What is inadvertent Overborrowing and Reaffirmation?

When a student exceeds their Federal annual or lifetime loan borrowing limits, the student is no much longer eligible because that ANY form of financial help until they reestablish their eligibility. To reestablish your eligibility students can either repay the excess quantity to their loan servicer OR do satisfactory payment arrangements. This payment arrangement to settle a instance of inadvertent overborrowing is dubbed "reaffirmation".

You are watching: Reaffirmation agreement student loans

Why do I should reestablish my eligibility and also does it influence my other aid?

You must reestablish your eligibility if you desire to utilize any kind of of your staying financial help eligibility throughout the compensation year. There is no reestablishing your eligibility you can not receive any type of of your other Financial aid (Scholarships and also GA/TA awards space not topic to this).

How have the right to students reestablish your eligibility because that Financial Aid?

Students need to contact their Loan Servicer directly prior to making a choice. Each selection can have actually implications that only your Loan Servicer can talk about with you.

Students can reestablish their eligibility in among two ways:

1. Call their federal Loan Servicer to repay the overfill loan lot in full.


2. Make satisfactory repayment arrangements with their federal Loan Servicer (also called Reaffirmation).

How execute I (the student) identify the Loan Servicer that must be contacted to deal with inadvertent overborrowing?

The "Loan Summary" ar of the borrower"s loan history in the national Student Loan Data mechanism (NSLDS) identify the Loan Servicer for each loan the borrower has received. Usage A Student"s guide to NSLDS for info on navigating NSLDS. If friend need help identifying which Loan Servicer come contact, friend can contact our Office for the information

How was ns able come borrow in overfill of mine limits?

There space several factors why your national Student Loan Data device (NSLDS) background indicates girlfriend inadvertently overborrowed (exceed) based upon your accumulation or yearly loan limits.

Possible reasons might include, however are not limited to:

· Capitalized attention incorrectly consisted of in your aggregate outstanding loan balance

· absent or incorrect information in NSLDS

· Unintentional college student error or omission from a report entity

· Data reported so late to NSLDS or to federal Loan Servicer

I desire to repay the overfill loan amount. What are my following steps?

Contact your federal Loan Servicer and also request come repay the excess loan amount. Your federal Loan Servicer will provide you with details instructions on just how to make this payment. As soon as you have repaid the amount in full, your federal Loan Servicer will send you a confirmation that the overabundance loan amount has been repaid. You should submit a copy that this confirmation with your name and UNM ID come the UNM Financial assist Office. ours office will testimonial the documentation and determine your aid eligibility based on the day the federal Loan Servicer established you repaid the excess amount.

I would favor to authorize the Reaffirmation covenant to reestablish eligibility. What room my next steps?

Contact her loan servicer directly for indict to finish the reaffirmation process.

The reaffirmation procedure includes the following steps:

1. The student or UNM contact the servicer and also explains the student has actually inadvertently overborrowed and also wishes to reaffirm the debt. Call our office straight (505-277-8900) and also indicate the you have talked to her Loan Servicer and have chosen to authorize a Reaffirmation Agreement.

2. The Loan Servicer sends out you (the student) the Reaffirmation agreement (copy the the commitment for your review, the Loan Servicer will send you your copy upon contacting them).

3. The student reads, signs, and returns come the Loan Servicer the reaffirmation covenant (the Loan Servicer will carry out return address information ~ above the agreement).

4. The servicer sends the college student confirmation the the reaffirmation covenant has to be accepted. The college student or servicer offers a copy the the reaffirmation confirmation to the institution. (For quicker processing, girlfriend (the student) can administer a copy of your Reaffirmation covenant to UNM financial Aid).

5. The inadvertent overborrowing is considered to have been resolved as that the day the servicer receives the student"s signed Reaffirmation Agreement.

Note: The Reaffirmation process can take 4-6 weeks depending on who her loan servicer is. It is in your finest interest to continue to be in close call with your loan servicer v each of these steps.

If ns (the student) reestablish eligibility can I borrow additional Direct Loan funds?

A student who regains eligibility but has surpassed their yearly loan limit for an academic year would not it is in eligible to receive additional Direct Loan accumulation for that same academic year, yet could receive other types of Financial aid for the year. You, the student, might be eligible come receive added Direct Loan funds for subsequent scholastic years if you have actually remaining lifetime Loan limit eligibility.

If you have actually exceeded only your Subsidized Loan Limit and have staying annual and lifetime Unsubsidized Loan border eligibility, you can borrow an Unsubsidized Loan because that the same academic year when your eligibility is reestablished. The UNM Financial assist Office will determine what your continuing to be eligibility is because that the scholastic year.

Can ns still loaned a Graduate add to Loan or deserve to my Parent"s borrow a parent PLUS Loan (dependents only)?

Yes, Graduate Students may still lend Graduate PLUS loan regardless of even if it is they"ve met their yearly or lifetime Loan Limits. Parents of dependence Students are still eligible come borrow PLUS loans if a student has actually exceeded their annual and also lifetime loan limits. Both situations still need that eligibility is reestablished.

Can ns still borrow exclusive (Alternative) Loans?

Yes, personal loans are not under the purview of the Federal direct Loan Program and also are not subject to the commonwealth loan limits. Girlfriend can contact the lender of your choice. (Private Loan Information).

I inadvertently gone beyond my undergraduate boundaries but I"m now a graduate student. Do I still have to reestablish mine eligibility?

Yes. The room of education and learning considers students in your situation to have actually lost financial aid eligibility former to transforming status (from undergraduate to graduate). As such, you room ineligible because that financial aid as a graduate student until the excess quantity is repaid or satisfactory arrangements space made through your commonwealth Loan Servicer with reaffirming your debt.

It looks favor I may have actually inadvertently overborrowed together a an outcome of consolidating mine loans. Execute I have to do anything?

Probably not. If a consolidated loan led to a student inadvertently overborrowing, no further action is needed on the part of the borrower since by signing the consolidation promissory keep in mind the borrower has agreed to repay any type of excess loan amount.

See more: 5 H 42M 21.0S 22° 36′ 45.7″, Planet X / Nibiru On Google Sky !

However, if you"ve received communication from the UNM Financial aid Office or your loan servicer around reestablishing her eligibility friend should call our office directly (505-277-8900).