Managing Your Student Loan
The Student Loan area is a functional area of the University of North Carolina at Greensboro’s Cashiers and Student Accounts Office. Our goal is to keep our Federal Perkins and Institution Loan borrowers informed of their Rights and Responsibilities and assist with any questions regarding the loan programs. If you have questions, please contact the following in the order:
University Accounting Services, LLC (UAS)
Representatives are available
8:00 AM to 6:00 PM EST
24 Hour Access to Account Information
Federal Perkins and Institutional Student Loan Department
PO Box 26170
Greensboro, NC 27402
Heather Wolford | email@example.com | (336) 334-4010
Acceptance of a Federal Perkins Student Loan or Institutional Student Loan creates a binding legal obligation. It is extremely important that you understand your rights and responsibilities and you agree to honor them. This is a LOAN meaning you MUST repay The University of North Carolina at Greensboro. You must respond promptly to any communications you receive from the Perkins and Institutional Loan Department and University Accounting Services.
Please report any of the following changes immediately to University Accounting Services:
- Your name, address, telephone number, or e-mail address changes
- Your enrollment drops below half time status
- You withdraw from school
- You transfer to another school
- You become eligible for cancellation benefits
- You join the military
- You become disabled
You will be entitled to an initial nine month grace period once you leave the University, whether it is by withdrawal or graduation. You are required to complete a Federal Perkins Student Loan Exit Interview once you separate from The University of North Carolina at Greensboro. As payments become due, interest will accrue on your account at an Annual Percentage Rate of 5%. Payments are based on a repayment term of 10 years and the balance owed. Payment amounts are subject to a $40.00 minimum each month.
If at any time you are unable to make your scheduled payment, you should contact the school by phone or e-mail immediately at (336) 334-4010 or firstname.lastname@example.org.
Cashiers & Student Accounts Office
PO Box 26170
Greensboro, NC 27402
[P] (336) 334-4010 | [F] (336) 334-4178 | [E] email@example.com
Your Promissory Note allows for deferment and cancellation benefits of all or part of this loan under certain circumstances. Application for deferments and cancellations should be submitted to the school for processing.
You will receive an approval, denial, or request for additional documentation promptly. Do not allow payments to become past due because you think this loan is included with your Stafford Loans. It is NOT. The University of North Carolina at Greensboro is the lender of this loan therefore you must deal directly with the school or loan servicer regarding your debt.
Your loan is one of the first opportunities you have to establish credit. According to Federal Law we are required to report your student loan to a national credit bureau. Your loan is reported when opened and each month for the life of the loan until it is paid in full. A favorable credit rating will put you in good standing when you need credit elsewhere. Bad credit scores will affect your ability to borrow for a car, home, or additional credit one may need in the future. We hope that you agree that your loan is a serious business transaction that deserves to be treated responsibly and professionally.
You are required to complete a Loan Exit Interview when you graduate, withdraw, or drop below half time status. The Loan Exit Interview can be accessed online. A hold will be placed on your student account once you graduate, withdraw, or drop below half time status and removed upon completion.
Call or E-mail Us!
Our office can provide painless solutions that will help protect your credit. We cannot help you unless you communicate with us! Please call to discuss options before your account becomes past due. There are multiple deferments as well as payment arrangement opportunities for you. The United States Department of Education governs this loan. We are obligated to notify borrowers of the following penalties:
- Past due accounts are assessed a 10% late fee.
- Defaulted borrowers are ineligible for Financial Aid, deferments and cancellation benefits.
- A poor credit rating will prevent you from purchasing a car or home.
- A poor credit rating can impact your ability to obtain employment.
- Defaulting on a loan can lead to wage withholding and lawsuits.
- Even if delinquent loan information is removed from your credit, the debt MUST be repaid.
The University of North Carolina at Greensboro wants to help borrowers avoid damaging their credit. Please help our office achieve this by acting responsibly and contacting us if you are unable to make your monthly payments. Again, we can help only if we know what your needs are.
Default occurs when a borrower becomes past due in making payments on their loan. Default in the student loan world has additional ramifications attached to it. You will no longer be eligible for Title IV aid if this loan is in default.
If you are facing large amount of debt, you may be tempted to skip a payment or delay your student loan payments. This can negatively impact your future plans. Remember, your loans are being reported each month to national credit bureaus. A poor financial reputation can affect you for several years beyond your life at The University of North Carolina at Greensboro. You could be denied for a car purchase, home purchase, or other credit.
If you fail to make your Federal Perkins or Institutional Student Loan Payments the following will happen:
- Your credit will be negatively impacted.
- A hold will be placed on your student records meaning NO TRANSCRIPTS WILL BE RELEASED UNTIL THE DEBT IS SATISFIED.
- Your account will be referred to the North Carolina Attorney General’s Office for collection assistance.
- Your account will then be turned over to a contracted collection agency which YOU WILL BE RESPONSIBLE FOR PAYING UP TO A 20% FEE IN ADDITION TO THE DEBT OWED.
- Your name and social security number will be submitted to the North Carolina Department of Revenue for a claim on your State Tax Refund if you are owed one.
- Your account will be turned over to the United States Department of Education for collection. You should understand The Department of Education has Federal Jurisdiction meaning wage garnishment can occur, Federal Tax Refunds or Stimulus Payments can be withheld, liens can be placed on your property and bank accounts.
DO NOT LET THIS HAPPEN! IT CAN BE PREVENTED!
If you are having trouble making your payments, contact the University for help at 877-877-1983 or 336-334-4010 so that we can help you work through this difficult time. We will work with you to find the most appropriate solution for you.
A borrower is entitled to have the repayment of a Federal Perkins Student Loan or Institutional Student Loan deferred under certain circumstances. A deferment is a period of time during which the borrower is not required to repay the principal of the loan.
In order to qualify for deferment, you must meet specific eligibility requirements for that particular deferment type. To apply for deferment, download the appropriate form. Complete the form as instructed. Be sure to provide supporting documentation of your financial situation to support your request. All deferment forms are processed at The University. Please mail, e-mail or fax your request. You will receive an approval letter, denial notice, or request for additional documentation promptly. The following forms may be downloaded for your convenience.
You may be eligible for deferment if you are enrolled at least half time as a student at an eligible accredited institution in the U.S. , or at a comparable institution outside the U.S. If you are attending school, we will only process your student deferment for the CURRENT term.
Economic Hardship Deferment
If you are suffering an Economic Hardship you may be eligible for an Economic Hardship deferment. If you receive public assistance such as Families with Dependent Children, Food Stamps, or Supplemental Security Income you may be eligible for this type of deferment.
If you are working under 30 hours per week or unemployed you may be eligible for an Unemployment deferment.
The Federal Perkins Loan program provides you with an opportunity to cancel all or part of your loan for certain types of employment or service. Please visit the website to see if you qualify.
To download a Cancellation Form, Eligibility Data Forms, and Instructions for completing the cancellation form, please visit the website.
Federal Loan Consolidation may be an option if you have multiple lenders. Through loan consolidation, Direct Loans who is operated by The U.S. Department of Education, buys your eligible student loans and combines them into one loan. Loan consolidation can mean lower monthly payments and a longer repayment term. Direct Loans offers multiple repayment and deferment options. The Federal Loan Consolidation process can take up to 120 days to complete. To find out more about consolidation and to apply on line, please visit the website. Please notify the school if you apply for consolidation at 877-877-1983 or 336-334-4010. You can also e-mail at firstname.lastname@example.org.
To find out what student loans you have and who your lenders are please visit the National Student Loan Data System.