Loan Resources

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.

Loan servicer information

Please contact Studentaid.gov to obtain your student loan servicer information.

  • Borrower rights & responsibilities
    • You have certain rights and responsibilities as a borrower.

      Your rights:

      • Have a grace period.
      • Prepay your loan without penalty.
      • Request a copy of your master promissory note.
      • Request documentation that your loan is paid in full.
      • Choose a repayment plan.
      • Be informed of your repayment date.
      • Be informed of and provide consent of any changes in the terms of your loan.

      Your responsibilities:

      • Complete exit counseling.
      • Repay your loan.
      • Notify your lender with current contact information.
      • Make timely monthly payments.
      • Notify your lender of your eligibility of a deferment or cancellation of loan and/or payments.
      • You use proceeds of loans for education-related purposes.
      • Make a payment even if you do not receive a payment statement.
  • Exit counseling
    • 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.

      Information covered

      • Loan repayment plan
      • Repayment options
      • Deferment and forbearance options
      • Cancellation options
      • Loan consolidation
      • Loan rehabilitation
      • Debt management
      • Prepayment
      • Consequences of default on loan and service obligation
  • When loan payments begin
    • 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.
  • Trouble making payments
    • Contact your loan servicer immediately if you encounter problems making a payment. They can explore your options, which include:

      • Deferment
      • Forbearance
      • Restructured payment plan

      If your monthly payment does not arrive by the due date, your loan is considered delinquent. You could face additional late fees and have your delinquency reported to various national credit bureaus. 

      For more information on your loan and loan servicer, please visit Studentaid.gov.

  • Loan default consequences & recovery
    • 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 and affects your future Title IX funding (financial aid).

      Consequences of defaulting include the following:

      • The U.S. Department of Education (ED) requires you to repay immediately the entire unpaid amount of your loan.
      • The DOE sues you, takes all or part of your federal and state tax refunds and other federal or state payments, and/or garnishes your wages so your employer is required to send part of your salary to pay off your loan.
      • The DOE requires you to pay reasonable collection fees and costs, plus court costs and attorney fees.
      • You are denied a professional license.
      • You lose eligibility for other federal student aid and assistance under most federal benefit programs.
      • You lose eligibility for loan deferments.
      • The DOE reports your default to national credit rating bureaus.

      For more information on default, please visit https://studentaid.gov/manage-loans/default.

  • Remove loan default
    • You have three options to remove the default status:

      • Pay the loan in full - This is the fastest way to resolve your defaulted loan status.
      • Rehabilitation - Make nine voluntary, consecutive monthly payments on time. During rehabilitation, you can regain eligibility for financial aid after making six voluntary, consecutive monthly payments on time.
      • Consolidation - Combine all your federal education loans into a single account and get an extension on the repayment periods, allowing for lower monthly payments. This may make it easier for you to repay your loans. However, you will pay more interest if you extend your repayment period through consolidation since you will be making payments for a longer period. Consolidating is an option as long as the loans are currently in a grace period or repayment status.
  • Loan forgiveness, cancellation & discharge
    • Forgiveness, cancellation, or discharge of your loan means that you are no longer required to repay some or all of your loan. 

      The summaries below offer a quick view of the top three types of forgiveness, cancellation, and discharge available for the different types of federal student loans.

      • Public Service Loan Forgiveness (PSLF) - Direct Loan only
      • Total and Permanent Disability Discharge - Direct and FFEL Program Loans
        • If you're totally and permanently disabled, you may qualify for a discharge of your federal student loans and/or Teacher Education Assistance for College and Higher Education (TEACH) Grant service obligation.
      • Discharge Due to Death - Direct and FFEL Program Loan
        • Federal student loans will be discharged due to the death of the borrower or the of the student on whose behalf a PLUS loan was taken out.
  • Additional resources

If you not sure where to begin on your budget, see student money management resources.

Private loans

Private loans are not federal loans but are considered part of a student's financial aid award. These funds are typically loaned to you by a bank or other non-educational organization based on the borrower’s credit. ACC will certify private loan amounts up to the cost of attendance minus all federal aid whether you accept all federal aid or not.

To request a private loan and apply the funds to ACC:

  1. Complete the financial lender's loan application and promissory note.
  2. Complete ACC's financial aid application steps.
  3. Register for at least 6 credits from an approved degree plan during the semester (half-time status).
  4. Maintain academic standards of progress for financial aid students.
  5. Not be in default on any federal student loan or owe a federal grant repayment.

Please be advised that the State of Texas does offer other loan funding to Texas residents.