Student & Parent Loan Renewal

Transcription

1 Student & Parent Loan Renewal Deadline: August 15 st Eligibility Requirements Student must be: Active member of the Presbyterian Church (U.S.A) U.S. Citizen or permanent resident of the United States Enrolled at least half- time at an accredited college or university in the United States Making satisfactory Academic Progress Demonstrate educational cost in excess of awarded grants, scholarships and loans Give satisfactory evidence of financial reliability Introduction The Presbyterian Church (U.S.A.) student and parent loan program serves church members with a private loan for education. Student loans are offered with interest deferred while students remain enrolled at least half-time. Parent loans enter repayment sixty days after final disbursement for the academic year. Presbyterian Church (U.S.A.) loans are not intended to replace subsidized loans, and are not eligible for consolidation with publicly funded debt (Stafford/Direct loan). Presbyterian Church (U.S.A.) loans are not eligible for forgiveness for public service. Repayment of student and parent loans supports 50% of the administrative costs of the Presbyterian Church (U.S.A.) s ministry in Financial Aid and sustains gifts provided to the Presbyterian Church (U.S.A.) for lending as a renewable resource. In the 4% loan fee will be discounted to 0% charged at disbursement. Student Interest Rate is 5.5% and Parent Loan is 7%. For more information about the program, visit A complete application consists of 1) Getting Started, 2) Financial Information Form completed by school. Loan approval letter and disclosure is sent by and must be acknowledged by borrower and co-signer. Mailing Address/Contact Information Financial Aid for Service 100 Witherspoon Street Louisville, KY Toll Free: ext Fa: Print, sign, and send (mail. fax or ) Deadline: August 15 (Postmark)

2 Student & Parent Loan Renewal Section I. To be completed by the Applicant/Student Getting Started First Middle Last SSN Street Address Date of Birth City State Zip Anticipated Graduation Institution you plan to attend Degree you hope to obtain In what field? Phone Cell Gender Student Loan Repayment Schedule (Refer to Attachment A for detailed repayment schedules.) Interest accrues starting six months after graduation, or discontinuation of studies, whichever comes first. A minimum payment of $25.00 per month is required. The minimum loan amount is $1, not to exceed $3, per year. Loan Request Prior Loan Total Repayment Years Monthly Payment Section II. To be completed by the co-signer Co-Signer required on all loans. If the student is under eighteen (18) the co-signer must be a parent/legal guardian. First Middle Last SSN Address Date of Birth City State Zip Occupation Phone (Day) Phone (Evening or Cell) Employer Parents or legal guardians are eligible to borrow up to $5, per year for students who are their dependents. The Parent Loan starts accruing interest six months after disbursement of funds and borrowers are required to make a minimum payment of $25.00 per month. A promissory note must be signed by Parent Loan borrower. Amount of Parent Loan (Not to Exceed $5,000) Parent Loan Repayment Schedule (Refer to Attachment A for detailed repayment schedules.) Loan Request Repayment Years Monthly Payment Loan Fee (4%) Available Amount Statement Everything that I have stated in this application is correct to the best of my knowledge. I understand that you will retain this application whether or not it is approved or declined. Further, I understand and hereby authorize you to check my enrollment status and credit history, as you deem appropriate Signature of Student/Applicant Date Signature of Cosigner/Parent Loan Applicant Date For Questions About the Student Loan Program Call: Toll free: ext. 5224

3 References Please provide the name, address and phone number(s) for two relatives who do not reside with the student or cosigner. First Middle Last Address City State Zip Home Phone Office Phone Relationship First Middle Last Address City State Zip Home Phone Office Phone Relationship Student Loan Borrower s Open Accounts Summarize Your Personal Debt Category Total Amount Owed Monthly Payment Educational Debt Credit Cards Auto Loan Mortgage Other Co-Signer s Open Accounts Summarize Your Personal Debt Category Total Amount Owed Monthly Payment Educational Debt Credit Cards Auto Loan Mortgage Other Additional Information (To Be Completed for the Student and/or Cosigner) Have you borrowed previously from the Presbyterian Church (U.S.A.)? Yes No Have you applied for financial aid in from the following P.C. (U.S.A.) programs: Native American Education Grant National Presbyterian College Scholarship Samuel Robinson Award Student Opportunity Scholarship Are you or any member of your immediate family employed by the Presbyterian Church (U.S.A.)? If so, please name the employee, define your relationship, and identify the employer. Name of the Employee Relationship to Student Name of Employer Reminder Credit Reports are requested for all cosigners and borrowers over the age of 21. The application, church membership form, financial information form, and Master Promissory Note must be on file before the credit report(s) will be ordered and the loan request considered for approval. Each item in the package may be completed and mailed separately to: For Questions About the Student Loan Program Call: Toll free: ext. 5224

4 Presbyterian Church (U.S.A.), A Corporation Office of Financial Aid for Service Privacy Policy for Consumers How we protect and use information FAS What You Should Know We recognize the importance of keeping information about you secure and confidential. It s important for you to know that, unlike many financial institutions; we do not sell or share any consumer s non-public personal information with outside marketers. You also need to know that we carefully manage such information. You are considered to be a consumer with regard to the PCUSA if you are an applicant for or borrower under an educational loan from PCUSA. This document describes PCUSA s policy with respect to nonpublic personal information about consumers, which means personally identifiable information about a consumer or a consumer s current or former relationship with PCUSA. ( Consumer Information ). This policy is provided to you as required by Federal law. Making the Security of Information a Priority Keeping financial information secure is important. We value your trust and handle information about you with care. We limit access to Consumer Information to those persons who need to know that information to provide PCUSA s education loan services to you. PCUSA personnel, and PCUSA s service providers, having access to Consumer Information are required by PCUSA to maintain confidential treatment of Consumer Information. We maintain physical, electronic and procedural safeguards that comply with Federal regulations to guard Consumer Information. We periodically assess new technology for protecting information and upgrade our systems when appropriate. Collecting Information. We collect and use various types of information to service educational loan accounts. We collect Consumer Information from the following sources: Information you provide to us on applications and through other means, such as your name, address and telephone number. Information about your transactions with us, such as educational loan payment activity. Information we receive from a consumer reporting agency. Other general information we obtain about you, such as demographic information. Sharing Information With Our Non-profit Affiliates. We may disclose the Consumer Information we collect, as described above, to the PCUSA s affiliated non-profit organizations. Specifically PCUSA may disclose the name, address, phone number, address, and school the student plans to attend to the PCUSA s related colleges, universities, or seminaries and to college chaplains and other PCUSA affiliated non-profit organizations engaged in campus ministry. Sharing Information With Companies That Work For Us. We may disclose the Consumer Information we collect, as described above, to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements. We may also disclose Consumer Information to third party service providers as necessary to process and service your educational loan accounts with PCUSA. The companies that work on our behalf are contractually obligated to PCUSA to keep the Consumer Information we provide to them confidential, and to use the Consumer Information only to provide the services we ve asked them to perform for you and us. Disclosing Information in Other Situations. We may also disclose Consumer Information as permitted by law. For example, this may include a disclosure in connection with: A subpoena or similar legal process A fraud investigation An audit or examination Making Sure Information is Accurate Keeping your account information accurate and up to date is very important. If you have questions, or feel that we have not handled information about you properly, you may always contact the PCUSA s Office of Development. Keeping Up-To-Date With our Privacy Policy PCUSA will provide notice of our privacy statement annually, as long as you maintain an ongoing relationship with us. This policy may change from time to time.

5 FAS Attachment A Repayment Chart Amount of Loan Repayment Months Monthly Payment Total Principal & Interest Finance Charges Student Parent Student Parent Student Parent Student Parent $1, $25.00 $25.00 $1, $1, $ $ $1, $25.00 $25.00 $1, $1, $ $ $2, $25.00 $25.34 $2, $2, $ $ $2, $29.03 $3, $3, $ $ $3, $32.56 $34.83 $3, $4, $ $1, $3, $37.98 $40.64 $4, $4, $1, $1, $4, $43.41 $46.44 $5, $5, $1, $1, $4, $48.84 $52.25 $5, $6, $1, $1, $5, $54.26 $58.05 $6, $6, $1, $1, $5, $59.69 $63.86 $7, $7, $1, $2, $6, $65.12 $69.67 $7, $8, $1, $2, $6, $70.54 $75.47 $8, $9, $1, $2, $7, $75.97 $81.28 $9, $9, $2, $2, $7, $81.39 $87.08 $9, $10, $2, $2, $8, $86.82 $92.89 $10, $11, $2, $3, $8, $92.25 $98.69 $11, $11, $2, $3, $9, $97.67 $ $11, $12, $2, $3, $9, $ $ $12, $13, $2, $3, $10, $ $ $13, $13, $3, $3, $10, $ $ $13, $14, $3, $4, $11, $ $ $14, $15, $3, $4, $11, $ $ $14, $16, $3, $4, $12, $ $ $15, $16, $3, $4, $12, $ $ $16, $17, $3, $4, $13, $ $ $16, $18, $3, $5, $13, $ $ $17, $18, $4, $5, $14, $ $ $18, $19, $4, $5, $14, $ $ $18, $20, $4, $5, $15, $ $ $19, $20, $4, $5, $15, $ $21, $6, $16, $ $22, $6, $16, $ $22, $6, $17, $ $23, $6, $17, $ $24, $6, $18, $ $25, $7, $18, $ $25, $7, $19, $ $26, $7, $19, $ $27, $7, $20, $ $27, $7, Undergraduate Graduate & Seminary Parent Rev. 4/22/13