Student Loan Center - What's New

Student Loan Service Center
Located on the campus of
North Dakota State University, Fargo ND

WHAT'S NEW

You can access your Loan Information, update your address, and make Payments all On-Line. See On-Line Access & Pay On-Line on homepage. If you do not have a password, you can access your password from the On-Line Access screen.
Pay your Student Loan Electronically each Month. Automatic Payment Plan (ACH) Save time and money with the Automatic Payment Plan through the Student Loan Service Center. Eliminate writing a monthly check by having the payments automatically withdrawn from your checking or savings account and directly applied to your loan. Convenience can be yours, no matter where you bank.
Credit Bureau Reporting. Keeping your payment current each month will help in establishing an excellent credit report when lenders inquire. The Student Loan Service Center does not report your payment history but reports the status of your loan account each month. The Credit Reporting Agencies build the payment history that is seen by lenders.
Free Credit Report: http://www.annualcreditreport.com

U.S. Department of Education has implemented changes to loan regulations: (Effective date 7/01/2000)
1. Allows Rehabilitation of Defaulted Loans. Rehabilitation of a defaulted loan allows the
borrower to bring the loan current under certain conditions.
- 12 on time monthly payments must be made.
  Payments made before July 1, 2000 may count toward the 12 on time monthly payments the borrower must make to rehabilitate a defaulted Federal Perkins Loan as long as at least one of the 12 payments is made on or after July 1, 2000.
- A Defaulted Loan may only be rehabilitated once.
  Once the loan has been rehabilitated (after the 12th payment has been made) the loan is brought current and is no longer considered to be delinquent or in default. The default will be removed from the borrower's credit history and the borrower is again subject to the terms, conditions, benefits and privileges of the original promissory note. This includes eligibility for deferments, forbearances, and cancellations. The borrower is also subject to the same responsibilities under the note, which includes, but are not limited to, making regular payments and informing the school or servicer of an address change or a need for flexible repayment arrangements. A borrower also re-establishes eligibility for Title IV student assistance, as long as the borrower is otherwise eligible.
2. New Title IV Assistance Eligibility Requirements:
- (Title IV assistance includes but not limited to: Perkins Loan, Stafford Loan, Pell or SEOG Grant)
  Borrowers in default on loans are required to make six (6) consecutive monthly payments before you are eligible for further assistance.

Webmaster
Email: slsc@ndus.nodak.edu
Phone: (701) 231-9547
Published by NDUS Student Loan Center.