Borrower's Rights
- To repay all or part of the loan(s) without penalty at any time.
- To a Grace Period after graduation or discontinuing education. During this grace period, payment is not required and interest does not accrue on the Perkins and Nursing loans.
- To Deferment of payment, if eligible.
- To Cancellation of loan, if eligible.
Borrower's Responsibilities
- To make payments on time
- To notify the Credit & Collections Department if payment cannot be made by the due date. A Late Fee will be charged if the account is not brought current.
- To notify the Credit & Collections Department if there is any change of address, name or phone number.
- To file appropriate forms, such as deferment or cancellation, in a timely.
- To understand that failure to repay your student loan will have serious consequences:
- Referral to collection agency.
- Report the past due status of your loan to National Credit Bureau reporting agencies.
- Loss of eligibility for deferment or cancellation benefits.
- Loss of eligibility for further Federal Financial Aid.
- Hold will be placed on your academic transcript.
Billing Schedule
Payments are due the first of each month. If your payment is not received by the time the next month's bill are run, your account will be assessed a late charge. Temple University utilizes the services of ACS Education Services. Your bills will come directly from ACS as our billing service, they can be reached at:
ACS EDUCATION SERVICES
2505 SOTH FINLEY ROAD STE 100
LOMBARD, ILLINOIS 60148-4899
Billing Information
The bills will list all your loans. Always return the stub with your remittance so your payment will be credited promptly. If you lose your bill, you may send your payment directly to the ACS Education Services. Please put your social security number on your check to identify your loan
Internal Collections
The Credit & Collections Office wants to work with you to get your loan paid. If you encounter difficulties, please contact our office immediately to try to resolve the problem.
Collection Agencies
If you fail to pay your loan or contact us, Federal regulations require that your loan be placed with a collection agency when it become 120 days past due. Our office cannot set up a repayment arrangement once your account is with a collection agency. Note: If your account is with a collection agency, but you believe you are eligible for a deferment, or cancellation, you should contact the agency directly.
Consequences of a Past Due Loan
- Negative Credit Rating
- A hold being placed on your student records
- Ineligibility for further Financial Aid
- Your account may be turned over to a collection agency and you will be responsible to pay collection costs.
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