PERKINS LOAN RESPONSIBILITIES STATEMENT
(Please initial each statement below)
 

_____ 1. I understand that I must, without exception report any changes to my name, social security number, address or my parent's address to the Perkins Loan Repayment Unit, University of Maryland, Office of the Bursar, Lee Building, College Park, Maryland 20742-5151.      Phone #s: 301-9029,9031,9032.

______ 2. I understand and agree to the total amount of the Perkins Loan that I received, as reflected on my promissory note(s) and repayment schedule.  I understand the Perkins Loan interest rate, grace period, quarterly payment amount and quarterly payment dates listed on my repayment schedule.

_______ 3. I understand that if I attend school, at least on a half-time basis, to submit a certified student deferment at the end of Spring and Fall semesters.  I understand that I need to sign and return the repayment schedules mailed during the grace and post deferment grace periods.

_______ 4. I understand that if I qualify for any loan cancellation benefits, I will contact the Perkins Loan Repayment Unit, to receive any applicable forms.  I understand that certified cancellation forms are due every year until my loan is canceled in full.  I further understand that if I remit any payments on my loan during my eligible period of loan cancellation, I will not be due any refund.

________ 5. I understand that if I fail to remit a scheduled payment or submit a certified deferment or cancellation form will result in default of my Perkins Loan account and the University of Maryland will have no recourse but to transfer my account to the State Central Collections Unit for their appropriate action. This would result in the total unpaid balance plus collection cost (17% to 24%) being due immediately, as agreed to when I signed my promissory note(s). I understand that my defaulted Perkins Loan will be assigned to the U.S Department of Education at any time, if it's not paid in full at the State Central Collections Unit.

________ 6. I understand that it is my responsibility to update my address with the Perkins Loan Repayment Unit, to insure receipt of payment notices.  I understand that I must remit the the required scheduled payment and contact the Perkins Loan Repayment Unit, to report any billing problems immediately.

________ 7. I understand that if my Perkins Loan is in default, I will not be provided with any University services including diploma, transcripts, and any additional financial aid.  I understand that my credit rating will reflect default status and will no be cleared until my loan is paid in full.

________ 8. I understand that if I experience financial difficulty to remit a scheduled payment, I will contact the Perkins Loan Repayment Unit, to receive a hardship deferment.  I understand that I must remit accrued interest up to date, and then to remit interest on a monthly basis during my hardship deferment.

________ 9. I authorize the University of Maryland to release my loan information to my Parent/Guardian.
                     Yes _______    No ________

 

Borrower's Signature:___________________________Date:___________________