Holds for Past-Due Loan or Student Account Balances

Title: Holds for Past-Due Loan or Student Account Balances
Procedure No: STO-75
Effective Date: 11/01/2012
Issuing Authority: Student Loan Accounts/Collections Office
Contact: Student Loan Accounts/Collections at repayment@stolaf.edu or 507-786-3298
Last Updated: 10/25/2012

Purpose of Procedure:

To ensure that borrowers of the Federal Perkins Loan, Nursing Student Loan, private St. Olaf College Institutional Loans, and students with outstanding balances on their student accounts (comprehensive fee accounts) have brought their past due/delinquent balance current (either by payment, loan deferment, loan forbearance, or loan cancellation, if eligible).

Who needs to know these Procedures:

All St. Olaf College students, and all borrowers of the Federal Perkins Loan, Nursing Student Loan, and private St. Olaf College Institutional Loan.

Procedures:

Students who have an outstanding balance on their student account and/or borrowers who defaulted on their loan account will have a hold placed on registration, transcripts, and diploma. The hold will remain in place on unpaid student accounts until the student/former student pays their student account in full. The hold will also remain in place on delinquent loan accounts until the borrower brings their loan account(s) current, which can be paying the delinquent balance, or, if eligible, requesting deferment, forbearance, or cancellation in a timely manner.

Removal of holds can only be done by the Student Loan Accounts/Collections Office.

*For more information on loan deferment/forbearance/cancellation eligibility, please read your loan promissory note or contact the Student Loan Accounts/Collections Office at repayment@stolaf.edu or 507-786-3298.