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What are my
obligations with the Fund once I receive a loan and am in the grace
period?
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Where do I update
my information?
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What happens if I
don't make the first payment on the scheduled date stipulated by the
Loan Agreement?
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Can I apply for an
extension on the first payment date established in the loan agreement?
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Can I start making
payments prior to the beginning date indicated in the loan agreement?
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What are my
obligations once I start the repayment period stipulated in the loan
agreement?
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What payment
options do I have, while in the United States and once I return to my
country?
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What happens if I
fall in arrears?
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What would happen if I overstay
my time permitted in the United States?
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In the worst case
scenario, what happens if I am in arrears and overstay my time in the
United States?
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Are there other penalties I should be aware of?
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Are there any
penalties for not submitting the transcripts or not informing the Fund
about my whereabouts on time?
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When must the Rowe
Fund loan beneficiaries return to their country of origin?
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What is meant by
return to country of origin?
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What are the
consequences for not returning to my country of origin by the date
stipulated in the contract?
1. What are my obligations with the Fund once I receive a
loan and am in the grace period?
There are three main
obligations Rowe beneficiaries need to take into account once the loan
is approved:
a) Apply the amount of the loan only to the
educationally-related purposes stated in the loan agreement for which
the loan is granted.
b) Submit semester grades or reports on their academic
progress to the Committee at the end of each academic year.
c) Inform the Committee
in a timely matter whenever there is a change in the date of graduation
or completion of training, immediate work plans, new address, telephone
number, facsimile number, and/or e-mail address (Update
your contact information now!)
For further information
read the
terms and conditions to abide by once a loan is approved.
2. Where do I update my information?
As a beneficiary of a
Rowe Fund loan, Borrowers must inform the Rowe Fund Committee, in a
timely matter, whenever there is a change in the Borrowers and/or
Guarantors address, telephone number, facsimile number (if any), and/or
e-mail. The most effective way you can update your information is by
filling out the Update
Information Form and sending it by e-mail to the following
address:
rowefund@oas.org (include in the subject your complete name and loan
number). You may also send the Update Information Form by fax at: 1
(202) 458-3897 or by mail to:
Organization of
American States
Leo S. Rowe Pan American Fund
1889 F. St. NW (Office Nº619)
Washington, DC 20006
3. What happens if I don’t make the first payment on the
scheduled date stipulated by the Loan Agreement?
As specified in the
Loan Agreement, the due date of the payment start date is three months
after the expected graduation date of the studies for which the loan was
approved. If you fail to pay the first installment of the loan when
due, you will be subject to a one time delay fee.
4. Can I apply for an
extension on the first payment date established in the loan agreement?
The first payment date
is the date established in the loan agreement based on your estimated
graduation date at the time the loan is granted. Failure to graduate by
that date is not an excuse for changing the beginning payment date. Our
beneficiaries may only apply for a postponement of the first collection
date if they can prove to the satisfaction of the Committee a
justifiable reason for doing so. Beneficiaries need to apply at least
three months in advance of the first payment date established in the
loan agreement. In order to do so, you need to submit a letter addressed
to the Leo S. Rowe Committee stating the reasons for requesting an
extension, proof or support for the request, and latest transcripts
(include a copy of the diploma, if available). Beneficiaries need to
clearly state the number of months they are requesting to postpone the
first collection date and sufficiently explain and prove the reasons for
such request.
5.
Can I start making payments prior to the
beginning date indicated in the loan agreement?
Yes. We actually
encourage our beneficiaries to make payments prior to the date indicated
in the loan agreement, considering that upon returning to their country
of origin, they cannot claim difficulties in obtaining the necessary US
dollar currency as an excuse for delaying or suspending their payments.
It is suggested that if beneficiaries are working part-time during the
grace period and can make partial payments on the loan prior to the
start payment date indicated in the loan agreement, to proceed with
making early payments. In general, our beneficiaries may pay off the
loan prior to the dates indicated in the loan agreement either through
making repayments earlier, making larger payments than those agreed to,
and/or making one lump sum payment.
6.
What are my obligations once I start the repayment period
stipulated in the loan agreement?
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Send a copy of your diploma and final transcripts.
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Continue updating yours and your Guarantors contact
information until the loan is fully paid. The Fund would
appreciate receiving information about the Borrower’s changes of address
and career advancement since periodically it conducts surveys among the
Borrowers to improve the reach and usefulness of its student loan
program.
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Apply the amount of the loan to the educationally-related
purposes set forth in the loan agreement for which the loan was granted.
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Repay the loan within the period of time and in the
amounts stipulated in the loan agreement.
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Monthly installments should be received by the Cashier by
the first day of each month.
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Beneficiaries may not
claim difficulties in obtaining the necessary US dollar currency as an
excuse for delaying or suspending their payments.
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Beneficiaries must commit to return to their country of
origin.
For further information
read the
terms and conditions to abide by once a loan is approved
7.
What payment options do I have, while in the
United States and once I return to my country?
You
may make
your Rowe Fund payments by check, wire transfer, or on-line through a
credit card. Also, you may send the
credit card authorization form
for automatic deductions free of charge! or pay directly in the
OAS offices in member states. For further information regarding
payment options,
click here.
8.
What happens if I fall in arrears?
The Fund will not
collect interest on student loans as long as the recipient fulfills
his/her contractual obligations regarding the loan(s). Also, loan
recipients that fail to pay the first installment of their original
repayment schedule shall be subject to a one time delay fee. In the
event of any arrears of three or more monthly payments, without an
appeal approved by the Committee, the Committee may take one or more of
the following actions and notify both the Borrower and Guarantor:
a. In
the event of any arrears over three monthly payments, charge an interest
penalty, established in the respective Loan Agreement, until the loan is
paid in full;
b. If
arrears equivalent to three monthly payments remain, the Fund’s
Secretariat may re-calculate and increase the Borrower’s minimum monthly
payments required to fully repay the loan by the corresponding maturity
date in the Loan Agreement;
c. If
arrears exceed the equivalent of six times the amount of monthly
payments and/or no payments have been rendered for the past six
consecutive months, the total amount owed, including cumulative interest
accrued on the outstanding balance, will be due and must be paid
immediately. The guarantor will also be asked to pay the full
outstanding balance of the loan;
d. If
after having sent the pertinent notification, the loan has neither been
totally paid nor has a good-faith payment been made, the total amount
owed will be increased by a percentage designated by the Committee in
accordance with the Loan Agreement. In addition, the account will be
sent to a collection agency. The Fund reserves the right to contact
both Borrower and Guarantor(s) at anytime during the repayment of the
loan.
9.
What would happen if I overstay my time
permitted in the United States?
Your account will be
charged with an annual interest rate established, in the loan agreement.
10. In the worst case
scenario, what happens if I am in arrears and overstayed my time
permitted in the United States?
A combined penalty will
be charged (for overstaying in the United States and for having a
balance in arrears). The Fund may also take additional appropriate
actions to ensure that the loans are repaid in full and within the terms
agreed upon in the loan contract which may include, but is not limited
to: reporting Borrower and Guarantor (s) defaults to the OAS Department
of Human Resources, the U.S. State Department, the Department of U.S.
Citizen and Immigration Services, and credit bureau and credit rating
organizations in the United States and elsewhere.
11.
Are there other penalties that I should be
aware of?
For any check that is
returned by the bank for insufficient funds or for each pre-authorized
credit card payment that is declined by the card issuer, the
beneficiary’s account will be assessed a penalty charge established by
the Committee.
12.
Are there any penalties for not submitting
the transcripts or not informing the Fund about my whereabouts on time?
In the case of any
violation to the loan agreement, including, but not limited to, changing
majors without notifying the Fund, not submitting transcripts or a copy
of the diploma, not finishing the studies for which the loan was
granted, or not informing the whereabouts on time, any of the penalties
described in numeral 7 may apply and/or the payment of the full amount
of the loan may be requested.
13.
When must the Rowe Fund loan beneficiaries
return to their country of origin?
The date by which the
beneficiaries from the loan must return to their country of origin is
stated in the contract signed by the Student and the Rowe Fund.
Generally, this date is twelve months after the expected completion date
(as it appears in the loan agreement) of the studies or degree for which
the loan has been granted. Thus, if they choose to do so, the
beneficiaries from the loan are able to make full use of their optional
practical training (OPT) year in the United States allowed by the US
immigration authorities, before returning to their country of origin.
14.
What is meant by return to country of
origin?
After completion of the
study and optional training program for which the loan was granted, the
student must return to his/her country of origin (the one which appears
in the contract), unless the student decides to work in another country
whose citizens are eligible for the Rowe Fund loan or at an accredited international organization of
which the majority of the OAS countries are members.
15.
What are the consequences for not returning
to the country of origin by the date stipulated in the contract?
Unless the beneficiary
has requested and received from the Committee authorization to extend
the deadline to leave the United States, the entire unpaid balance
shall be immediately due and payable, and the loan balance will
accrue monthly interest charges calculated at a rate established in the
loan agreement if this obligation to return to his/her country is not
met and the loan has not been fully paid. Once this interest charge
begins, it continues until the loan is fully paid.
If you have a question that is not answered on these
pages, e-mail us at:
rowefund@oas.org. We will help you get your questions answered!
