Borrower Information

Loan Repayment Options

Borrower's Rights & Responsibilities

Student loan borrowers have rights to the following:

• Written information on his/her loan obligations.
• A grace period (6-months for Stafford loan borrowers).
• A disclosure statement, received before he/she begins repayment. This will include information about his/her interest rate, fees, the balance owed, the amount of payments, and the number of payments.
• Deferment of repayment for certain defined periods (if requested and if he/she qualifies).
• Forbearance (if requested and if he/she qualifies).
• Prepayment of his/her loan in whole or in part any time without an early-repayment penalty.
• A copy of his/her promissory note.
• Documentation that his/her loans are paid in full.
  

Student loan borrowers have the following responsibilities:

• To complete an Entrance Interview before receiving his/her first loan disbursement at Cleary University.
• To complete an Exit Interview before leaving school or dropping below half-time enrollment.
• To repay the loan even if he/she does not complete his/her academic program, is dissatisfied with the education received, or unable to find employment after graduation.
• To notify the school and the lender or servicer of the following:
• name changes
• address changes
• phone number changes
• withdrawal from school or drop below half-time enrollment
• transfer to another school
• failure to enroll in school for the period for which the loan was intended
• expected graduation date changes
• graduation
• To make monthly payments on his/her loan after leaving school (except during periods of deferment or forbearance)
• To notify the lender or servicer of anything that may alter his/her eligibility for an existing deferment.