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FINANCIAL AID INFORMATION continued.. . <br />Students dismissed from school for other than failure to maintain satisfactory academic progress will <br />not be eligible to receive any subsequent scheduled awards and will be required to complete the school <br />process for re -admission. An exit interview will be required with the Financial Aid Director upon <br />dismissal. <br />Exit interviews are required of all loan recipients who have graduated, dropped, or dismissed. During <br />the exit interview, loan recipients will be given a repayment schedule and disclosure form, which <br />summarizes the total amount borrowed, interest amount, and interest rate as outlined on the borrower's <br />interim or in -school promissory note. The repayment schedule will also fix the first date and the monthly <br />payments required to pay the loan plus interest. <br />During the exit interview, the Financial Aid Director will also review the borrower's rights and <br />responsibilities and provide a copy for future reference. The borrower must sign all documents if the <br />borrower does not wish to invalidate any conditions allowed for the loan repayment. <br />All loan recipients will receive payment books through the mail before the first payment due date of the <br />loan. All loan recipients are required to notify the Financial Aid Director or business office regarding any <br />change of address to ensure all communications regarding the repayment of the loan are received on a <br />timely basis and for the protection of the borrower's rights since the school has specific United States <br />Department of Education reporting requirements on individual loans made with Federal funds or <br />guarantees of interest payments on an individual basis. <br />Federal Family Education Loan Programs: If you need to borrow to help pay for college, there <br />are Federal Stafford loans (unsubsidized and subsidized) for students and Federal PLUS <br />loans for parents. The amount you can borrow varies by the type of loan and your <br />enrollment status. <br />1. Subsidized: are need -based. The federal government does not charge interest <br />while you're in school. Six months after graduating, leaving school, or dropping <br />below half-time status, you must begin repaying your loan. <br />2. Unsubsidized: are for qualified students, regardless of income. While you don't <br />have to show financial need, you have to meet all the other requirements for the <br />subsidized Stafford loan. Interest payments also begin immediately but may be <br />deferred. Payments on the principal start six months after you are no longer <br />enrolled, at least half time. <br />3. Federal PLUS (Parent) Loan: are for parents with a good credit history to help <br />pay for their dependent's college costs. Interest begins to accrue when the first <br />funds are released. Repayment begins within 60 days after the last disbursement <br />for the school year. To apply, your parents must complete the PLUS loan <br />application Promissory Note. <br />Loans: Students obtaining a loan to pay for an education program will be responsible for <br />paying the total amount of the loan plus interest, less the amount of any refund. If the <br />student has received federal student financial aid funds, and the student is entitled to a <br />refund of the money not paid from federal student financial aid program funds. <br />31 <br />