Online Entrance Counseling

Section 1 - Borrower’s Rights & Responsibilities

FEDERAL PERKINS LOAN
STATEMENT OF RIGHTS AND RESPONSIBILITIES

Your Federal Perkins Loan is a serious legal obligation.  Therefore, it is extremely important that you understand your rights and responsibilities.  When you, the borrower, sign this statement, it means that you do understand your responsibilities and you agree to honor them.

  1. I understand that I must, without exception, report any of the following changes to the Perkins Loan Assistant at Bradley University:
    1. If I withdraw from school
    2. If I transfer to another school
    3. If I drop below half-time status
    4. If my name should change (e.g. due to marriage)
    5. If my permanent address or my parent’s address changes
    6. If my Social Security number should change  
  2. When I graduate, withdraw, or drop below 6 hours from Bradley University, I must arrange for an Exit Interview by calling the Perkins Loan Assistant.  
  3. My first quarterly payment will be due twelve (12) months from the time I cease to be
    at least a half-time student.  
  4. My quarterly payment will be at least $120.00.  It may be more if the amount borrowed is sufficient to require larger payments.  
  5. The ANNUAL PERCENTAGE RATE OF 5% WILL BE THE FINANCE CHARGE based on the unpaid balance and it will begin to accrue NINE (9) MONTHS after I cease to be enrolled as at least a half-time student.  
    1. Full-time teacher in a public or nonprofit elementary or secondary school district qualifying under Chapter I funds
    2. Full-time Special Education teacher in a public or nonprofit elementary or secondary school
    3. Full-time teacher of mathematics, science, foreign languages, bilingual education or other field of expertise
    4. Full-time staff member in Head Start, Military, Volunteer service in Peace Corp or Domestic Volunteer Service
    5. Employment as a law enforcement or corrections officer
    6. Employment as a nurse or medical technician
    7. Employment with a child or family service agency
    8. In the event of death or permanent disability.  
  6. Cancellation may be granted for:
    1. If I enroll as a half-time or greater student at an accredited institution of higher education
    2. Pursue a rehabilitation training program for disabled individuals (excludes medical internship or residency)
    3. Pursue a course of study in an approved graduate program - including fellowships outside the U.S.
    4. Seeking and unable to find full-time employment  
  7. Deferment may be granted:
    1. If I enroll as a half-time or greater student at an accredited institution of higher education
    2. Pursue a rehabilitation training program for disabled individuals (excludes medical internship or residency)
    3. Pursue a course of study in an approved graduate program - including fellowships outside the U.S.
    4. Seeking and unable to find full-time employment
  8. If I fail to repay my loans as agreed, the total loan may become due and payable immediately and legal action could be taken against me.  If I allow my loan to become more than 270 days past due, my loan will be considered in default and I will be ineligible for any Title IV funds.  If my loan remains in default, it may be assigned to the U.S. Government for collection.  
  9. I will promptly answer any communication from Bradley regarding my loan.  
  10. I may repay at any time.  Interest will be reduced by prepaying.   
  11. If I cannot pay on time, I must contact the Perkins Loan Assistant in the Controller’s office to make arrangements.  
  12. I realize that aggregate loan limits are $60,000 for a graduate or professional student and $27,500 for an undergraduate student. Acceptance of this loan will reduce my eligibility for other assistance to meet my school budget.  
  13. I authorize Bradley University to contact any school which I may attend to obtain information concerning my student status, year of study, dates of attendance, graduation or withdrawal, transfer to another school or my current address.  This authorization is in effect until my loan is paid in full.  
  14. I authorize Bradley University to report this loan to credit bureaus, and to assess collection costs and litigation fees, if required.

Several changes have taken place with the Federal Perkins Loan.  Therefore, if you ever have any questions regarding the Rules and Responsibilities of this loan, please contact the Perkins Loan Assistant in the Controller's Office or at (309) 677-3120.

By checking the signature box below, you declare that you have read and agree to the Borrower's Rights & Responsibilities above.

Section 2 - Student Questionnaire

Parent/Guardian Information

Personal References/Individuals Who Will Always Know Your Address

By checking the signature box below, you declare that you have completed to the best of your knowledge the Student Questionnaire section of the Online Entrance Counseling.