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Perkins Loan: Rights and Responsibilities

Under the terms of your Perkins Loan, you have certain rights and responsibilities. Some are listed below; for further details, contact the Bursar's Office at (508) 793-2521.

Your Rights

As a Perkins Loan borrower, you have the right to the following information. Holy Cross will provide this information before you leave school.

  • The amount of your total debt (principal and estimated interest), your interest rate and the total interest charges on your loan.
  • The name of the agency that holds your loan, where to send your payments and where to write or call if you have questions.
  • The address and telephone number of your loan servicing center.
  • A list of 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.
  • A statement that you may prepay your loan at any time without penalty.
  • A current description of your loans, including average anticipated monthly payments of students from your school.
  • A description of applicable deferment, forbearance and discharge provisions.
  • Advice about debt management.
  • Notification that you must provide your expected permanent address, the name and address of your expected employer, the address of your next-of-kin and any corrections to your school records concerning your name, Social Security Number, references, and driver's license number (if you have one).
  • A loan repayment schedule stating when your first payment is due, the number and frequency of payments and the amount of each payment.

You also have the right to a grace period before your repayment period begins. Your grace period begins when you graduate, leave school or drop below half-time status. The exact length of your grace period is shown on your promissory note.

Your Responsibilities

When you take out a student loan, you're agreeing to take on certain responsibilities. Some are listed below; for further details, contact the Bursar's Office at (508) 793-2521.

It's your responsibility to:

  • Repay your loan according to the terms of the original promissory note, the binding legal document you signed when taking the loan. Except in cases of discharge, you must repay the loan even if you don't complete your education, aren't able to get a job after you complete the program, are dissatisfied with or don't receive the education you paid for. If you don't repay your loan on time or according to the terms in your note, you may go into default.
  • Make payments on time even if you do not receive a bill or repayment notice.
  • Continue to make loan payments until you are notified that your request for a deferment or forbearance has been granted. If you don't, you may end up in default. Keep a copy of any request form you submit, and document all discussions with Holy Cross regarding your applications.
  • Notify the Bursar's Office at Holy Cross of changes in your status. Examples of changes in status include: Graduation; withdrawal from Holy Cross; less than half-time attendance; a change to your legal name, address, or Social Security Number; or transfer to another school.