Common use of RESPONSIBILITY FOR LOAN Clause in Contracts

RESPONSIBILITY FOR LOAN. If a student obtains a loan to pay for an educational program, the student will have the responsibility to repay the full amount of the loan plus interest, less the amount of any funds refunded to the loan provider, and that, if the student has received federal student financial aid funds, the student is entitled to a refund of the moneys not paid from federal student financial aid program funds. The federal or state government or a loan guarantee agency may take action against the student, including applying any income tax refund to which the person is entitled to reduce the balance owed on the loan. The student may not be eligible for any other federal student financial aid at another institution or other government assistance until the loan is repaid. COLLEGE REFUND POLICY Date of Withdrawal Refund Before add/drop deadline (within first two weeks of term) 100% During third week of term 75% During fourth week of term 50% During fifth week of term 25% Thereafter 0% Title IV and state scholarship recipients are subject to different refund/repayment calculations (see below).