled about your loan obligations, with the emphasis on selecting a repayment plan and budgeting for loan repayment. You’ll also be told about options for postponing repayment, including deferment and forbearance.

Your school will most likely tell you the current interest rate, the date you’ll begin repayment, the amount your student loan repayment will cost you, and the amount you’ll repay each month. If you have questions about your loan, you should be able to get the answers during exit counselling. Keep any exit counselling materials your school gives you—this information will be helpful as you repay your loan.