Saint Louis University

Rights and Responsibilities

During your Exit Counseling session you were notified of the rights and responsibilities associated with your student loans. They are listed here to serve as a reminder and to assist you while maintaining your student loan obligations.  



1.      You will be notified in writing if your loan(s) are transferred to a new holder.

2.      Interest rates, fees, and repayment terms of your loans are specified in your promissory note and/or disclosure statement.

3.      You may apply for a deferment.

4.      If you do not qualify for a deferment and are unable to make payments on your loan(s), you may utilize special repayment options such as an Income Sensitive repayment plan or can request forbearance from your lender. Forbearance is a special arrangement made for repayment for borrowers who no longer qualify for deferment, or borrowers experiencing financial hardship or meeting other conditions such as participating in a medical internship/residency.

5.      You can consolidate your loans to extend repayment terms and lower monthly payments. Note that interest rates and total amount paid may be higher.

6.      You may pre-pay all or part of your federal loans at any time without penalty.



  1. You must repay your loan(s) with accrued interest and deducted fees.
  2. You must repay your loan(s) within 10 years, unless you chose to utilize extended repayment or have chosen to consolidate your loans.
  3. You must repay your loan(s) even if you do not complete your education, if you are dissatisfied with your education, if you do no receive the education or other services purchased from the school or if you are unable to get a job after you complete your program.
  4. The minimum monthly payment for your loan(s) is $50, but can be more depending on the total amount you borrowed.
  5. You must notify your lender/servicer in writing within 10 days if you: Change your name, address, graduation date, telephone number, social security number, change references, transfer to another program, or withdraw from your program.

In most cases, repayment of loans will begin as follows:

  • Federal Subsidized and Unsubsidized loans: following a 6 month grace period.
  • Federal Perkins loans: begins after a 9 month grace period
  • Federal Grad Plus loans: begins immediately after repayment unless student applies for forbearance. For Grad Plus loans borrowed on or after July 1, 2008 repayment begins following a 6 month grace period.
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