Simon Business School: International Student Loan Program (ISLP) Overview and Next Steps

Transcription

1 Simon Business School: International Student Loan Program (ISLP) Overview and Next Steps

2 Jason Buitrago Julie Sadwick Andrew Brayda Presenters

3 ISLP What is it? No co-signer option loan through the Simon Business School Effective Fall 2016 quarter In partnership with Elements Financial and Credit Union Student Choice

4 ISLP What is it? (cont d) Only available to International Full-Time MBA applicants MBA applicants opt in for consideration in the International Applicant Info section of the admissions application

5 Awarding ISLP ISLP The Admissions Committee determines ISLP amount to be awarded to each admitted student. Students will be notified of the awarded ISLP amount at the time of the offer and will be included in your admitted student packet. Important Notes ISLP can only be applied to tuition costs. It is not available for fees or living expenses. In accordance with regulatory guidelines, students who are Office of Foreign Assets Control (OFAC) Specially Designated Nationals List are not eligible for ISLP.

6 ISLP Calculation ISLP is awarded in percentage format. For MBA students entering the Fall 2016 quarter, the total tuition costs of the two-year program is $92,000 USD Example, if awarded 20% ISLP as part of your admission: $92,000 USD x 20% ISLP = $18,400 maximum two-year ISLP Can apply for amount less than calculated maximum

7 ISLP Details

8 ISLP Details Important details about ISLP

9 ISLP Details Line-of-Credit Details Available to international students only Co-borrower not required Flexible repayment plans, including full deferment of payments while enrolled in school Early repayment of loan with no penalty 0.25% interest rate for automated electronic payment during repayment 3% draw fee of gross amount approved for per quarter

10 ISLP Details Interest Rates The Annual Percentage Rate (APR) for ISLP is variable and is based on the Prime index plus a margin. Current offered rate is 6.75% APR Check the interest rate section at the time of application for up-to-date APR.

11 ISLP Details Frequently Asked Questions Who is eligible? How much can I borrow? What are the repayment terms? How can I apply?

12 ISLP Application Credit Union Membership In order to be eligible for ISLP, you must become a member of the credit union. Membership application instructions will be provided after completion of the online loan application.

13 ISLP Application Start application

14 ISLP Application New borrower

15 ISLP Application Read then select [Continue]

16 ISLP Application Create User Name and Account Skip Scholar Code question Referral from college financial aid office in how did you hear about us?

17 1. Getting Started Personal Profile Information

18 1. Getting Started References: Must provide two references References must reside at different addresses Addresses must be physical addresses (no PO Box) References cannot be an applicant listed on application References can be Spouse, Parent, Friend, Business Associate, Other Family Member

19 2. Where You Belong

20 3. Loan Information

21 3. Loan Information New MBA students for Fall 2016 ( ): Select Graduate First Year Returning MBA students for Fall 2016 ( ): Select Graduate Second Year

22 3. Loan Information Academic Period: Most ISLP applicants will select Full Academic Period (as highlighted above). Total amount of ISLP will then be awarded over the three quarters of the academic year starting August 1, 2016 and ending May 24, 2017.

23 3. Loan Information Repayment Options: If you select the Deferred Payment option, no Minimum Payments are required during the Draw Period. Because interest accrues during this period, the amount you owe will increase even if you do not receive additional advances. Payments will begin six (6) months after you graduate or separate from your school.

24 3. Loan Information Anticipated Graduation Date: June 2018 Fall 2016 intake June 2017 Returning MBA students

25 3. Loan Information Loan Amount Requested: Borrowers will only apply for what is needed for the academic year. During the second year, returning borrowers will log back in to the same website and request funds needed for the second year. Your certification request will be sent to the Financial Aid Office each academic year borrowed.

26 4. Co-Borrower Option If No, it will skip Section 5 - Co-Borrower Information Not required, but having a qualified US co-borrower could result in a lower interest rate.

27 6. Review & Submit: Application Review Review the information entered is correct before submitting application If everything looks good, and you re ready to submit, select [Continue]

28 6. Review & Submit: Authorization

29 Important to open, save, and print PDF with instructions and next steps!!! 7. Loan Decision Jason Buitrago at once you reach this step confirming submission of application.

30 Steps after ISLP application is submitted Downloaded and printed PDF includes: Instructions and next steps Before arriving to campus During your appointment with university loan officers After your loan disburses Elements Financial Membership Application Consent to Release Form Form W-8BEN

31 Steps after ISLP application is submitted In-person appointment is required on arrival to campus before funds can be released Appointment registration information will be sent via prior to your arrival Bring printed PDF packet with you to appointment

32 Steps after ISLP application is submitted Elements Financial Membership Application Complete left column with your information while at home country. Important: Do not sign document until in-person appointment.

33 Steps after ISLP application is submitted Consent to Release Important: Do not sign document until in-person appointment.

34 Steps after ISLP application is submitted Form W-8BEN & Instructions Field 1: Full legal name as stated on passport Field 2: Home Country Field 3, Line 1: Home country address (Street, apt, suite, etc. No PO Box) Field 3, Line 2: Home country city or town, state or province; and home country. Field 4, Line 1: Address where residing in United States (No PO Box) Field 4, Line 2: United States city, state and postal code; and United States as country Field 5: if you have US Social Security Number, enter here. If not, leave blank. Field 8: Date of birth (MM-DD-YYYY) Important: Do not sign document until in-person appointment. Field 9: Home country

35 Summary What to bring with you during appointment Elements Financial Membership Application Consent to Release Form Form W-8BEN Clear copy of valid passport picture page One of the following with you: F-1 Visa along with School-Certified I-20 and I-94 J-1 Visa along with School-Certified DS-2019 and I-94 H1-B Visa along with letter from employer and I-94 Important: Do not provide your signature on any document until in-person appointment.

36 Process Overview What happens when your online application is submitted Applicant Submits online application Prints conditional approval PDF, including instructions, membership application, consent to release form and Form W-8BEN document. Elements Financial Processes ISLP application Prepares additional documents including line of credit agreement and account opening disclosures Sends documents to Simon Business School for review Simon School Receives and confirms loan application documents Receives Private Education Line of Credit Agreement Receives Account Opening Disclosures (also known as advice) Simon will confirm approved amount and student with official letter. Applicant Applicant can use official letter ed by Simon in their I-20/DS-2019 application process to demonstrate component of financial support Keep all documents together, and bring them, along with copies of passport and visa information, to in-person appointment the week before classes begin. Information on appointment registration will be sent via at later date.

37 Post-Appointment Once in-person appointment takes place, and all documents are completed, Elements Financial, University of Rochester Financial Aid Office, Simon Business School Admissions Office, and University Bursar s Office will work together to set up and disburse ISLP funding onto your student tuition account. Second Year Process For first year MBA students in the academic year, during the second year of the program ( year), you will log back in to the same website as a returning borrower and request the funds needed for the second year.

38 Action Items ISLP Application Timelines The application is open now. Please complete it by April 15 th or sooner to confirm your funding. The sooner you complete the application, the sooner we will be able to issue the advice for I-20 application materials.

39 Contact Us If you have remaining questions about the process, or would like to discuss your personal situation, Need additional help or information about the online application? Speak with a representative by calling 1-(866) Dial if you are calling from outside the U.S. Any questions?