Borrow Wisely
Set a realistic budget and stick to it.
Exhaust all alternatives before borrowing.
Only borrow what you really need.
Understand the features and benefits of your loan.
Stay in touch with your lender and our office.
Keep records of all correspondence with your lender.
Federal Perkins Loan
Eligibility for and the amount of a Perkins Loan is determined on the basis of exceptional demonstrated financial need and the availability of federal funds. There is no interest charged while the borrower is in college. Interest begins to accrue nine months after, and repayment begins twelve months after graduation, withdrawal, or when the student ceases to be enrolled at least half-time in classes at Colby-Sawyer College. In repayment, the loan bears interest at the rate of 5% per year on the unpaid balance. Minimum monthly repayments of $40 are required and a maximum of ten years may be allowed to repay the loan. Perkins Loans made to eligible students range from $400 to $3000 per year. The application for the Federal Perkins Loan is the FAFSA and the amount determination is made in the Financial Aid Office. Entrance and exit interviews are required by the Federal Department of Education. Signing of a Promissory Note and entrance interviews are conducted at student check-in at the beginning of the Fall Semester. Exit interviews are conducted two weeks prior to graduation.
Loan Repayment - Questions and Answers
Is repaying my student loan a serious obligation?
YES! When you borrow money for your education, you sign a promissory note legally obligating you to repay the loan according to stated terms and conditions.
When the time comes for repayment, usually after dropping below 6 credits, withdrawing, or graduating, meeting your student loan obligation promptly helps you earn a good credit rating, which follows you throughout your life.
If you do not repay your loans, you will incur serious consequences:
You may not be able to obtain more credit, (i.e. to buy
a car or house.)You may be turned down for a credit card.
You may forfeit your tax refunds.
Your employer may be ordered to garnish your pay (i.e.
withhold what you owe from your paycheck.)You may be sued and will owe collection fees and
attorney fees, in addition to repaying your loan.
Remember, you must repay your student loans, even if:
You do not graduate or otherwise complete your education.
You cannot find a job after graduation.
You are not satisfied with the education you received.
What if I can't make a scheduled payment?
If you are having problems, you should contact our Loan and Collection personnel immediately at (603) 526-3745 or email loan repayment specialist
If you are currently in repayment of a Federal Perkins or Colby-Sawyer College Institutional loan, you may access your account and download deferment or cancellation forms at our loan service's web page at www.acs-education.com
