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What the US Government expects from you.

Repay your loan - Your obligation to repay becomes legally binding when you sign the Master Promissory Note (MPN) and authorise the electronic transfer of funds to your student account.

Your requirement to repay does not go away because you:

  • Don't complete your educational program
  • Cannot find employment
  • Were not satisfied with the education or other services your received from the university
  • Were notified that your loan was sold to another party by your lender.

Pay on Time - You must make your payments on time unless you have made special arrangements with the lender or servicer. Many lenders offer repayment incentives to reward you for paying on time.

Make a Minimum Payment - A minimum monthly loan payment is required. This minimum amount varies depending on the amount you borrow and your repayment plan.

Notify Liverpool Hope University and the US Department of Education about changes in any of the following:

  1. Change your current address / phone numbers / name
  2. Change your Social Security Number
  3. Withdraw from University
  4. Drop below full-time
  5. Change your anticipated graduation date
  6. Change your driver's license number
  7. Change your references
  8. Change your permanent address
  9. Change your expected employer

Complete an Entrance Counselling Interview - ( Before being permitted to complete your electronic MPN, you will be counselled on your obligations, rights and options under the terms of your loan. Liverpool Hope University will not certify your financial aid unless you have performed entrance counselling.

Complete an Exit Counselling Interview - ( This must be done before you leave university or graduate. You will be counselled on your obligations, rights and options under the terms of your loan. This session will cover repayment options, deferments and other important information you may need during your repayment term. During this session you will need to provide the following information:

  • Name and address of closest living relative
  • Two references (not the same as closest living relative) and with different addresses

What you should expect from your Lender

Master Promissory Note - When you decide to enter into an agreement for your student loan, you sign an electronic Master Promissory Note (MPN). This document explains the terms and conditions of your loan in full detail. It also serves as the legal document requiring you to repay the loan with interest. Read through the entire promissory note before you sign it and make sure you understand your rights and responsibilities. The MPN (either paper or electronic) is only valid for a maximum of one year if you are attending a University outside the U.S.

Repayment Schedule - During your grace period, the US Department of Education will send you a detailed repayment Schedule. This document states the number and amount of monthly payments and the date when the first payment is due. At the same time, you will receive information about other repayment options, such as the Graduated and Income-Sensitive plans, extended and consolidation plans.