At some point, students will have to sign a contract. When they do, they should keep in mind these tips from KHEAA.
A contract is a written legal document between two or more parties in which an offer is made and accepted. An apartment lease, an insurance policy or a cell phone plan are all examples of contracts. Read all contracts thoroughly and ask questions before you sign. Complete everything and keep a copy for yourself.
Consumer protection laws let you change your mind and cancel some contracts within three days of signing. Before you sign any contract, find out if you have that option. If later you find it’s necessary to cancel the contract, you may have to pay a big penalty or continue to pay what the contract calls for.
Never sign a contract unless you read and understand the terms of the agreement. If you feel pressured, walk away.
KHEAA is a public, non-profit agency established in 1966 to improve students’ access to college. It provides information about financial aid and financial literacy at no cost to students and parents. KHEAA also helps colleges manage their student loan default rates and verify information submitted on the Free Application for Federal Student Aid (FAFSA). To learn more about those services, visit www.kheaa.com.
In addition, KHEAA disburses private Advantage Education Loans on behalf of its sister agency, KHESLC.
For more information about Advantage Education Loans, visit www.advantageeducationloan.com.