Borrower Responsibilities

The promissory note is a binding legal document. By signing the promissory note, a student is agreeing to repay the loan even if:

• The student doesn't complete his or her education
• The student isn't able to get a job after graduation
• The student is dissatisfied with, or doesn't receive, the education he or she paid for
• The student doesn't receive a bill or repayment notice

Important! Please Note:

• If the borrower applies for a deferment or forbearance, the borrower must continue to make payments until he or she is notified that the request has been granted.
• The borrower should keep a copy of all loan documents and all contacts with the organization that holds the loan.
• The borrower must notify the appropriate representative (Xavier, guarantee agency, or lender) that manages the loan when the student:
  • Graduates
  • Withdraws from school
  • Drops below half-time status
  • Changes his or her name, address, or social security number
  • Transfers to another school