Instructions for Completing Promissory Note And Rights and Responsibilities
Enclosed are the Promissory Notes and Rights and Responsibilities Statement for the Perkins Loan you are receiving through our ofice. Below are instructions for completion of the Promissory Note and Rights and Responsibilities Statement.
Perkins Promissory Note: On the front of the note, sign your full legal name, as printed on the MPN, for the loan in the designated places. You must also date the form. Rights and Responsibilities: At the bottom of the front side, please complete your full legal name and the date you are completing the form. When you turn over to the back of the form, ALL sections must be completed or the form will be returned to you. You should keep a copy for your records. Helpful Hints for Completing the Rights and Responsibilities Form:
1. All parental information must be completed. If 'deceased' or 'unknown' please write this on the name line. 2. References may not include students at UNCW or other post secondary institutions. 3. If you do not have a driver's license, please indicate not applicable @/A). 4. If you do not have a local address when completing this form, you may write 'NA' for local address.
Remember- If all sections are not completed, the forms could be returned to you. This will delay the transfer of your student loan to your student account.
Rev: 02/27/08
F I N A N C I A L A I D & V E T E R A N S S E R V I C E S OFFICE
28403-5951 910-962-3177 FAX910-962-3851 601 SOUTHCOLLEGE ROAD WILCIIINGTON, NORTH CAROLINA fina~dt*uncw edu veteranstluncw edu www uncw edu / tlnaid
Perkins Statement of Borrower's Rights and Responsibilities Disclosure Statement Typical Repayment Plans
Federal NDSUPericins Loan Repayment Schedule Sample Repayments at 5% Interest
Amount Borrowed $15,000 16,000 17,000 18,000 19,000 20,000
Monthly Payments $159 170 181 191 202 213
Total # Payments 120 120 120 120 120 120
Total Int. Paid $4,080 4,400 4,720 4,920 5,240 5,560
Total Paid Prin. + Int. $19,080 20,400 2 1,720 22,920 24,240 25,560
What you can afford to borrow? Like any debt, your student loan is a serious financial and legal obligation. Plan for repayment carefully with a budget based on your expected starting and potential income. Subtract all necessary living expenses from that income such as housing, clothing, food, insurance, transportation, etc. The remainder is your "discretionary" income. The chart below lists some average entry-level salaries and average discretionary amounts: What can you afford to pay? Estimated average entry level yearly salaries (Source: ~ c c u ~ a t i o nOutlook and book 2008-2009) al Annual Gross Salary with Annual Gross Salary with Bachelor's Degree Occupation Master's Degree
I
Social Scientist
1
$28.862
1
(2007)
1
$43.731
1
(2007)
1
Aid Year: Term:
Federal Perkins Loan Program
Statement of Borrower's Rights and Reswnsibilities A loan is a serious obliwon. It is important that you understand your rights and responsibilities before you receive a Federal Perkins Loan. Please read the following information carefully. When you sign this statement, you will be indicating your understanding of the conditions of the loanand your willingness to accept your responsibilities as a borrower. The conditions and terms listed below will be of particular interest. You should refer to your copy of the promissory note as you review these items. The appmprhte sections of each note are referenced below. Be sure to keep copies of this statement and your promissory note for future reference. I have read and undatand the following conditions and terms of the loan as stated on the oromissorv note:
1.
Principal amount of the loan is under scheduled amount; l Interest rate and periods during which interest will accrue as stated in Section l, "Interest"; Repayment;
Late Charges;
2.
3.
4.
5. 6.
7.
Requests for Deferment, Cancellation or Forbearance; Default; Change of Status; Assignment; Promise to Pay; Hardship Repayment Options;
8.
9.
10.
11. Grace Periods;
12. Minimum Monthly Payment;
13. Forbearance, 14. Deferments;
15. Cancellations.
I also understand the following remiremenis of this loan v r o m : I must report to the Office of Scholarships62 Financial Aid any change in my student status, such as withdrawal from school, transfer to another school, reduction of c o m e load to below half-time status or completion of my studies.
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Before I graduate or withdraw from UNCW, I must either anange for an individual exit interview with a r e p w i v e of the Office of Scholarships 62 Financial Aid or attend one of the loan conferences scheduled to replace the individual exit interview. If 1fail to cunplete an exit intenriew, my academic record will be flagged accordingly and tranwipts will not be released. I may contact UNCW at any time to request the total cumulat~ve balance owed on my account and any estimates of monthly payment amounts needed to repay that balance. I authorize UNCW to contact any school, which I may attend, to obtain information concerning my student status, dates of attendance, graduation, withdrawal, transfer to anather school or cunmt address. I understand that my loan is reported to the Credit Bureau when fUndsare disbursed to my student account
If I am a tirst t m borrower, I aekoowledge that I received the Entrance Interview. ie Signahue of Borrower Print name Date Student ID
Personal Idonnation l%e information requested below must beprovided before loanfunds will be disbursed. Date:
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Aid Year:
Term:
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Full Name of Borrower (include middle name) Student ID Birthdate Sex
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Local Address
City: Permanent Address City: Driver's License # UNCW School (Dept.) Major: Name and Address of Employer (if employed, full or part-time) City: Spouse's Full Name Name and Address of Spouse's Employer City: Father's Name Father's Address City: State: Zip: Telephone State:
- " -
-
State:
Zip:
Telephone
State:
Zip:
Telephone Jr. Sr. Grad.-
S t a t e UNCW Class: Fresh. -Soph.
Anticipated Graduation Date
State:
Zip:
Telephone Maiden Name
Zip:
Telephone
Name and Address of Father's Employer City: Mother's Name Mother's Address City: State: Zip: Telephone State: Zip: Telephone
Name and Address of Mother's Employer City: State: Zip: Telephone
Names, Addresses, and Telephone Numbers of Brothers and Sisters over 18, not living at home:
Name and Permanent Addresses of two references (not previously listed on this page and
1. Name
students) who will know your address:
Relationship State: Zip: Relationship State: Zip: Telephone Telephone
City: 2. Name City: