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1. Change of status: You must inform Student Loan Collections at ÈÕ±¾avÊÓƵ of any change in your name, address, telephone number and employment or school status.
2. Grace period: If you graduate, leave school or fall below half-time enrollment, your health profession loan is placed in a 12-month grace period. Payments are not required during the grace period, but any payments made during this period will be applied to your principal balance.
3. Interest rate: Interest will accrue daily after the grace period of 12 months has ended. The interest rate is 5%.
4. Payments: A billing statement is sent each month from our billing service, , with a due date of the 10th of the month. Checks or money orders should be made payable to Health Professions Loan. Please send payments to ÈÕ±¾avÊÓƵ Student Loan Collections, Morrill Hall 140, Box 2201 Brookings, SD 57007, seven days prior to the due date. A postmark is not enough — be sure your payment arrives at ÈÕ±¾avÊÓƵ by the 10th of the month. You are able to make payments online by going to .
   Your loans are reported to the credit bureau monthly from the date of disbursement. You must make payments on your loan even if you do not receive a bill or repayment notice. Billing statements are sent to you as a convenience.
5. Fees: Failure to meet a scheduled repayment or timely filing of forms could result in a late fee charge. If you default on your loan, a hold will be placed on your academic transcript, you face loss of eligibility for further financial aid and your loan will be referred to a collection agency with at least 50% additional collection fees.
6. Consolidation: Different loans may be consolidated into one payment by consolidation. For information on consolidation, go to . You can also call the Loan Consolidation Information call center at 800-433-3243, sign in electronically or get a paper application from the website. Remember to contact the Loan Collection Office at ÈÕ±¾avÊÓƵ anytime you cannot make your monthly payment.

7. Deferments

   1. Student status: Pursues a full-time course of study at a health professions school eligible for participation in the health professions student loan program, or pursues advanced professional training, including internship and residencies, or participates in a fellowship training program.
   2. Uniformed service: Periods of up to three years during which you are a member of the uniformed service (on full-time active duty in the Army, Navy, Air Force, Marine Corps, Coast Guard, National Oceanic and Atmospheric Corps or U.S. Public Health Service).
   3. Peace Corps: Periods of up to three years while a volunteer under the Peace Corps Act may be deferred.
   4. Filing for deferment: To receive a deferment, it is your responsibility to report to ÈÕ±¾avÊÓƵ on the appropriate form. All deferments must be signed by the borrower and by an authorized official.

   Since deferments cannot be granted in advance, new forms must be submitted each semester as long as the borrower remains in student status.

   A military or Peace Corps deferment must be completed at the time first payment is due following entrance into such status. This form must be filed at least annually before each payment is due for as long as you are eligible for a deferment.

Disability or Death Cancellation

In the event of your death, your total loan balance at that time would be canceled. An official copy of the death certificate must be provided. In the event of your total and permanent disability, the outstanding amount of your loan would be canceled. Permanent and total disability means the inability to attend school or work and earn money because of medically determined impairment. A loan discharge application form must be completed if totally and permanently disabled. The secretary of U.S. Department of Health and Human Services would approve or disapprove the cancellation due to disability.

If you have a Stafford Loan and need information, contact financial aid, located in the Enrollment Services Center, or call their office at 605-688-4695, or your lender, the or the Federal Student Aid Information Center at 800-433-3243.