Financial Aid Office
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Borrower's Right

Loan Information - You will receive the following loan information from Xavier or your lender before Xavier makes your first loan disbursement:

  • The full amount of the loan
  • The interest rate
  • When you must start repaying the loan
  • A complete list of any charges you must pay (loan fees) and information on how those charges are collected
    • The name of the lender or agency that holds your loan
    • Where to send your payments
    • Where to write or call if you have questions
    • A current description of your loans, including average monthly anticipated payments
    • A description of applicable deferment, forbearance, and discharge provisions
    • Repayment options
    • Advice about debt management that will help you in making your payments
    • Notification that you must provide your expected permanent address, the name and address of your expected employer, and any corrections to Xavier's records concerning your name, social security number, references, and driver's license number (if you have one).
  • The yearly and total amounts you can borrow
  • The maximum repayment periods and the minimum repayment amount
  • An explanation of default and its consequences
  • An explanation of available options for consolidating or refinancing your loan
  • A statement that you can prepay your loan at any time without penalty.

Notice of Account Credits - Xavier will notify you (or your parents for a PLUS Loan) in writing whenever your account is credited with Stafford, PLUS, or Perkins loans. This notification will be sent no earlier than 30 days before and no later than 30 days after Xavier credits your account.

Canceling Your Loan - You (or your parents for a PLUS Loan) may cancel all or a portion of the loan by informing Xavier within 14 days after the date that Xavier school sends this notice, or by the first day of the payment period, whichever is later. If you or your parents receive loan funds directly by check, the funds may be refused by not endorsing the check

Leaving School - Before you leave school, you'll receive the following information about your loan from Xavier or your lender:

  • The amount of your total debt (principal and estimated interest)
  • What your interest rate is, and the total interest charges on your loan
  • If you have Stafford loan you receive:
  • The fees you might be charged during the repayment period, such as late charges and collection or litigation costs if you're delinquent or in default
  • An explanation of available options for consolidating or refinancing your loan
  • A statement that you can prepay your loan without penalty at any time.

Grace Periods - You have the right to a grace period before your repayment period begins. (Your parents do not receive a grace period for a PLUS Loan.) Your grace period begins when you leave school or drop below half-time status.

Repayment - Your school or lender will give you a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment.

Deferment/Discharge/Cancellation - You will be given a summary of deferment and discharge (cancellation) provisions, including the conditions under which the U.S. Department of Defense may repay your loan.

Sale of Stafford Loan - If you or your parents borrow a FFEL Program loan, you (or your parents for a PLUS Loan) will be notified when the loan is sold if the sale results in making payments to a new lender or agency. Both the old and new lender or agency must notify the borrower of the:

  • Sale
  • Identity of the new lender or agency holding the loan
  • Address to which the borrower must make payments
  • Telephone numbers of both the old and new lender or agency