The Frankford Hospital School of Nursing is committed to making sure that its students succeed throughout their nursing college career and beyond.  Therefore, Default and Debt Management education is a must.  Students must realize the importance of sensible borrowing of student loans and the use of credit cards.  Debt Management education must start in your freshmen year and extend through graduation.  Its is easy to borrow, but repayment can be difficult.  Frankford strives to educate students on the importance of finding scholarships to replace student loans. Understanding and minimizing your indebtedness will benefit you after graduation. Repayment of your student loan will ensure that future Frankford students will be afforded the same benefits of financial aid that you have.

Responsible borrowing will help you:

1. Establish credit.
2. Secure future borrowing for homes, cars, and graduate school.
3. Obtain credit cards.

These options are available to you:

1. Deferments
2. Forbearance
3. Consolidation
4. Loan Forgiveness
5. Alternative repayment options.
6. Default Rehabilitation

Neglect of your student loan responsibility may cause:

1. Negative credit report.
2. Wage garnishment
3. Tax offset (seize of federal tax refund).
4. Credit and Loan denial.

Borrowers Rights and Responsibilities

1. You must notify your lender if you change your address, telephone number, or name.
2. You must repay your student loans, even if you don’t graduate, can’t find a job after graduation, or aren’t satisfied with your education.

Helpful Websites:

1. Help for borrowers currently in Default. Help is only a click away:
   http://www.aessuccess.org/manage/cant_make_payment/loan_default.shtml.
2. Providing debt awareness for all student loan borrowers: www.youcandealwithit.com.
3. Repayment Calculator: http://www.aessuccess.org/tools/index.shtml.
4. One stop site for students and parents with information on financial strategies, career options and college planning: www.mapping-your-future.org.
5. Manage your student loan account by accessing your loan profile:www.aessuccess.org.
6. Student-Focused borrowers services: www.amsa.com/bor/default.asp.

If you have any further questions, please contact the financial aid office at  tbrown@fhcs.org.

Implemented: 05/18/2004 T.BROWN
Updated: 10/16/2007