You need to be prepared to repay your student loans when you either complete your degree or no longer enroll at least half time in an accredited program. Use the information below to make informed decisions on managing your loan payments and maintaining good financial and legal standing.
Contact the National Student Loan Data System to obtain your student loan servicer information.
You have certain rights and responsibilities as a borrower.
If you receive a loan while attending ACC, you must complete exit counseling when you leave ACC, drop below half-time enrollment (6 credits), or graduate.
This counseling will assist you with understanding your rights and responsibilities that apply to your loan.
Your loan enters a grace period after you leave ACC, drop below a half-time enrollment (6 credits), or graduate. This one-time grace period lasts six months, and you must begin repaying your loan immediately when your grace period ends.
Your loan servicer will notify you with information about repayment. You can select a repayment plan. Generally, you have 10 to 25 years to repay your loan
Contact your loan servicer immediately if you encounter problems making a payment. They can explore your options, which include:
Failure to maintain monthly payments on schedule can result in serious financial and legal consequences. A loan is considered in default when you fail to make a payment for 270 days.
Once the loan is in default, the entire balance becomes immediately due, including principal, interest, and collection fees.
Default loans are not eligible for deferment or forbearance.
You have three options to remove the default status:
Every entity involved in your loan - your school, the financial institution that holds your loan, your loan guarantor, and the federal government - can take action to recover the money you owe.
Typical actions include:
For more information and to learn what actions to take if you default on your loans see the website for the department's Default Resolution Group.
Please use these resources to find out more information on your student loan.
If you not sure where to begin on your budget, see student money management resources.