The benefit of financial aid at any institution requires students to be knowledgeable about their rights and responsibilities as borrowers. We’ve compiled a list to help students at Xavier better understand these rights and responsibilities:


Rights and Responsibilities Summary Checklist


I understand that I have a right to the following: 

  • Written information on my loan obligations and information on my rights and responsibilities as a borrower
  • A grace period and an explanation of what this means
  • A disclosure statement, received before I begin to repay my loan, that includes information about interest rates, fees, the balance I owe, and the number of payments
  • Deferment of repayment for certain defined periods, if I qualify and if I request it
  • Forbearance, if I qualify and if I request it
  • Prepayment of my loan in whole or in part any time without an early-repayment penalty
  • A copy of my promissory note either before or at the time my loan is disbursed
  • Documentation that my loan is paid in full


I understand I am responsible for:

  • Completing exit counseling before I leave school or drop below half-time enrollment
  • Repaying my loan even if I do not complete my academic program  (under certain circumstances), I am dissatisfied with the education I received, or I am unable to find employment after I graduate
  • Notifying my school and the Direct Loan Servicing Center if I move/change my address or change my name
  • Making monthly payments on my loan after my grace period ends, unless I have a deferment or a forbearance
  • Notifying the Direct Loan Servicing Center of anything that might alter my eligibility for an existing deferment or forbearance


Private/Alternative Loans

The lender must disclose to the consumer information about alternatives to Private Education Loans (PELs), including:

  • a statement that the consumer may qualify for federal student financial assistance through a program under Title IV of the HEA (20 U.S.C. 1070 et seq.);
  • the interest rates available under each program under Title IV of the HEA (20 U.S.C. 1070 et seq.) and whether the rates are fixed or variable;
  • a statement that the consumer may obtain additional information concerning federal student financial assistance from the institution of higher education the student attends or at the website of the U.S. Department of Education, including an appropriate website address; and
  • a statement that a covered educational institution may have school-specific education loan benefits and terms not detailed on the disclosure form.


Right to cancel

As a result of the Truth, I Lending Act (TILA) of 2009, Scholarships & Financial Aid must allow a full three business days right to cancel period after the signed promissory note is submitted before funds can be released to your student account. This will create a delay in your ability to receive short-term loan funds. This requirement became effective on February 14, 2010.

Please plan according, knowing that ETFL funds cannot be released for three business days after you have submitted a signed promissory note.


What happens after I am approved?

After a lending institution approves a loan, the Office of Student Financial Aid will receive a certification request. Once the lender receives your self-certification and the completed school certification, the lending institution will finalize the loan process and send the funds to the university. Please allow at least two weeks to receive funds. Funds will disburse to the borrower’s account no earlier than 10 days prior to the start of classes for the semester.