{"id":63,"date":"2022-06-03T15:08:34","date_gmt":"2022-06-03T15:08:34","guid":{"rendered":"https:\/\/students.austincc.edu\/financial-aid\/?page_id=63"},"modified":"2026-02-03T20:04:44","modified_gmt":"2026-02-03T20:04:44","slug":"loan-resources","status":"publish","type":"page","link":"https:\/\/students.austincc.edu\/financial-aid\/explore-your-financial-aid\/loans\/loan-resources\/","title":{"rendered":"Loan Resources"},"content":{"rendered":"<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>You need to be prepared to repay your student loans when you either complete your degree or no longer enroll at least half time in an accredited program. Use the information below to make informed decisions on managing your loan payments and maintaining good financial and legal standing.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-responsive  embed-responsive-16by9\">\n<div class=\"iframe-container\">\n<div class=\"iframe-container\"><iframe loading=\"lazy\" class=\"embed-responsive-item\"   class=\"embed-responsive-item\"   title=\"Your Guide to Student Loan Repayment Plans\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/cWcwcv6V4ck?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\">Loan servicer information<\/h2>\n<p>Please contact&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/studentaid.gov\/\" target=\"_blank\">Studentaid.gov<\/a>&nbsp;to obtain your student loan servicer information.<\/p>\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\"><div class=\"list\"><p class=\"trigger\"><a href=\"#\">Borrow rights &amp; responsibilities<\/a><\/p><div class=\"toggle_container\"><div class=\"block\"><\/p>\n<p>You have certain rights and responsibilities as a borrower.<\/p>\n<p>Your rights:<\/p>\n<ul class=\"wp-block-list\">\n<li>Written information on your loan obligations and rights and responsibilities as a borrower.<\/li>\n<li>A copy of your MPN either before or at the time your loan is disbursed..<\/li>\n<li>Have a grace period and an explanation of what this means for you.<\/li>\n<li>Notification, if the Department of Education transfers your loan to another servicer without your consent.<\/li>\n<li>A disclosure statement before your loans go into repayment. (Include interest rates, fees, balance owe and a loan repayment schedule.)<\/li>\n<li>Deferment or Forbearance of repayment for certain defied periods, if you qualify for and request it.<\/li>\n<li>Prepay your loan in whole or part at any time without penalty.<\/li>\n<li>Request documentation that your loan is paid in full.<\/li>\n<li>Be informed of and provide consent of any changes in the terms of your loan.<\/li>\n<\/ul>\n<p>Your responsibilities:<\/p>\n<ul class=\"wp-block-list\">\n<li>Complete exit counseling before you graduate, leave school (withdrawn) or drop below half time enrollment (Less than 6 credit hours).<\/li>\n<li>Repay your loan even if you do not complete your degree, dissatisfied with your education not able to find employment, or did not receive a payment statement.<\/li>\n<li>Notify your loan servicer with current contact information.<\/li>\n<li>Make timely monthly payments after your grace period ends unless you are in a deferment or forbearance.<\/li>\n<li>Notify your loan servicer of anything that might alter your eligibility for an existing deferment or forbearance.<\/li>\n<\/ul>\n<p><\/div><\/div><\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\"><div class=\"list\"><p class=\"trigger\"><a href=\"#\">Exit counseling<\/a><\/p><div class=\"toggle_container\"><div class=\"block\"><\/p>\n<p>If you receive a loan while attending ACC, you must complete exit counseling when you leave ACC, drop below half-time enrollment (6 credits), or graduate. Exit counseling will assist you with understanding your rights and responsibilities that apply to your loan.<\/p>\n<p>Complete exit counseling: <a href=\"https:\/\/studentaid.gov\/exit-counseling\/\">https:\/\/studentaid.gov\/exit-counseling\/<\/a><\/p>\n<p>Information covered:<\/p>\n<ul class=\"wp-block-list\">\n<li>Loan Repayment options<\/li>\n<li>Deferment and forbearance options<\/li>\n<li>Cancellation options<\/li>\n<li>Prepayment<\/li>\n<li>Debt management<\/li>\n<li>Loan Consolidation<\/li>\n<li>Consequences of default on loan and service obligation<\/li>\n<li>Loan rehabilitation<\/li>\n<\/ul>\n<p><\/div><\/div><\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\"><div class=\"list\"><p class=\"trigger\"><a href=\"#\">When loan payments begin<\/a><\/p><div class=\"toggle_container\"><div class=\"block\"><\/p>\n<p>Your loan will enter a grace period when you leave ACC (either by withdrawing, dropping below half-time enrollment (6 credits), or graduating). This grace period lasts six months and is granted only once. You must begin repaying your loan immediately after the grace period ends, or you can return to school before the grace period concludes to defer repayment. Your loan servicer will send you information about repayment options. You can choose a repayment plan; typically, you will have 10 to 25 years to repay your loan.<\/p>\n<p><\/div><\/div><\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\"><div class=\"list\"><p class=\"trigger\"><a href=\"#\">Trouble making payments<\/a><\/p><div class=\"toggle_container\"><div class=\"block\"><\/p>\n<p>Contact your loan servicer immediately if you encounter problems making a payment. They can explore your options, which include:<\/p>\n<p>Deferment<br \/>Forbearance<br \/>Restructured payment plan<\/p>\n<p>If your monthly payment does not arrive by the due date, your loan is considered delinquent. You could face additional late fees and have your delinquency reported to various national credit bureaus.<\/p>\n<p>For more information on your loan and loan servicer, please visit: <a href=\"https:\/\/studentaid.gov\/loan-simulator\/\">https:\/\/studentaid.gov\/loan-simulator\/<\/a>.<\/p>\n<p><\/div><\/div><\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\"><div class=\"list\"><p class=\"trigger\"><a href=\"#\">Loan default consequences &amp; recovery<\/a><\/p><div class=\"toggle_container\"><div class=\"block\"><\/p>\n<p>Failure to make your monthly payments on time can lead to serious financial and legal consequences. A loan is considered to be in default when you miss payments for 270 days. Once your loan defaults, the balance, including principal, interest, and collection fees, becomes immediately due. Defaulted loans are not eligible for deferment or forbearance and can impact your future Title IX funding (financial aid).<\/p>\n<p>The consequences of defaulting on your loan include:<\/p>\n<ul class=\"wp-block-list\">\n<li>Your unpaid federal student loan and any interest owed will be immediately due (acceleration).<\/li>\n<li>Your federal tax refund and other federal benefits may be withheld and used to repay your defaulted loan (Treasury offset).<\/li>\n<li>Your wages may be garnished, meaning your employer must withhold a portion of your paycheck to repay your defaulted loan.<\/li>\n<li>You may be denied a professional license in some states.<\/li>\n<li>You will lose eligibility for federal student aid and assistance programs.<\/li>\n<li>You will no longer qualify for loan deferments, forbearance, or repayment plans.<\/li>\n<li>You may incur additional collection fees, attorney\u2019s fees, and other costs related to the collection process.<\/li>\n<li>The Federal Department of Education will report your default to national credit bureaus, negatively affecting your credit record.<\/li>\n<\/ul>\n<p>For more information on loan default, please visit: <a href=\"https:\/\/studentaid.gov\/manage-loans\/default\">https:\/\/studentaid.gov\/manage-loans\/default<\/a>.<\/p>\n<p><\/div><\/div><\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\"><div class=\"list\"><p class=\"trigger\"><a href=\"#\">Loan forgiveness, cancellation &amp; discharge<\/a><\/p><div class=\"toggle_container\"><div class=\"block\"><\/p>\n<p>Forgiveness, cancellation, or discharge of your loan means that you are no longer required to repay some or all of your loan.<\/p>\n<p>The summaries below offer a quick view of the top four types of forgiveness, cancellation, and discharge available for the different types of federal student loans.<\/p>\n<ol class=\"wp-block-list\">\n<li>Public Service Loan Forgiveness (PSLF) \u2013 Direct Loan only:<br \/>If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program.<\/li>\n<li>Total and Permanent Disability Discharge \u2013 Direct and FFEL Program Loans:<br \/>If you\u2019re totally and permanently disabled, you may qualify for a discharge of your federal student loans and\/or Teacher Education Assistance for College and Higher Education (TEACH) Grant service obligation.<\/li>\n<li>Discharge Due to Death \u2013 Direct and FFEL Program Loan:<br \/>Federal student loans will be discharged due to the death of the borrower or of the student on whose behalf a PLUS loan was taken out.<\/li>\n<li>Forgery Loan Discharge &#8211; Direct and FFEL Program Loan:<br \/>If you believe you were the victim of a fraudulent loan.<\/li>\n<\/ol>\n<p>For more information on forgiveness, cancellation, or discharge, please visit: <a href=\"https:\/\/studentaid.gov\/manage-loans\/forgiveness-cancellation\">https:\/\/studentaid.gov\/manage-loans\/forgiveness-cancellation<\/a>.<\/p>\n<p><\/div><\/div><\/div>\n<\/p><\/div>\n<\/div>\n<p>If you&#8217;re not sure where to begin on your budget, see\u00a0<a href=\"https:\/\/students.austincc.edu\/money\/\" target=\"_blank\" rel=\"noreferrer noopener\">student money management resources<\/a>.<\/p>\n<h3 class=\"wp-block-heading\">Private loans<\/h3>\n<p>Private loans are not federal loans but are considered part of a student&#8217;s financial aid award. Based on the borrower&#8217;s credit, these funds are typically loaned to you by a bank or other non-educational organization.&nbsp;<a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\/federal-vs-private\" target=\"_blank\" rel=\"noreferrer noopener\">Private loans usually do not have the same benefits as Federal student loans<\/a>. We encourage our students to start with Federal Direct Loans before using a private loan.<\/p>\n<p>Private loan disclosures required by the Truth in Lending Act can be found under&nbsp;<a href=\"https:\/\/uscode.house.gov\/view.xhtml?req=(title:15%20section:1638%20edition:prelim)%20OR%20(granuleid:USC-prelim-title15-section1638)&amp;f=treesort&amp;edition=prelim&amp;num=0&amp;jumpTo=true\" target=\"_blank\" rel=\"noreferrer noopener\">Section 128 (e) of the Truth in Lending Act 15 U.S.C 1638(e)<\/a>.<\/p>\n<p>Students will need to research these private loan options on their own due to restrictions placed on ACC by federal regulations. ACC does not maintain a preferred lender arrangement.<\/p>\n<p>For a private loan to be certified and processed at ACC:<\/p>\n<ol class=\"wp-block-list\">\n<li>Complete the financial lender&#8217;s loan application and promissory note.<\/li>\n<li>Complete ACC&#8217;s&nbsp;<a href=\"https:\/\/students.austincc.edu\/financial-aid\/apply-for-financial-aid\/financial-aid-steps\/\" data-type=\"page\" data-id=\"30\">financial aid application steps<\/a>.<\/li>\n<li>Register for at least 6 credits from an approved degree plan during the semester (half-time status).<\/li>\n<li>Maintain&nbsp;<a href=\"https:\/\/www.austincc.edu\/tuition-and-financial-aid\/obtain-financial-aid\/academic-standards-for-financial-aid\">academic standards of progress (SAP)<\/a>&nbsp;for financial aid students.<\/li>\n<li>Not be in default on any federal student loan or owe a federal grant repayment.<\/li>\n<\/ol>\n<p>ACC will certify private loan amounts up to the cost of attendance minus all federal aid, whether you accept all federal aid or not.<\/p>\n<p>Note: If you are a Continuing Education (CE) student, the college may approve loan up to the total cost of your CE tuition and fees.<\/p>\n<p>Please be advised that the State of Texas does offer&nbsp;<a href=\"https:\/\/www.mytexasfuture.org\/adult-college\/loans-for-texans\/\" target=\"_blank\" rel=\"noreferrer noopener\">other loan funding<\/a>&nbsp;to Texas residents.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>You need to be prepared to repay your student loans when you either complete your degree or no longer enroll at least half time in an accredited program. Use the information below to make informed &hellip; <a href=\"https:\/\/students.austincc.edu\/financial-aid\/explore-your-financial-aid\/loans\/loan-resources\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"parent":60,"menu_order":-50,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-63","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/students.austincc.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/63","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/students.austincc.edu\/financial-aid\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/students.austincc.edu\/financial-aid\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/students.austincc.edu\/financial-aid\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/students.austincc.edu\/financial-aid\/wp-json\/wp\/v2\/comments?post=63"}],"version-history":[{"count":0,"href":"https:\/\/students.austincc.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/63\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/students.austincc.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/60"}],"wp:attachment":[{"href":"https:\/\/students.austincc.edu\/financial-aid\/wp-json\/wp\/v2\/media?parent=63"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}