In order for the loan funds to apply to your student account, you must go online to accept the Perkins Loan award on FlashLine. You also have the option to accept or decline your award on FlashLine. Select the My Account tab, then go to Financial Aid and click Financial Aid Awards-view, accept or decline. Once you submit your option, if you would like to make a change you must contact the Student Financial Aid Office. To receive the Perkins Loan Funds, you must electronically sign the master promissory note. You will be notified via e-mail by our student loan billing service (University Accounting Service) when your loan is ready to be signed. Upon receipt of that e-mail, you can access the Master Promissory Note for your Perkins Loan by logging onto the website for University Accounting Service, at https://www.signmyloan.com. You will need your FAFSA PIN (assigned by the United States Department of Education, to complete your FAFSA form online) to access your Perkins Loan documents. University Accounting Service will notify Kent State University once you have completed the loan signing process. If you signed your master promissory last year, you are not required to sign again. The signed Master promissory Note will cover all loans awarded under the Perkins Loan program at Kent State University until this note expires (a period of up to ten years). You will be notified by email to review your disclosure statement and update your references.
For questions concerning this process, please contact the Bursar's Office at 330-672-2626 Option 2.
In order for the loan funds to apply to your student account, you must go online to accept the Nursing Loan award on FlashLine. You also have the option to accept or decline your award on FlashLine. Select the My Account tab, then go to Financial Aid and click Financial Aid Awards-view, accept or decline. Once you submit your option, if you would like to make a change you must contact the Student Financial Aid Office. To receive the Nursing Loan funds, you must electronically sign the master promissory note. You will be notified via e-mail by our student loan billing service (University Accounting Service) when your loan is ready to be signed. Upon receipt of that e-mail, you can access the Master Promissory Note for your Nursing Loan by logging onto the website for University Accounting Service, at https://www.signmyloan.com. You will need your FAFSA PIN (assigned by the United States Department of Education, to complete your FAFSA form online) to access your Nursing Loan documents. University Accounting Service will notify Kent State University once you have completed the loan signing process. If you signed your master promissory last year, you are not required to sign again. The signed Master promissory Note will cover all loans awarded under the Nursing Loan program at Kent State University until this note expires (a period of up to ten years. You will be notified by email to review your disclosure statement and update your references.
If you have been awarded a Schell Loan, you must come in person to the Bursar's Office to sign your loan note beginning July 28, 2009. You will be required to complete a reference sheet before you can sign the promissory note. The reference sheet must be updated yearly and requires complete parent information.This includes full names, complete addresses, and employment of parents/guardian. Four references are also required. Please be prepared with the names, complete addresses, and telephone numbers.
**Note: Federal Perkins, Nursing, or Schell Loan amounts will not be credited to your student account and refunds will be delayed until all loan documents have been completed.
Once your loan(s) go into repayment, Kent State University will manage your account at the Perkins Loan Collection Department located in the Bursar's Office, Room 131 Schwartz Center, PO BOX 5190, Kent OH 44242. The office phone number is 330-672-2626 Option 2. However, you will receive statements from our billing agent, University Accounting Service (UAS) located at 200 S. Executive Dr., PO Box 932, Brookfield, WI, 53008 (800) 999-6227. Any questions or problems you may have will be directed to our office.
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Payments on Federal Perkins Student Loans, Nursing Loans, and Charles E. Schell Loans are made directly to the University or our billing agent, University Accounting Service (UAS). You, the borrower, are responsible for paying the principle and interest that accrues on your loan beginning 9 months after the date that you cease to be a less than half-time student at an institution of higher education. Interest will accrue from the beginning of your repayment period. Kent State University will report the amount of your installment and the amount of your loan to three major credit bureaus. Your first payment will begin in the tenth month after exiting the institution and will end after the completion of your payments, according to your repayment schedule. Your payments may be extended or shortened due to special circumstances, periods of deferment, or cancellation benefits. If you feel you qualify, contact one of our Student Loan Specialists at the Bursar's Office. We will help in any way that we can.
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Maintaining a good credit rating is important. A credit rating could make the difference in a bank's decision to loan you money. Always make your monthly payments on time. We recommend you pay by the 21st of the preceding month in order to allow enough time for payments to post to your account. If at any time you find you are not able to make a scheduled payment, know there are options available to avoid default. We offer several types of financial deferments. Refer to the chart below titled "Are you Eligible for Deferment?" All financial deferments use the same form. Simply select the deferment criteria you may be eligible for, print the form, and mail it to the Bursar's Office, PO Box 5190, Kent, OH 44242-0001. Once processed, you will receive a letter acknowledging eligibility. Always keep in contact with one of our Student Loan Specialists in the Bursar's office. They can help you maintain your credit rating.
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COLLECTION OF DEFAULTED STUDENT LOANS
Failure to make scheduled payments by the due date, and/or failure to submit appropriate deferment, cancellation, or forbearance forms in a timely manner may result in the default of your loan. Default status is reported to three major credit bureaus contracted by Kent State University. Once your loan is 30 days past due, penalty/late charges are applied up to 20% of the monthly payment amount. Collection costs will be assessed once the loan reaches 120 days past due. These costs could exceed 40% of your loan amount and cover the expenses associated with recovery. In addition, transcript holds will be placed preventing access to your transcripts and future Title IV aid could be denied. In order to comply with Due Diligence outlined by the U.S. Department of Education, your account may be assigned to an outside collection agency. You may be able to avoid these additional charges by contacting a Student Loan Specialist in the Perkins Loan Collection Department at the Bursar's Office 330-672-2626 Option 2.
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CREDIT BUREAUS CONTRACTED BY KENT STATE UNIVERSITY:
Trans Union 200 Spring Lake Cove Jackson, MS 39208;
Equifax PO BOX 144717 Orlando, FL 32814 and
Experian PO BOX 9558 Allen, TX 75013.
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DEFERMENT OF REPAYMENT
A deferment will prevent principal and interest from accruing while your loan(s) are eligible. However, if you have a past due balance not covered by a deferment, you are responsible for paying up to date. If you have more than one loan from more than one school, you must submit a form for each school. It is your responsibility to submit forms on time. Failure to do so will result in continued billing. See the chart below titled "Are You Eligible for Deferment?"
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You are eligible for deferment of repayment under certain conditions. During periods of some deferment types, principal and interest are not due. However, some types of Hardship Deferments require interest to be paid throughout the deferment period. If you should find your financial situation is unmanageable and you need an alternative method to repay your loan, we offer many solutions:
- Unemployment Deferment
- Economic Hardship Deferment
- Forbearance Deferment
- Hardship Deferment
Prevent your loan from being reported as in default on your credit bureau report. Refer to the chart below titled "Are You Eligible for Deferment?" and print the appropriate form.
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To qualify for cancellation benefits you must serve in an eligible capacity for a full year. While you complete your year of service/employment, you may defer the payments that would come due. Upon receipt of your completed form, we will make a preliminary determination of your request for cancellation. If we determine that you do not qualify for cancellation, the billing will resume. If we determine that you are eligible for cancellation, billing is suspended for a year of service/employment. At the end of the year, provide documentation of having fulfilled the requirements in order to receive partial cancellation of your loan. Refer to the chart below titled "Are You Eligible for Deferment/Cancellation Benefits?"
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STATEMENT OF RIGHTS AND RESPONSIBILITIES
Your Federal Direct Perkins Loan is a serious legal obligation. Therefore, it is extremely important that you understand your rights and responsibilities. When you (the student borrower) sign the promissory note, it means that you do understand your responsibilities and you agree to honor them.
- I understand that I must, without exception, report any of the following changes to Kent State University Student Loan Office at 330-672-2626 Option 2, if I withdraw from school, transfer to another school, drop below half-time status, join military service, Peace Corp, or Vista. I must notify Kent State University Bursar's Office if my name or address should change (for example, due to marriage).
- I understand that when I graduate or withdraw from Kent State University, I must arrange for an exit interview by calling 330-672-2626 Option 2.
- I understand that the Annual Percentage Rate of 5% will be the FINANCE CHARGE based on the unpaid principle balance, and will begin to accrue nine months after I cease to be enrolled as at least a half-time student.
- I understand that cancellation may be granted for certain types of elementary or secondary school teaching; full-time nurses and medical technicians; full-time police and correction officers; full-time Head Start staff members. I also accept the responsibility to inform the school of such status.
- I understand that upon making a properly documented written request to the school, I may defer my loan (1)during any period that I am enrolled and attending at least half-time at an eligible school; enrolled and attending a graduate fellowship program approved by the Secretary of Education; enrolled and attending a rehabilitation training program for disabled individuals approved by the Secretary; enrolled (2)for a period (not to exceed three years) during which I am seeking but unable to find full-time employment; (3)for a period (not to exceed three years) during which I am experiencing an economic hardship as determined by the school. I am also eligible for deferment while serving in a medical internship or residency program.
- I understand that if I fail to repay any loan as agreed, the total loan may become due and payable immediately and legal action may be taken against me.
- I understand that I will promptly answer any communication from Kent State University regarding this loan.
- I understand that I may prepay at any time and that future interest will be reduced by making such payments.
- I understand that if I cannot make payments on time, I must contact the Kent State University Bursar's Office Student Loan Department to make payment or deferment arrangements.
- I authorize Kent State University to contact any school which I may attend, to obtain information concerning my student status, my year of study, my dates of attendance, my graduation or withdrawal, my transfer to another school, or my current address.
- I understand if I default on my loan, I may request a one time Rehabilitation option. Upon completion of rehabilitation, all credit bureaus will be instructed to remove the default from my credit history.
- I understand that if I dispute the terms of my loan in writing and the University does not resolve the dispute, I may contact the Student Loan Ombudsman's office by calling 877-557-2575.
- I understand that my Federal Direct Perkins Loan status will be reported to the three national credit bureaus monthly.
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DEFINITIONS YOU SHOULD KNOW AS A LOAN HOLDER
Borrower-The person who signs the promissory note.
Cancellation-Canceling part or in full of original loan balance.
Consolidation -A federally guaranteed program that allows you to combine student loans into one repayment plan.
Credit Bureaus-Organizations that maintain records on your financial history. They report your information to lenders, employers, and other businesses.
Default-Failure to repay a student loan according to the agreed upon terms.
Deferment-A limited time during which those eligible do not have to make loan payments.
Delinquent-Overdue on one or more payments on a loan.
Entrance/Exit Interview-A counseling session about Federal loans including Federal Perkins, Nursing, and Schell Loans. An entrance interview is required at the time you sign a promissory note. An exit interview is required at the time you leave school.
Forbearance-An arrangement whereby the lender may delay the repayment of a student loan because of financial hardship.
Grace Period-Period of time before you must begin making payment on a student loan.
Hardship-A period of financial difficulty that may allow you to delay repayment of a loan or to decrease monthly payments.
Promissory Note-A legal document that you sign promising to repay your loan. It lists the conditions under which you're borrowing and the terms under which you agree to pay back the loan.
Repayment-The act of paying back part, or all, of your loan before payment is due.
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Perkins and Nursing loans are eligible for deferments depending on the terms of your promissory notes. Deferments may be granted if you return to school and enroll for at least half-time status. A deferment form must be certified through the appropriate Registrar's office of the attending college. Deferment forms may be acquired through Kent State University Collections department or review the chart below titled "Are You Eligible for Deferment?"
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ARE YOU ELIGIBLE FOR DEFERMENT?
**Please click on the appropriate criteria in order to print the form.
MAIL COMPLETED ORIGINAL FORM TO:
Kent State University
PO Box 5190
Kent, OH 44242-0001
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