Statement of Rights and Responsibilities
- Report any changes regarding address, phone number, enrollment status, below 6 credit hours, or continuing enrollment at UVU.
- Arrange an exit interview when you graduate, withdraw, or drop below half-time status.
- First monthly payment due nine months from the time you cease to be at least a half-time student.
- Monthly minimum payment will be at least $40.00.
- Interest is 5% and will begin accruing nine months after ceasing to be enrolled as a half-time student.
Cancellations may be
granted to those working full-time in the following occupations:
- Elementary or secondary teaching for students of low-income families
- Teacher of handicapped children
- Military service in areas of hostility
- Staff members of Head Start
- Peace Corps service
- Law enforcement or corrections officer
- Teacher of mathematics, science, or foreign languages
- Nurse or medical technician providing health care services
- Public or private nonprofit child or family service agency, supervising the provision of services to high-risk children from low income communities
- Failure to repay loan as agreed, may result in the entire loan becoming due at once including all attorneys fees and other costs and charges necessary for the collection of the account.
- Payments may be deferred after returning to at least half-time enrollment status.
- Promptly answer any communication regarding the loan.
- May repay at any time without any penalty. Future interest will be reduced by making payments.
- Contact the UVU Loan Collection Office to make arrangements if payment will be late.
- UVU will charge a late fee of 20% of the monthly payment for payments not received by the first day of the month.
- The financial offices of UVU may contact any school you may attend to obtain information concerning updated information.
- This loan disbursement and payment history will be reported to a nationwide credit reporting agency.
- If you have a NDSL or Federal Perkins Loan and are in your initial grace period when called or ordered to active duty, you are entitled to a new six or nine month initial grace period upon the completion of the excluded period.
- If the institution you are attending closes, then your loan may be discharged.
- You may rehabilitate your defaulted loan by requesting rehabilitation and by making an on-time, monthly payment, as determined by the lender, each month for nine consecutive months. This rehabilitation will remove the default from your credit history.
- If you dispute the terms of your NDSL or Federal Perkins loan and the holder of the loan is unable to resolve the dispute, you may seek the assistance of the Department of Education's Student Loan Ombudsman.