Hinson-Hazlewood College Student Loan Program College Access Loan (CAL) Application Guide

Transcription

1 Hinson-Hazlewood College Program College Access (CAL) Guide s may print this guide to track progress through the application process. System Requirements Windows PC with Internet Explorer Browser, version 6.0 or newer. To prevent delays, we recommend not using a Mac (or mobile device) or any browser other than Internet Explorer. Information to Complete Texas State ID or Driver s License. The audit number is used for E-signing and is found on either card. E-signatures are verified through the Department of Public Safety. Once you complete and submit your application, you will be given the opportunity to print the documents, sign (not typed), and mail to our office. Be prepared to provide contact information for two references at two different U.S. addresses. The spaces provided are for notation purposes only. 1. Reference Name Mailing address Phone Number Employer Name Employer s Phone Number 2. must enter valid employer information for references or enter NONE if not applicable. Cost of Attendance and Financial Aid for the Academic Year. Contact your financial aid office if you do not have this information. Obtain cosigner s address, if using a cosigner (see 10). If using a cosigner, the address provided will be used the Texas Higher Education Coordinating Board (THECB) to notify and enable the cosigner to complete their online application. It is the student s responsibility to discuss this process with the cosigner. Information to Complete Borrower s (student s) last name and date of birth. The answer to a challenge question selected the student during the application process. (requires correct spelling, but is not case sensitive) 17-digit CommonLine Unique ID (application number): Page 1 Created 5/2/2014

2 Hinson-Hazlewood College Program College Access (CAL) Guide Credit evaluation information for student and cosigner (effective 3/20/14) Requirements for credit approval VantageScore Origination Fee Experian Credit Bureau VantageScore of 591 or higher 711 0% A minimum of 5 credit trade lines % (Excludes student loans or authorized user accounts) % No previous federal or private loan defaults 590 Denied No public records Contact Experian Credit Bureau to (Including tax liens or bankruptcy proceedings) discuss any credit report discrepancies The cosigner s portion of the application begins on 10. Common errors to avoid. Crossing information out Using white-out on application Leaving blanks on the application Using two references with the same address Not completing all fields of the self-certification form, such as: A. Cost of attendance B. financial assistance (use $0.00 if there is no dollar value) C. Difference between A and B 1 Begins Online Process Visit Click on s Online Click on Apply For Read hhloans compatibility message Click on the here link Read Available Products page Select College Access Program 2 Read Alternative Checklist Read the Alternative Checklist. The checklist will guide the student and the cosigner through the process of applying for the College Access (CAL). Click Continue 3 Read Solicitation 5 Minutes Read, acknowledge, and submit the Private Solicitation statement online. Page 2 Created 5/2/2014

3 Hinson-Hazlewood College Program College Access (CAL) Guide 4 Begins Online enters Social Security Number Selects the school to be attended Create User ID and Password, (if not already existing) 5 Completes Borrower Information Page 5 Minutes completes all fields on the Borrower Information page: Includes student s SSN, name, mailing address, telephone number, driver s license information, etc. will list requested loan amount, loan period, and provide answer regarding using a cosigner. 6 Reads and Completes Online Credit Pre-Approval Agreement After reading, student makes a selection regarding credit pre-approval. proceeds through application based on credit decisions: o Opts Out o Credit denied o Credit approved 7 outlines possible credit evaluation options for student. Based on student s credit decision outcome in 6, proceed as follows: opts out (applies without credit evaluation and selects a cosigner): Go to 7a s credit is denied: Go to 7b s credit is approved: Go to 7c 7a Opts Out 5 Minutes If the student opts out of credit evaluation, the opportunity to submit a potential cosigner s name and address will be presented after completing the references portion of the application. Click Continue to provide references information. Enter cosigner s name and address. The origination fee THECB will charge to process the loan will be determined cosigner s VantageScore rating. Page 3 Created 5/2/2014

4 Hinson-Hazlewood College Program College Access (CAL) Guide 7b Credit Denied Immediate when credit is evaluated online Click Continue to proceed to the next page. The option to submit a cosigner s name and address will be presented after completing the references portion of the application. The loan may still be approved if the selected cosigner s credit is approved. The origination fee charged will be determined the cosigner s VantageScore rating. 7c Credit Approved Immediate when credit is evaluated online Click Continue to proceed. The origination fee charged will be determined the student s VantageScore rating. A student with approved credit may also decide to use a cosigner with a higher VantageScore to receive a lower origination fee. 8 Completes and Submits and Promissory Note 15 Minutes completes the references portion of the application, then proceeds with the following: o Read and accept Terms and Conditions o Complete Private Education Applicant Self-Certification o E-sign If unable to E-sign, student will need to print promissory note, sign (not typed), date, and submit mail. Faxed copies will not be accepted. 9 View Status Online After Completes & Submits may view application status once completed and submitted logging in online at : clicks Account Login, or View My Account Enter User ID, Date of Birth, and Password. Once logged in, the student will click on the link, Click Here for Status, to view application status. Page 4 Created 5/2/2014

5 Hinson-Hazlewood College Program College Access (CAL) Guide 10 explains the cosigner s portion of the application. For additional information regarding credit requirements, see VantageScore on page 2. All cosigners applying online: Go through s 10a - 10c If cosigner s credit is denied: Go to 10d 10a Receives is generated when student submits application receives an at the address indicated the student during the student application. This contains a link to the cosigner s online application. If an is not found in the inbox: Please check Junk or Spam folder. Verify student has fully completed and submitted application. If cannot be located, see alternative application option in 10f. 10b Accesses Online 5 Minutes Note: Once the cosigner s online session is terminated, the will no longer allow access to the online application. The cosigner s instructs them to access the cosigner s online application providing the following: Borrower s Last Name (borrower refers to student) Borrower s Date of Birth (MM/DD/YYYY) Answer to Security Question (must spell correctly; but is not case sensitive) Your Address (to which the was sent) CommonLine Unique ID (17-digit application number) Login option will be blocked after 3 failed attempts. The cosigner s cannot be resent. If cosigner has difficulty logging in: o Verify student has fully completed and submitted application. o If still unable to login, see alternative application option in 10f. 10c Completes and Submits Online 15 minutes The cosigner will complete the cosigner s online application providing the following: Demographic information Driver s license and audit # (for e-signing) Citizenship status Employment information Read and acknowledge the Online Pre-Approval Agreement Credit evaluation (results presented immediately) o If credit denied, see 10d Read and accept Terms and Conditions If unable to E-sign, cosigner will need to print the Payment Guaranty & Promissory Note, sign (not typed), and submit mail. Faxed copies will not be accepted. Page 5 Created 5/2/2014

6 Hinson-Hazlewood College Program College Access (CAL) Guide 10d Credit Denied Immediate if credit is evaluated online The initial cosigner whose credit is denied will Exit, and notify student that a new cosigner needs to be selected. 10e Selects New Dependent on If the initial cosigner is denied, student selects a new cosigner. The new cosigner will apply following the instructions in 10f. 10f Completes Payment Guaranty & Promissory Note 15 minutes The following application steps are taken the new cosigner selected student, or for a cosigner who is unable to complete cosigner s online application: Visit Click on Forms Click on College Access s (CAL) Select Payment Guaranty & Promissory Note Document can either be typed or handwritten; however, the signature and date must be filled in hand and submitted mail. Faxed copies will not be accepted. must inform new cosigner of the following to allow successful completion of the Payment Guaranty & Promissory Note : 17-digit Commonline Unique ID ( Number) Requested loan amount s explain the processing period 11 Lender Processing and Promissory Note(s) 3-5 Business THECB will review the student s CAL & Promissory Note and if applicable, the cosigner s Payment Guaranty & Promissory Note, to ensure the student and cosigner have correctly completed all forms. 12 School School Approval Dependent on school procedures The Financial Aid Office is responsible for reviewing and approving (certifying) the loan application. 13 Lender Acceptance 1-2 Business Once the application has been approved, the Acceptance will be mailed to the address listed on the student s application. 14 Acknowledges Acceptance Online 2 minutes The student must log into account at to acknowledge and accept the terms in the Acceptance, using the AGREEMENT REQUIRED link. The status will indicate, LOAN APPROVAL DISCLOSURE RECEIVED, if submitted successfully. Page 6 Created 5/2/2014

7 Hinson-Hazlewood College Program College Access (CAL) Guide s By 15 Lender Consummation 1 Business Day Once the student has completed 14, the Consummation will be mailed to the address listed on the student s application. The student only needs to respond to the Consummation if canceling the loan. s explain the disbursement process 16 Mandatory Waiting Period 7 Business Federal guidelines require a waiting period of 7 business days to provide the student ample time to receive and review the terms of the loan provided in the Consummation, and cancel if desired. The waiting period is not optional. Contact your financial aid office with tuition deadline concerns. 17 Lender Electronic Disbursement to the School 3 Business Funds will be disbursed directly to the school. 18 School Processing the Disbursement Dependent on school procedures. The school receives the disbursement. Each school determines the method used to make funds available. Contact the school with any questions concerning how and when funds will be available. 19 Lender Statement 2 Business The Statement is mailed to the student (and cosigner) when the loan is disbursed. This document summarizes loan information such as the loan period, origination fee, interest rate, disbursement date, and loan amount. Page 7 Created 5/2/2014