A Perkins loan is a serious obligation. It is extremely important that you understand your rights and responsibilities. When you sign this statement, it means that you understand your responsibilities and agree to honor the statements below:
- I understand that I must, without exception, report any of the following changes to the Perkins Office in 128 Alumni Hall, Mansfield University, Mansfield, PA 16933. Phone (570) 662-4883.
- If I am withdrawing from the university.
- If I transfer to another college or university.
- If I drop credit hours below six credits or half-time.
- If I have a name change.
- If my address and/or telephone number changes.
- If I begin to teach in special education or a low-income area, join the military service, Peace Corps or VISTA, teach head start, become a full-time enforcement or corrections officer, or become permanently disabled and my loan was signed on or after November 29, 1990.
- I understand that when I graduate or withdraw from Mansfield University, I must arrange to complete my Perkins loan exit interview.
- I understand that my first payment will be due nine months after I cease to be at least a half-time student.
- I understand that the annual percentage rate of 5% interest will be charged based on the unpaid principal balance and that the interest starts to accrue nine months after I cease to be enrolled as at least a half-time student.
- I understand that if I fail to repay my Perkins loan as agreed, the total loan may become due and payable immediately and legal action could be taken. I will be responsible for any and all collections costs and late fees. I also understand that my payment history will be submitted to a national credit bureau.
- I understand that I may prepay at any time and that interest in the future will be reduced by making accelerated payments.
- I understand that if I cannot make payment when due, I must contact the Perkins Loan Office at Mansfield University immediately to make arrangements.
- I authorize Mansfield University to contact any school which I may attend, to obtain information concerning my student status, my year of study, my dates of attendance, graduation, withdrawal, transfer to another school, or my current address.
I attest that I have read and understand the responsibilities and options available to me and that I will adhere to them.