Student Loan Repayment

The information below is an overview of federal student loan repayment. Please go to StudentAid.gov for more detailed information. The Roseman Financial Aid Office will give an in-person repayment presentation close to graduation.

You were notified of the agency that will service your loan when your loan was processed by Roseman University. This agency is known as your servicer. Your loan servicer will provide regular updates on the status of your Direct Loans as well as various repayment plans. It is your responsibility to keep your servicer updated with your current mailing address, telephone number, and e-mail address.

The student loan payment pause is extended until the U.S. Department of Education is permitted to implement the debt relief program or the litigation is resolved. Payments will restart 60 days later. If the debt relief program has not been implemented and the litigation has not been resolved by June 30, 2023 — payments will resume 60 days after that. The U.S. Department of Education will notify borrowers before payments restart. View more information at: https://studentaid.gov/announcements-events/covid-19

Deferment/Forbearance
A deferment or forbearance allows you to temporarily postpone or lower your payments.

In-School Deferment: During your enrollment at Roseman University, you can receive an in-school deferment for your previous student loans. See the Registrar for additional information.

Other Types Of Deferments/Forbearance: Some conditions that qualify for a deferment (speak with your servicer to find out what you qualify for)

You may also qualify for a deferment based on active duty service in the U.S. Armed Forces or National Guard.

If you don’t qualify for a deferment but are temporarily unable to make loan payments for such reasons as illness or financial hardship, your loan servicer may grant you a forbearance.

For more details and options on deferments and forbearance, or to find your loan servicer please refer to the U.S. Department of Education’s Federal Student Aid site.

Repayment

Direct Subsidized and Unsubsidized Loans have 6-month grace periods that start the day after you complete your program, leave school, or drop below half-time enrollment. You don’t have to begin making payments until your grace period ends.

Repayment on a Parent PLUS or Grad PLUS Loan begins 60 days after your loan is fully disbursed. However, your loan can be deferred while you are enrolled in school and for an additional six months after you complete your program or cease to be enrolled.

You can change repayment plans at any time. There is no penalty if you make payments before they are due, pay more than the amount due each month, or pay off your loan early.

Repayment Plans

You may choose one of several repayment plans:

For more details on repayment and repayment plans please refer to the U.S. Department of Education’s Federal Student Aid site. Use the Repayment Estimator you see what plans you may be eligible for and estimates on payment amounts.

Default

To default means you failed to make your payments on your student loan as scheduled according to the terms of your promissory note.

Your loan is considered delinquent the first day after you miss a payment. Loan servicers report delinquencies to the three major credit bureaus. Default occurs after failing to make a payment for 270 days.

Some of the consequences of default are:

If you are having trouble making payments on a federal student loan, immediately contact your loan servicer.

If you are having trouble making payments on your Federal Perkins Loan, immediately contact the school where you received your loan.

For more details on understanding, avoiding, and getting out of default please refer to the U.S. Department of Education’s Federal Student Aid site.

Cancellation or Discharge

You must repay your loan even if you don’t complete your program, can’t find a job related to your program of study, or are unhappy with the education you paid for with your loan. However, the Department of Education will discharge (forgive) your loan if you become totally and permanently disabled, if you die, or if your school closes before you complete your program of study.

You may also qualify for forgiveness for some or all of the loan balance after you have made 120 payments on a Direct Loan while employed in certain public service jobs (additional conditions apply).

For more details on loan forgiveness and cancellation please refer to the U.S. Department of Education’s Federal Student Aid site.