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Rensselaer Polytechnic Institute
Rensselaer Polytechnic Institute
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The Graduate School, Rensselaer Polytechnic Institute

Division of Finance

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Ralph M. Parsons Loan Repayment Information

As outlined in the promissory note(s) you signed for your Parsons Student Loan(s), the repayment procedures and your obligations are as follows:

Normal Circumstances

Simple interest, as indicated on the Exit Interview and promissory notes, on the total loan or unpaid balance of the loan commences 90 days following the date of graduation, withdrawal, or leave of absence from Rensselaer. Repayment is made in quarterly installments beginning with the date given on the Exit Interview Agreement in the sum of at least fifty dollars ($50.00). The maximum repayment period is therefore determined by the total amount of your loan (i.e., total loan of $ 200.00 -- four quarterly installments of $ 50.00, plus interest on the loan added to the fourth installment -- maximum repayment period is one year). In no event will the repayment period exceed ten years.

A full or partial repayment of the loan at any time, or a payment in excess of the amount due at a given time in accordance with the repayment schedule, is permissible. Repayment ahead of schedule is urged, when possible, both to save interest payments for the borrower and to make the money available to other needy students.

Deferred Payments

A Parsons Student Loan borrower serving in the Armed Forces of the United States, the Peace Corps, or VISTA, or attending another institution of higher education as a full-time student, may have installments on the principal amount of the loan deferred, but interest will accrue and be payable. Deferment of principal payments will be granted up to a maximum of three years for military, Peace Corps, or VISTA service.

A Parsons Student Loan borrower who returns to Rensselaer as a full-time student may have installments deferred and interest will not accrue on the loan while he is in attendance.

Requests for deferment must be made to University Accounting Service, LLC. at the time payment is due and should be accompanied by a letter of certification of your service or attendance at an institution of higher education from the appropriate official.

Billing

Billing statements for this program will be handled by University Accounting Service, LLC. Please forward all inquiries, requests for forms, payments, notifications of address changes, and correspondence to:

University Accounting Service, LLC
PO Box 932
Brookfield, WI 53008-0932
(800) 999-6227

Bankruptcy

Parsons Student Loans are generally not dischargeable in a bankruptcy during the first seven (7) years in a repayment status.

Holds

Diplomas, grades, and transcripts will be held in the event the account is in default.