Borrower's Rights and Responsibilities

Borrower's Rights

• To repay all or part of the loan(s) without penalty at any time.
• To a grace period after graduation or discontinuing education. During the grace period, payment is not required and interest does not accrue on the Perkins, Graceland University, RLD Leadership, or Graceland Canadian Loans.
• To Deferment of payment, if eligible.
• To Cancellation of loan, if eligible.

Borrower's Responsibilities

• To make payments on time.
• To notify Graceland Loan Office if payment cannot be made by the due date. Late fees are applicable on accounts that are past due.
• To file appropriate forms, such as deferment or cancellation, in a timely manner.
• To understand that failure to repay your student loan will have serious consequences:
  • Referral to collection agency
  • Reporting of past due status of your loan to National Credit Bureau reporting agencies.
  • Loss of eligibility for deferment or cancellation benefits.
  • Loss of eligibility for further Federal Financial Aid.
  • Placement of a Hold on your academic transcript.