Rights and Responsibilities

Each type of loan for which you apply will carry its own set of rights and responsibilities.  Carefully review your promissory notes for all rights and responsibilities.  Under truth in lending legislation, you will receive disclosure statements reflecting the exact amounts being borrowed, the terms (interest rate and length of repayment), total interest if paid over time and total amount to be repaid over time. 

All federal and institutional loans are simple interest loans which may be prepaid in whole or in part without penalty. 

You will be required to complete entrance counseling on your federal and institutional loans prior to disbursement to be certain you understand your rights and responsibilities. At the end of your program you will be required to undergo exit counseling to reconfirm those rights and responsiblitities as well as advise you of the full amount which you have borrowed and repayment options. 

Entrance counseling will be completed as part of the application process with Title IV federal loans at studentloans.gov.  United Accounting Services, servicer of EVMS federal Perkins and institutional loans, will require online entrance counseling in the process of completing promissory note(s) if awarded those funds.

Exit counseling will be completed during your final term of enrollment in your program prior to graduation.  If you leave your program prior to completion, you must contact the Office of Financial Aid for an individual exit counseling appointment.  Basic requirements can be met by visiting the National Student Loan Data System and completing online exit counseling using your FAFSA PIN, but in person counseling is recommended.