/ Offices/ Administration/Student and Departmental Account Services/ Federal Perkins Loan/Statement of Borrower Responsibilities

Statement of Borrower Responsibilities

I understand that I must, without exception, report any of the following changes to the Financial Aid Office and the Perkins Loan Office at Lewis & Clark:
- If I withdraw from school or transfer to another school
- If my address changes
- If I drop below half-time enrollment status
- If my name should change (i.e. by marriage)
- If I join the United States military or Peace Corps
- If I am eligible for cancellation or deferment benefits under the terms of the Perkins Loan Program.
I understand that when I graduate or withdraw from Lewis & Clark, I must arrange an exit interview by calling the Perkins Loan Office at 503-768-7825.
I understand that the first installment payment on my Perkins Loan will be due nine (9) months from the time that I cease to be a half-time student.
I understand that the minimum monthly payment will be at least $40.00. It will be larger if the amount I borrowed is sufficient to require larger payments in order to pay this loan in full within a 10 year period. Payments will be applied first to any late charges, then accrued interest, then to the principal balance.
I understand that the 5% annual percentage rate will be charged on the unpaid balance and will begin to accrue nine (9) months after I cease to be enrolled as a half-time student.
I understand that cancellation of a Perkins Loan may be granted for special conditions according to the terms shown on my promissory note, and in the event of my death or permanent disability. I also understand that Lewis & Clark must be informed of such status.
I understand that if I enter the United States military service or the Peace Corps, or pursue advanced professional training, I may request that payments on my Perkins Loan be deferred.
I understand that Lewis & Clark reserves the right to withhold grade reports, transcripts, bar certification (if applicable), and diplomas for borrowers that maintain a past due balance.
I understand that I must promptly respond to any communication regarding my Perkins Loan.
I understand that if I fail to repay my Perkins Loan as agreed, it will be referred to a collection agency and due immediately.
I authorize Lewis & Clark College to contact any school which I may attend, to obtain information concerning my enrollment status, my year of study, my dates of attendance, graduation, or withdrawal, my transfer to another school, or my current address.
I understand that this loan and its current status will be reported to a national credit bureau.
I understand that Lewis & Clark reserves the right to contact borrowers using any means available, including but not limited to, the individual’s cell phone and email address.