INTEREST – Interest shall accrue from the beginning of the repayment period at the annual percentage rate of 10%.

PREPAYMENT - You may pay your semester loan or previous loan balance anytime after registration day.  Early payment will result in interest savings.

REPAYMENT – Repayment begins one year after you cease to be a full-time student at Christendom College, unless you qualify for deferment under the Christendom College deferment guidelines.

DEFERMENT – Interest will not accrue, and no payment is required: 

• While you are enrolled and in attendance at an institution of higher education, for a period not to exceed four years after transfer or graduation from Christendom College. Deferment must be renewed each semester. Repayment will begin one year after you leave or graduate from the institution of higher education. 
• While you are enrolled full-time in a seminary, house of formation, novitiate, or other approved program of formation of a diocese, eparchy, personal prelature, institute of consecrated life, or society of apostolic life in full communion with the Holy See. Deferment must be renewed annually. If you discontinue formation, repayment will begin one year after the date of leaving. 
• For a maximum of two years after graduation from Christendom College, if you obtain full-time employment with a Catholic school or apostolate. Repayment will begin one year after your deferment period ends. This is a program funded by donors. Strict application deadlines must be followed. Application date for this program will be September 1 immediately following graduation. 

FORGIVENESS – Christendom College will forgive your loan upon the occurrence of an applicable triggering event under the Loan Forgiveness Policy for Priests and Religious:

• For diocesan priests and priests of a personal prelature: ordination to the priesthood, or incardination into the diocese, eparchy, or prelature. 
• For religious: profession of perpetual vows under the constitutions of the institute, or, for societies of apostolic life that do not profess vows, definitive incorporation into the society. 

FORBEARANCE - You may request the College to forbear or reduce scheduled payments if extraordinary circumstances such as prolonged illness or unemployment prevent you from making your payments.

DEFAULT – If you default on your loan, the total unpaid balance, including interest due, shall become due and payable.  Default may include the following:  failure to make a payment when due; failure to notify the College of name or address change; failure to complete required deferment forms; failure to respond to communications from the College.

QUESTIONS – If you have questions regarding your student loan, please contact Claire Finlay (claire.finlay@christendom.edu / 540-551-9230) or Sarah Scarchilli (sarah.scarchilli@christendom.edu / 540-551-9126).