LOAN COUNSELING CHECKLIST

Transcription

1 LOAN COUNSELING CHECKLIST You must abide by the requirements set forth in your Master Promissory Note. The interest rate for subsidized and unsubsidized loans is 4.29% with a 1.073% processing fee. You must remain in at least 6 credit hours to be eligible for your student loan. When you fall below 6 credit hours or withdraw from school you will have a 6 month grace period before repayment. You must repay your loan, including all accrued or capitalized interest, as well as fees that you have incurred. There are many repayment plans to choose from and one should be right for you. If you are having difficulties making your payments the first thing you should do is contact your loan servicer. To find out who services your loan go to and click on financial review. You will need your FSA ID to log-in. You understand that you are legally obligated to pay back your loan if: o You do not graduate or complete your education. o You cannot find employment. o You are not satisfied with the education or other services you received from your school. o Your loan is sold to another company. If you do not repay your loans, you will be in default, and the following actions may be taken against you: o The entire amount of your loan, including accrued interest and late fees, will become immediately due and payable. o Your default will be reported to all national credit bureaus. o You will no longer qualify for deferment or forbearance options. o Legal action can be taken against you. You could then be responsible for all attorney fees and court costs. o Your wages can be withheld (garnished) to pay the loan balance. o Your federal and state tax refunds can be withheld to pay the loan balance. o If your profession requires a license to practice, you can be denied renewal of your professional license until you have made satisfactory arrangements to repay your loan. You understand that you must complete exit counseling before you graduate from school or drop below half-time status. The process allows you to fully understand your rights, responsibilities, and repayment options before you begin making payments on your loan. Exit counseling is completed at Before you withdraw from classes, let someone in financial aid know. You have to complete at least 67% of ALL classes attempted and maintain a 2.0 CGPA. If you fall below 67% completion or your CGPA is below 2.0 you will be placed on a Financial Aid Warning semester. On a warning semester you are still eligible for your financial aid. If you are on a warning semester and you drop classes or fall below the 2.0CGPA, the next semester you will be placed on Financial Aid Suspension. On Financial Aid Suspension you are not eligible for any Title IV funding unless you complete the appeal process and your appeal is approved. At ECC our student loans are in two disbursements. o If you drop below 6 hours before the first disbursement your loan will be cancelled. o If you drop below 6 hours before the second disbursement, we will cancel your second disbursement and you will not be eligible for the complete award amount for the semester. o If you apply for a Fall/Spring loan and drop below 6 hours in the fall your spring loan will be cancelled. To receive a student loan in the spring semester, after it has been cancelled, you will need to reapply. Check Dates: Fall 2015 Spring 2016 Summer /18/15 2/19/16 7/1/16 10/16/15 3/18/16 Bookstore Charges: 7/29/15-9/4/15 TBD TBD Remember: tuition, fees & bookstore charges will be paid BEFORE you receive a refund. First check includes all funding on your account and ½ of the loan amount minus the processing fee. Second check includes the second ½ of the loan amount minus the processing fee. Average loan debt for Fall 2014 ECC Graduates: $13,149 Updated: 3/26/15

2 EXIT COUNSELING CHECKLIST You have been shown average anticipated monthly payment amounts for student loans and have been provided with information regarding debt management strategies. Multiple payment plans may be available to you. o Standard Repayment Plan: It s the fastest and most convenient repayment plan. You will have the same payment every month for 10 years. Minimum payment is $ o Graduated Repayment Plan: This plan allows for lower payments to start, which gradually increase over time. o Extended Fixed Repayment Plan: If you have more than $30,000 in outstanding FDLP (Federal Direct Loan Program) or FFEL (Federal Family Education Loan Program) Loans, this plan allows you to extend the repayment term up to 25 years for those programs for which your balance exceeds $30,000. o Extended Graduated Repayment Plan: If you have more than $30,000 in outstanding FDLP (Federal Direct Loan Program) or FFEL (Federal Family Education Loan Program) Loans, this plan allows you to extend the repayment term up to 25 years for those programs for which your balance exceeds $30,000. o Pay As You Earn Repayment Plan: Pay As You Earn is an income-driven repayment option that considers income and family size and offers lower monthly payments to those who are eligible. Under this plan, we calculate your reduced monthly payments by using your adjusted gross income and family size. If you're married and file a joint federal income tax return, we will include your spouse's income as well as their eligible student loan debt, if applicable. This plan differs from other income-driven repayment plans in that loan forgiveness is granted after 20 years of qualifying payments instead of 25 and is calculated based on 10% of your income. Only direct loans are eligible. o Income-Based Repayment Plan (IBR): Under this plan, your monthly payments are based on your adjusted gross income and family size. If you're married and file a joint federal income tax return, your spouse's adjusted gross income, and eligible student loan debt, if applicable, is also taken into consideration. o Income-Contingent Repayment Plan (ICR): ICR calculates your monthly payments based on your adjusted gross income (and your spouse's income, if you're married), family size, and the total amount of your eligible loan debt. Only direct loans are eligible. You will be able to access a payment schedule for your student loans that includes information about your servicer and details of your loan including the loan balance, interest rates, fees, and amount and number of payments. You may repay all or part of your loan without penalty. You should contact your servicer immediately if you are having problems making your payments. You may apply for deferment (postponement) of your loan payment, and you understand that you may or may not qualify for deferment options. Contact your servicer for details on various options. You may request forbearance from your lender or servicer if you are not able to make payments but do not qualify for deferment. Your servicer will determine if you will receive the forbearance. You may obtain a full or partial forgiveness or discharge of your loan depending on your specific circumstances. It is your responsibility to inform your servicer within 10 days if you: o Change your address, phone number, name or Social Security Number o Change your expected employer o Withdraw from school or drop below half-time status o Change your anticipated graduation date o Re-enroll in school or transfer to another school You will be notified in writing if your loan is transferred, and you understand that upon transfer, you must correspond directly with the new servicer. You can access your complete loan history from the National Student Loan Data System (NSLDS) at You will need your FSA ID to log in. You can contact the Federal Student Aid Ombudsman s office at if you have problems with your loan that cannot be resolved through regular channels. You may be eligible to consolidate your loans if you have more than one servicer. You need to complete the exit counseling requirement online at and contact ECC at when it is completed. Average loan debt for Fall 2014 ECC Graduates: $13,149 Updated: 3/26/15

3 LOAN CHECKLIST Student ID _ Returning ECC Student Loan Borrower IF YOU FAIL TO COMPLETE ALL REQUIRED INFORMATION ON THIS CHECKLIST, YOUR LOAN REQUEST WILL BE REJECTED. Returning Student Loan Borrowers Must: Complete the Free Application for Federal Student Aid (FAFSA) This application will be used for the Fall 2015, Spring 2016 and Summer 2016 terms. Have all requested documentation submitted to the financial aid office (ex: verification forms, high school transcripts, college transcripts, etc.). Register for a minimum of 6 credit hours for the terms the loan is requested. You must be registered as a degree seeking student in order to receive any type of financial aid. Complete and sign the Student Loan Data Sheet and return it to the Financial Aid Office. Make sure the data sheet is entirely complete to ensure timely processing of your application. Create an account on the USA Funds Life Skills (Life Skills) website. For instructions, see the Life Skills Student Guide. Complete Lesson 103: What Do I Need to Know About Repaying My Student Loans? on the Life Skills website. Please provide your transcript as proof of completion. Go back to the Main Menu then click on My Transcript (left side) then Print (right side). It is very important that you read and understand the information you receive concerning your student loans. Keep everything in an easily accessible place for future reference. Mail all student loan documents to: East Central College Student Loan Officer 1964 Prairie Dell Road Union, MO Fax all student loan documents to: You can also turn in the completed forms at the Union, Sullivan or Rolla Campus. If you have any questions, please call or finaid@eastcentral.edu

4 Student ID _ Federal Direct Student Loan Data Sheet Returning ECC Student Loan Borrower Applications will be processed in the order they are received, contingent upon completion of all other application requirements. Personal Information: Student s Full Legal Name: Address: _ City, State, Zip: SSN: Phone #: () _ Date of Birth (mm/dd/yyyy) An will be sent to your school address once your loan has been processed. Look for information about your servicer and some helpful hints. Loan Period: When possible, it is to your benefit to apply for the full year (fall & spring). Summer is always a separate application. _ Fall & Spring _ Fall Only _ Spring Only _ Summer Estimated credit hours enrolled for each semester: _ Fall _ Spring _ Summer You must be in at least 6 credit hours every semester to receive your student loan. Federal Regulations require that your summer loan award does not exceed your total annual eligibility. If you borrow your maximum annual eligibility for fall & spring semester, you will not be eligible for a summer loan. Requested Loan Amount: Please indicate your requested loan amount below. We recommend that you always borrow conservatively. We will always process subsidized loans first; if you do not qualify for a subsidized loan, we will automatically process an unsubsidized loan. Sophomore students have completed more than 30 credit hours. LOAN LIMITS FRESHMAN <30 Credit Hrs Completed SOPHOMORE >30 Credit Hrs Completed Fall & Spring Maximum Dependent: $5,500 Dependent: $6,500 Independent: $9,500 Independent: $10,500 Fall Only/Spring Only Maximum Dependent: $2,750 Dependent: $3,250 Summer amounts vary on eligibility Independent: $4,750 Independent: $5,250 Requested Loan Amount: $ The Financial Aid Office will use the information you provided on the FAFSA and other aid you are receiving to determine your eligibility. Your requested amount may be more than what you qualify for. If that happens we will give you the maximum eligibility. Certifications and Signature: I have a bachelor s degree and I know I can only receive UNSUB loans: _ Yes _ No I have completed my Life Skills lesson and turned in my transcript: _ Yes _ No I certify that I have read and understand the Loan Counseling Checklist and I have completed all requirements indicated on the Loan Checklist and on this Student Loan Data Sheet. I understand the processing this loan may take as long as business days. I also understand that this loan request will be rejected if I have not completed all of the requirements. Student Signature of Legal Name: Date: _ Average loan debt for Fall 2014 ECC Graduates: $13,149

5 USA Funds Life Skills Student Guide East Central College, Returning ECC Loan Borrowers Through your school, you now have access to USA Funds Life Skills, a free online learning program that offers you advice for managing your time and money wisely while on campus and after graduation. This Student Guide provides basic information about the tool and outlines the steps necessary to access and complete the lesson(s) that your school has assigned to you. Log in. New users are required to complete a simple, one-time registration process. Once you complete the initial registration process, only your username and password are required for future visits. 1. Open your browser and go to o Helpful hint: Save this address as a favorite to simplify access for future visits. 2. Click Request a new account in the Login box to create your account. 3. Complete all of the information on the Request Account page. Some fields require the school defined information listed below. o Enter your school address as your username. o Enter the student ID number assigned to you by your institution as your school-assigned student ID. o Enter as your School Code. Note: This code must be entered exactly as shown here. o Enter as your Student Access Code. Note: This code must be entered exactly as shown here. 4. Click Create Account in the lower right corner to create your account. o Note: If you forget your password on future visits, click Forgot your password? in the Login box to receive an containing your password to the address you provided when you created your account. Get started. To access and complete the lessons, follow these steps: 1. Select My Catalog from the left navigation menu or select the My Catalog tab at the top of the page. 2. Click on the name of a lesson and click Enroll on the right side of the screen. o Lessons can be completed in any order. If you are unable to complete a lesson in one visit, you can return to it at any time and continue where you left off. Click the name of the lesson under My Learning on your Home page to return to the in-progress lesson. 3. Click on the name of the lesson again under OLT Lessons to begin the lesson. o Note: Your computer settings must be set to allow pop-ups to access the lesson. The lessons also contain sound so you may want to use headphones. 4. Click Next to advance through the lesson. 5. Complete the Lesson Challenge quiz at the end of the lesson. You must achieve 70 percent or higher to pass the lesson. Once achieved, your score will be recorded on your transcript as well as your school s weekly report. (See next section for transcript information.) o Scroll to the bottom of the Lesson Challenge results and click Print to print your quiz results. 6. Click Ok to close your quiz results and click Close Window to exit the lesson. 7. Click USA Funds Life Skills Survey under Course Activities to complete a brief survey about the lesson. 8. Click the Home tab to return to the Home page. 9. Repeat the previous steps until you have completed all of the lessons assigned to you. You can review the lessons and retake the Lesson Challenges to improve your score at any time by navigating to the lesson through the course catalog. Find your assigned lesson on the back of this page.

6 Your school has assigned the following lesson(s) to you: 103 What Do I Need to Know About Repaying My Student Loans? See your results. A printable transcript of your lesson activity is available at any time. 1. Click My Transcripts in the left navigation menu. o Your transcript will provide details about any lesson in which you have enrolled, including completion status, registration date, completion date and final assessment score. 2. You have the option to print or export your transcript. o Click Print in the upper right corner to print your transcript. o Click Export in the upper right corner, choose an export format and click Export to create an electronic version of your transcript. Complete multiple assignments. If you are assigned multiple lessons from different staff (for example, one group of lessons from the financial aid office and another group of lessons from a professor), you will need to enter additional access codes to your account. This is required for your lesson completion results to be accurately reported to those who assigned the USA Funds Life Skills lessons to you. 1. Click My Account in the left navigation menu. 2. Enter the additional code(s) in the available Student Access Code fields. o Note: If you override an existing code with a new code, your completion results no longer will be reported to the person who provided the existing code. 3. Click Update. Get help. For assistance, use the Contact Us link or call USA Funds Customer Support, Monday through Friday, between 8 a.m. and 8 p.m. Eastern time at (800) After these hours, support is available at (866) Revised 1/2012