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Other
Loan Options
Sometimes families need additional resources
beyond those indicated on the award letter to meet outstanding costs.
Loan Period Dates
All loan applications require a loan period.
Use the following dates, always applying for the full year unless the
student is attending only one semester.
- Fall 2012 & Spring 2013: 08/28/2012
to 05/03/2013
- Fall ONLY 2012: 08/28/2012 to 12/14/2012
- Spring ONLY 2013: 01/06/2013 to 05/03/2013
- Summer 2013 : May - July 2013
Loan Amount
The maximum loan amount our office can certify
is the student's Cost of Attendance minus all Financial Aid Received. If
you want to include billed costs the exceed the typical Estimated
Cost of Attendance (such as tuition charges in excess of 16 credits
for a semester) notify the Office of Financial Aid.
Federal Direct PLUS Loans
Parents (or stepparents) may apply for a loan up to the
cost of attendance minus the student's other aid. The PLUS loan requires
a simple credit check approval process. (If the parent is denied, the
student is eligible for additional unsubsidized Federal Direct Loan upon
request.) Repayment on the PLUS loan begins after the full disbursement
is made but the borrower may request postponement of interest and/or
principal while the
student
maintains
at least half time enrollment. Any postponed interest accrues
and is added to the loan balance prior to the parent beginning full
payment. Parents must reapply each year. For more details, click
here.
Private Educational Loans
Another resource to consider
after other federal, state and institutional student assistance
has been determined are private educational loans. Apply
for need-based financial aid through the FAFSA (http://www.fafsa.ed.gov)
for grants and federal loans before resorting to a private loan. For
more information about federal aid versus private loans, see
Federal Aid First.
Private educational loans are available regardless of
financial need and offer various terms, repayment options, and choice
of lender.
You apply for a private
loan yearly. Because
these loans are based on consumer credit, students generally need a
credit-worthy
cosigner.
The federal government's Truth in Lending and
Higher Education Opportunity Act of 2010 regulates the private education
loan application process.
The following are some of these rules.
- As an applicant, you will receive an application disclosure and
self-certification form from the lender.
- If you apply by phone, the application disclosure
and self-certification form will be mailed. The self-certification
form provides information about federal financial aid and encourages
you to
talk to the Office of Financial Aid if you have questions about
the amount and type of loan you should be borrowing.
- If approved, you will receive the approval disclosure form from
the lender detailing the approved loan amount, the interest rate and
any origination
fees.
- Once you have signed the approval disclosure form, and the self-certification
and promissory note are completed, the forms are to be returned
to the lender. The lender will then ask the school to certify
the loan.
- During the school certification process the lender will
send you a final disclosure form which you must complete
and return
to the
lender before funds can be transmitted to the school.
- After your receipt of the final disclosure, the lender must
provide you with a three day rescission period during which
have the right to cancel without
penalty. Loan funds cannot be disbursed until after the end of the
rescission period.
***Student
applicants must submit a Self-Certification
Form as part of the application process. The lender will provide
the form to you either on line or in the mail. Obtain
the information needed for this form from your KnowHope Plus Account.
Go to the Financial
Aid section, select Aid Awards, Award Year, then Award Overview.
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