#Unc mac program student loan refunds plus#
NC Attorney General’s Office: Contracted collection agency may assess an additional fee of up to 20% plus the debt already owed.Make it more difficult to find employment.Receive a decreased credit rating which could:.Lose eligibility for future Financial Aid, deferments, and cancellation benefits.Get a student records hold that prevents transcripts from being released.Students who fail to make their payments will: There are many short and long term penalties for missed and late payments. There are options available that can assist students who are experiencing financial difficulties. What happens when a payment is past dueīefore missing a payment, please contact our office! UNCG wants to help students protect their credit. Bad credit scores will affect the student’s ability to borrow for a car, home, or additional credit needs in the future. Every on time payment improves credit score, while every late or missed payment damages credit score. Loans are reported when opened and each month for the life of the loan until it is paid in full. According to Federal Law, UNCG is required to report all student loans to a national credit bureau. Loans are one of the first opportunities students have to establish credit. Payments are based on a repayment term of 10 years and the balance owed, with a minimum monthly payment of $40. As payments become due, interest accrues on the account at an Annual Percentage Rate of 5%. Students must begin repaying their loans nine months after leaving UNCG, whether it is by withdrawal or graduation. New eligibility for cancellation benefits.Enrollment drops below half time status.
#Unc mac program student loan refunds update#
Students who experience certain changes to their status or contact information during or after their time at UNCG must update ECSI as soon as possible. Those withdrawing, transferring, or dropping to below half time status must also notify ECSI directly in order for their account to stay current. Students who do not complete the exit interview will receive a hold which will prevent them from getting transcripts in the future. Students must complete a Loan Exit Interview, available on the ECSI website, when they graduate, drop below half time status, or otherwise leave the university. Staff Liaison: Heather Wolford After graduation or enrollment change International Student Visa Requirements.Perkins and Institutional Loan Repayment.If you drop this class and are left with a student account balance that becomes past due, you will not be able to register for future terms until the past due balance is resolved. It is very important for you to contact the Office of Scholarships and Student Aid as you drop this class to make sure you understand what will happen with your financial aid.
If your financial aid is reduced because you are no longer enrolled in enough hours or because you haven’t been enrolled long enough in enough hours, you will have to pay back any financial aid refunds you have received and you may have to pay for tuition and fees that were covered by the financial aid that has been reduced.
If you have financial aid, this drop could impact your financial aid award for the summer. Please understand that you will be financially responsible for the tuition and fees based on the above schedule, this is without regard to the reason why you are dropping the class. You can check the session for your class in the Class Search. Most classes are part of Summer I, Maymester or Summer II, but there are other sessions. Please see below for a schedule of session dates. The session dates are not the same as the days of classes. Class dropped on or AFTER the fourth day of the session: NO credit of tuition and fees.Class dropped within the first THREE days of the session: 75% credit of tuition and fees.Class dropped BEFORE the first day of the session: 100% credit of tuition and fees.Once the session starts, it quickly becomes too late to cancel a class due to a reduction in enrollment. This is because Summer School is self-supporting and relies on tuition revenues to pay instructors. Please be aware that the time frame for refunds is shorter in the Summer Term.