 Dear ECSU graduates, the Office of Student Financial Aid and Scholarships congratulates you on your hard work and commitment as you prepare to graduate from Elizabeth City State University. We know you are all excited at this special time. However, we want to remind you of some important information regarding your federal student loan obligations. If you have a federal student loan at ECSU, you electronically signed a promissory note to repay your loans following graduation. We need you to complete an exit loan counseling session before you leave to make sure you understand your rights and responsibilities as a bar. You can do this by logging on to www.studentloans.gov. This is a federal requirement. You will also begin to receive information about repayment obligations and your loan servicer will notify you of the date your payments will begin. Above all else, do not ignore your debt. It will not go away. If you are having issues making payments, keep in contact with your lender. You can work with them to change what more manageable payment plan. You have other options as well. The first is deferment or a postponement of payment. The most common conditions for deferment are enrollment in school, at least half time, unemployment or economic hardships, and military service. The second is forbearance. Forbearance is a period where monthly payments are temporarily suspended or reduced. So what happens if you ignore your payments? Every payment you miss will negatively affect your credit rating. If you ignore your payments for 270 days, your loan will go into default. Default means your entire loan balance will be due immediately. Your account can be turned over to a collection agency. Your credit rating will be damaged for years and defaulted loans reported to the National Credit Bureau. Your college records can be placed on hold. You will not be eligible for additional federal loans. You won't be able to qualify for credit car loans and mortgage or renting an apartment. Your federal and state tax refunds can be withheld. Your wages can be garnished. You can be denied employment because of a credit check. Therefore, it is important that you pay close attention to any correspondence concerning your federal student loans. Also, notify your lender if your address, merit, or unemployment status is changed. Remember, we are here to answer any questions that you may have about your loans and repayment obligations. Again, congratulations and we wish you much success in the future. Sincerely, the Office of Financial Aid and Scholarships.