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Q. What role will the SH/BHSN Financial Aid Director Play in my getting a loan?

A. While you are in school, the SH/BHSN Financial Aid Director is the person to turn to for help with any questions or concerns you might have about financial aid in general.  She will help you process your financial aid forms, verify your enrollment and education budget, and for Direct Stafford loans, analyze your need for a loan (using federal guidelines). She also provides counseling regarding your repayment obligations in entrance (when you take out your first student loan) and exit (right before you leave school) interviews.

Parents who take Direct PLUS loans do not need to complete a financial aid form to determine PLUS eligibility, but typically may rely on the Financial Aid Director for guidance on terms and for help applying for PLUS loans.

Q. Am I entitled to a refund if I don’t complete the school term?

A. SH/BHSN has a refund policy that determines how much, if any, tuition and/or fees will be refunded if you leave the School or decide not to enroll.  (Please refer to page 26.)  Any refund applicable to a student loan will go to the lender who made the loan.  The balance remaining will be your responsibility to repay.

Loans for freshmen are not disbursed until the student has been attending classes for 30 days, so there is a 30-day period during which students may elect not to take their loans.

Q. Who will answer my questions about my loan?    

A. Your servicer (or lender, if your lender is servicing your loan) will answer any questions you have about your current loan.

Q. What do I do if I need to borrow again for my education?

A. If you need another education loan, you will need to work with Direct Loan.  .           

Q. Can I pay off my loan ahead of schedule?

A. Yes, you can prepay at any time without penalty.

Q. What happens if I fall behind on payments?

A. Contact your servicer immediately for help.  Otherwise, if you fail to make timely payments and your account becomes 180 days delinquent, you will be in “default”.  Your account will be assigned for collection to the agency that guarantees your loan.  Your default will be reported to a credit bureau and become part of your credit record, making it hard for you to get other types of credit. You will no longer qualify for federal or state post-secondary educational financial aid.  Your wages may be garnished and future federal income tax refunds may be taken and your assets may be seized.

Q. If I don’t graduate, must I repay my loan anyway?

A. Yes.