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:
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.
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
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
Parsons Student Loans are generally not dischargeable in a
bankruptcy during the first seven (7) years in a repayment
Diplomas, grades, and transcripts will be held in the event
the account is in default.