Your Loan Responsibilities and Repayment

Exit Counselling: If you have borrowed a Direct Loan in order to study at Richmond University and you will be graduating, are withdrawing, or ceasing to attend for any other reason, you must complete a Direct Loan Exit Counselling session. Exit counselling is mandatory. The exit counselling session is designed to make you aware of your repayment responsibilities, familiarize you with your Loan Servicer and provide you with examples of repayment. Visit the www.studentaid.gov for further details on loan counselling types

Repayment of your loan: When you completed your Masters Promissory Notes, you agreed to repay all the loans funds disbursed to you. You are legally obliged to comply with the MPN conditions.  Take a look at the video on How to Manage Your Student Loans. There are a number of Repayment Options (See Key Terms about Your Responsibilities (below) and you should explore the one that suits your circumstances best. Your Loan Servicer will be happy to discuss these with you too.

In School Status Changes: Notify Richmond University and your Loan Servicer or Lender of any changes in your status, including withdrawal, graduation, changes to your address, telephone number and e-mail.

After Graduation Status Changes: Notify your Loan Servicer or Lender of any changes in your circumstances, including any change of address, telephone/cell number and e-mail.

Remember, you are required to make your student loan payments even if you:

  • Do not complete your education
  • Are not employed upon completion of your studies
  • Do not find employment in your field of study
  • Feel that the education you received did not meet your expectations
  • Do not receive a bill from your Loan Servicer

For tips on financing, visit the FAFSA YouTube channel here.

Repayment: Key terms about your responsibilities

Grace period: Each loan has a grace period of 6 months (excluding Grad PLUS loans).

This means that six months from the date you graduate or that you cease to attend, you will be required to begin loan repayments on any current loan and deferred loans. You should receive repayment information from your loan service provider approximately 3 months after you leave school.

If you do not receive this information, it is your responsibility to contact your loan service or lender before the end of your grace period to arrange for the repayment of your loan. Graduate PLUS loans do not have a grace period.