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.
Please contact Studentaid.gov to obtain your student loan servicer information.
You have certain rights and responsibilities as a borrower.
Contact your loan servicer immediately if you encounter problems making a payment. They can explore your options, which include:
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.
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:
For more information on default, please visit https://studentaid.gov/manage-loans/default.
You have three options to remove the default status:
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.
Please use these resources to find out more information on your student loan.
You want to stay within your semester budget during the year. You will receive the majority of your aid at the beginning of the semester. If you need help with a semester budget, please contact the ACC Student Money Management Office (SMMO).
If you not sure where to begin on your budget, see student money management resources.
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:
Please be advised that the State of Texas does offer other loan funding to Texas residents.