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 IN EXCESS OF FOUR YEARS after transfer or graduation from Christendom College. Repayment will begin one year after you leave or graduate from the institution of higher education, provided it does not exceed four years.
- While you are enrolled full-time in a seminary or house of formation of a religious order or secular institute that has canonical status with the Roman Catholic Church. If you discontinue your studies for the religious life, repayment will begin one year after the date of leaving the seminary, house of formation or secular institute.
- 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.
CANCELLATION – Christendom College will cancel your loan if you take the final vows of poverty, chastity and obedience in a religious order or secular institute that has canonical status with the Roman Catholic Church.
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. If a forbearance is granted, interest will continue to accrue.
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 you may contact the Student Billing Office by phone at 540-551-9214, or by e-mail at email@example.com.