I understand that I must, without exception, report any of the following changes to the Financial Aid Office and the Perkins Loan Office at Lewis & Clark:
If I withdraw from school or transfer to another school
If my address changes
If I drop below half-time enrollment status
If my name should change (i.e. by marriage)
If I join the United States military or Peace Corps
If I am eligible for cancellation or deferment benefits under the terms of the Perkins Loan Program.
I understand that when I graduate or withdraw from Lewis & Clark, I must arrange an exit interview by calling the Perkins Loan Office at 503-768-7825.
I understand that the first installment payment on my Perkins Loan will be due nine (9) months from the time that I cease to be a half-time student.
I understand that the minimum monthly payment will be at least $40.00. It will be larger if the amount I borrowed is sufficient to require larger payments in order to pay this loan in full within a 10 year period. Payments will be applied first to any late charges, then accrued interest, then to the principal balance.
I understand that the 5% annual percentage rate will be charged on the unpaid balance and will begin to accrue nine (9) months after I cease to be enrolled as a half-time student.
I understand that cancellation of a Perkins Loan may be granted for special conditions according to the terms shown on my promissory note, and in the event of my death or permanent disability. I also understand that Lewis & Clark must be informed of such status.
I understand that if I enter the United States military service or the Peace Corps, or pursue advanced professional training, I may request that payments on my Perkins Loan be deferred.
I understand that Lewis & Clark reserves the right to withhold grade reports, transcripts, bar certification (if applicable), and diplomas for borrowers that maintain a past due balance.
I understand that I must promptly respond to any communication regarding my Perkins Loan.
I understand that if I fail to repay my Perkins Loan as agreed, it will be referred to a collection agency and due immediately.
I authorize Lewis & Clark College to contact any school which I may attend, to obtain information concerning my enrollment status, my year of study, my dates of attendance, graduation, or withdrawal, my transfer to another school, or my current address.
I understand that this loan and its current status will be reported to a national credit bureau.
I understand that Lewis & Clark reserves the right to contact borrowers using any means available, including but not limited to, the individual’s cell phone and email address.
Student and Departmental Account Services is located in Templeton Campus Center on the Undergraduate Campus. MSC: 150