Loans are borrowed money that must be repaid. Borrowing funds to pay educational expenses is a serious undertaking. Educational loan funds must be paid back to lenders participating in the Federal Family Education Loan Programs. Failure to repay Federal loans can have serious repercussions. Since loan terms are not all the same, it is vitally important that each student keeps track of the various loans and the specific obligations s/he has for repayment.

Student Responsibilities
The student borrower has a responsibility to:

  • Repay the loan in accordance with the repayment schedule and notify both the College and lender of anything that affects ability to repay, eligibility for deferment, or cancellation;
  • Notify the lender if s/he graduates, withdraws, transfers to another college;
  • Notify the lender if s/he fails to enroll for the loan period covered;
  • Notify the College of a change of name, address, phone, or social security number; and
  • Attend an entrance and exit loan counseling interview before entering and leaving the College.

Student Rights
The student who borrows funds for educational purposes has a right to:

  • Written information on loan obligations, loan consolidation and refinancing, and information on borrower's rights and responsibilities;
  • A copy of the promissory note and return of the note when the loan is paid in full;
  • Information on interest rates, fees, the balance owed on loans, and a loan repayment schedule;
  • Notification if the loan is sold or transferred to a loan service;
  • A grace period, if applicable, and an explanation of what that means;
  • Prepayment of the loan without penalty;
  • Deferment, under specific conditions; and
  • Forbearance, if eligible.

Entrance and Exit Interviews
The College counsels the student regarding all loan information and student loan indebtedness. The student is given an entrance and exit interview (including a quiz) regarding loan information and indebtedness to be certain s/he understands the amount borrowed and his or her rights and responsibilities.  You may complete this requirement by clicking into the following:

EdFUND Entrance / Exit Exams 

Great Lakes Entrance Exam

Great Lakes Exit Exam