Helpful Information from the Office of Financial Aid
3 Types of Loans:
Federal Stafford (FFELP & Direct) – Subsidized and Unsubsidized
Private Loans – ie: CitiAssist, Discover Student loan, Chase Select, Sallie Mae Smart Option loan, PNC Solution, Gate, etc.
Stafford Loans – after 6 month grace period
Perkins Loans – after 9 month grace period
Private Loans – after 6 month grace period
Grace period begins after last day of full-time attendance or if a student drops below half-time attendance, defined as 6 credits at Allegheny College. Grace period may be affected if a student took a leave of absence.
Stafford – Monthly (minimum $50) – paid to servicing agency
(see other side for servicing agencies)
Perkins – Monthly (minimum $40) – paid to ECSI or Allegheny College’s Financial Services Office
- NOTIFY your loan servicer of all changes: address, name, school, disability, unemployment, etc.
- Make payments ON TIME
- File for deferments PRIOR to due date
- PAY all costs incurred in collection of delinquent (past due) loans
- It is YOUR responsibility to request deferment, forbearance or cancellation from your servicing agency and file papers as needed in a timely manner.
- Pay off or pay ahead at any time
- Consolidate your loans
- Contact FSA Ombudsman (works with federal student loan borrowers to resolve loan disputes)
- Rehabilitate your loan (once)
Federal loans may be consolidated, BUT you may lose your deferment rights AND pay more interest – so be sure to get all the facts from your lender before choosing this option.
Report status of loan to National Credit Bureau
Perform Due Diligence on loan (notices at appropriate intervals, etc.)