THE CANTON STUDENT LOAN FOUNDATION

Transcription

1 THE CANTON STUDENT LOAN FOUNDATION 4974 HIGBEE AVENUE NW, SUITE #204 CANTON, OH PHONE: (330) FAX: (330) WEBSITE: STUDENT LOAN APPLICATION DEADLINE FOR RECEIPT OF APPLICATION IS JUNE 1, 2015 OTHER REQUIRED ITEMS (see attached information sheet and checklist for details): Official and final transcripts (high school and college, if applicable). Please be sure to give our contact information to your high school. They will send the final, official copy when they are completed- usually mid- June. We do not want a copy from the student. ACT and/or SAT scores (if not on the high school transcript) 2 letters of reference- no friends or family or neighbors Student Aid Report (SAR) from the FAFSA (or co-maker 1040 tax return)

2 * ALL INFORMATION/SECTIONS MUST BE FULLY COMPLETED OR APPLICATION WILL NOT BE PROCESSED- DO NOT LEAVE BLANKS! USE NA IF NOT APPLICABLE. I. APPLICANT PERSONAL/FINANCIAL INFORMATION Applicant's Full Name: Permanent Address: (Street) (City) (State) (Zip) Social Security #: Date of Birth: Age: (as of 7/15/15) Address: Home Phone: Cell Phone: Siblings: How many? Ages: Dependents: How many? Ages: How many in college? How many in college? Present Employer/Position: Years worked: Salary: Annual Income: Does borrower own their home? No Yes What is the value? Outstanding mortgage? Financial Institution at which borrower maintains an account: Checking account #: Savings account #: Total value of borrowers assets (such as stocks, bonds, etc- please list): Total indebtedness for borrower (list creditor & amount -i.e., car loans, student loans, credit cards, etc.): How did the applicant hear about the Canton Student Loan Foundation? II. HIGH SCHOOL INFORMATION (Note: An OFFICIAL/FINAL transcript must be submitted) High School Attended: Year Graduated: Nature of Courses Taken: College Prep Commercial Technical General List the High School activities in which you have participated (Indicate if you were an officer): What scholarships, awards, honors or prizes have you received?

3 III. COLLEGE INFORMATION (Note: An OFFICIAL/FINAL transcript (s) must be submitted if applicable) What college(s) have you attended? Years completed: College Major/Minor: What college do you plan to attend this year? College Major/Minor: What is your anticipated college graduation date? Future plans and career goals: IV. FINANCIAL INFORMATION This section must be fully completed. We realize you may not have final numbers, however, please give us your best estimate. Please be sure that YOUR ANTICIPATED EXPENSES EQUALS YOUR ANTICIPATED FUNDS (A total must equal B total). ITEMIZED ANTICIPATED EXPENSES ITEMIZED ANTICIPATED FUNDS Tuition/Fees $ Family $ Books $ CSLF Loan $ Room $ Other Loans $ Board $ Grants $ Personal Expenses $ Scholarships $ Travel $ Work Study $ Other $ Other $ Total Expense (A) $ Total Funds (B) $ = (If A does not equal B please go back and refigure your numbers) Loan Amount Eligibility as follows: Incoming Freshman-$3,000 for 4 yrs; Incoming Sophomore- $4,000 for 3 yrs; Incoming Junior-$6,000 for 2 yrs; Incoming Senior- $6,000 (Lifetime maximum loan amount: $12,000) (Loans for undergraduate work only) TOTAL REQUESTED FROM CSLF FOR ACADEMIC YEAR 15-16? $ V. MISCELLANEOUS INFORMATION List the name, address, telephone number, and relationship of two relatives not living with you. 1 Co-makers cannot be listed here AND those listed cannot live at the same address. Name Address (include city, state and zip) Phone Relationship 2 Please comment on any special circumstances you would like the selection committee to consider when evaluating your loan request:

4 VI. INFORMATION REGARDING OTHER CONTRACTUALLY BOUND PARTIES (For confidential use by the Selection Committee) Two co-makers are required. Co-Maker #1 Information Full Name Co-Maker #2 Information Address City, State, Zip Home Phone Cell Phone Address Relationship to Borrower U. S. Citizen No Yes No Yes Social Security Number Date of Birth Place of Birth Education Level Occupation Name of Employer Address of Employer Work Phone Number Annual Income What is the value of your home? Outstanding mortgage amt? Financial Institutions where you have accts? Checking Acct # Savings Acct # Total value of other assets such as bonds, stocks, etc(please list)

5 Outstanding indebtedness. List creditor & amount (i.e., credit card, car loans, etc.) Do not include utilities or housing. How many loans have you signed as co-maker at CSLF? For Whom? Has co-maker borrowed from CSLF? Under what name? Has co-maker ever been in default/ past due w/cslf? How many? Names: How many? Names: No Yes Name: No Yes Name: No Yes No Yes VII. RECIPIENT/CO-MAKER PLEDGES RECIPIENT'S PLEDGE On the basis of the information set forth in this application which I represent to be true, I respectfully request that a loan of be granted to me for the current school year. I agree to repay my loan with interest in accordance with the provisions contained in the Promissory Note I will sign to evidence my loan. I authorize the Canton Student Loan Foundation to obtain my consumer credit report and to investigate any information contained herein as may be necessary. I also acknowledge that fees may be incurred and reports may be made to a consumer credit bureau if this account is ever more than 90 days delinquent. I further agree to make an academic report to the Foundation at least once a year in form and substance sufficient to the Foundation s requirements and at such times as requested by the Foundation, and to keep the Foundation informed of my name, address, phone numbers, banking/financial information including institution and account numbers, and student status until my obligations are fully repaid. I further agree to notify the Foundation immediately should I withdraw from school or drop below full time status during any academic term. DATE: SIGNATURE: PLEDGE OF CO-MAKER Each of us hereby individually declares that we have read the statements made by the applicant in the application and pledge that, to the best of our knowledge and belief, they are correct. We authorize the Canton Student Loan Foundation to obtain my/our consumer credit report and to investigate any information contained herein as may be necessary. We also acknowledge that fees may be incurred and reports may be made to a consumer credit bureau if this account is ever more than 90 days delinquent. We further express our desire that a loan be granted in accordance with the policies and requirements of The Canton Student Loan Foundation and upon the conditions set forth in the application, pledge, and promissory note, and further agree to execute said note as a co-maker for the entire amount loaned; and agree that if the applicant defaults in the payment of said note, we will repay the note in accordance with it's terms without further notice or demand. We further agree to keep the Foundation informed of name, address, phone numbers, banking/financial information including institution and account numbers, and place and status of employment until this obligation is fully repaid. We agree to notify the Foundation immediately should the student recipient withdraw from school or drop below full time status during any academic term. DATE: SIGNATURE: DATE: SIGNATURE: THE OHIO LAW AGAINST DISCRIMINATION REQUIRES THAT ALL CREDITORS MAKE CREDIT EQUALLY AVAILABLE TO ALL CUSTOMERS AND THAT CREDIT REPORTING AGENCIES MAINTAIN SEPARATE CREDIT HISTORIES ON EACH INDIVIDUAL UPON REQUEST. THE OHIO CIVIL RIGHTS COMMISSION ADMINISTERS COMPLIANCE WITH THIS LAW. 9/14

6 CANTON STUDENT LOAN FOUNDATION LOAN PROCESS CHECKLIST 1. Complete and return the application form to the Foundation office. NO LATER THAN June 1- NO EXCEPTIONS! 2. Reference letter guides are included in this application packet. Relatives/friends/neighbors may NOT be used as references. Due June 1 st WITH APPLICATION 3. Copy of ACT/SAT scores. Due June 1 st WITH APPLICATION 4. High School transcripts must be FINAL AND OFFICIAL (must include senior yr. second semester grades). DO NOT SEND IN. SEE BELOW. Please be sure to give our contact information to your high school. They will send the final, official copy when they are completed- usually mid- June. We cannot accept copies from the student. 5. College transcripts must be FINAL AND OFFICIAL (must include Spring grades). An official transcript from any college attended is required. Send to the Foundation office by June 1 if possible, but NO LATER THAN June Student Aid Report (SAR) from the Free Application for Student Financial Aid) - the page that indicates your EFC # is required. If not filing a FAFSA, the co-makers 1040 tax form (first page) will be accepted. Due June 1 st WITH APPLICATION In June, a postcard will be sent acknowledging receipt of the application and a listing of any missing items. At that time we will ask the applicant to schedule an interview appointment with a member of our Board of Trustees. This interview should include the borrower and co - makers. Interviews will be held 9am to 4pm, the week of July 13 th. 8. For approved loans, at the end of the interview session, the student and two comakers will be required to complete a check request form and to sign a Promissory Note, a Truth-in- Lending Statement, and a Co-makers Statement. If all parties are present on this day to sign the legal documents, we will do our best to prepare the loan check on the day of the interview. If all parties are not present, the legal documents may be taken out of the office but must be signed in front of a Notary and returned to the office. 9. Once appropriately signed and witnessed and copies of the legal documents are obtained, a loan check will be prepared. Checks are prepared on the 15 th and 30 th of each month.

7 LOAN CRITERIA THE CANTON STUDENT LOAN FOUNDATION INFORMATION FOR LOAN APPLICANTS 1. To apply for a loan from the Canton Student Loan Foundation the student MUST: A. Have graduated from a Stark County high school; received a high school diploma through participation in a GED or ABC (A Better Chance) Program through a Stark County High School; be a Stark County student who although eligible to graduate from a Stark County high school graduated from out of county. B. Be enrolled in a post-high school undergraduate degree granting program on a full-time basis (at least 12 credit hours per term). C. Have and maintain a minimum cumulative and term grade point average of at least 2.00 or above for undergraduate and 3.0 or above for graduate students. 2. Students may borrow up to the following amounts for undergraduate coursework: Annual amounts as incoming: Freshman: $3,000 each year for four (4) years. Sophomore: $4,000 each year for three (3) years. Junior: $6,000 each year for two (2) years. Senior: $6,000 $12,000 total maximum loan for undergraduate work. Graduate students may borrow $4,000 per year for 2 years with an $8,000 maximum. Students in five year undergraduate programs may prorate their annual requests so that the total loan of $12,000 is borrowed over a five year period ($2,400 per year x 5 years = $12,000). If, in any given year, the Foundation believes there may be a shortage in loan funds, then $3,000 will be the maximum amount to disburse per student, regardless of class standing or previous disbursements. 3. In addition to the completed application, the loan applicant must submit letters of reference from two individuals, one of whom should be a former teacher or principal. Letters will not be accepted from friends, family members or neighbors. A FINAL official high school transcript and an official transcript from college/university (if applicable) must be sent to the Foundation from the student s high school. A copy of ACT/SAT scores are also required. All applicants who file the Free Application for Student Financial Aid (FAFSA) should send us a copy of the Student Aid Report (SAR). If the SAR is not available, we request that you provide us with a copy of your parents'1040 tax form. SEE APPLICATION CHECKLIST FOR DEADLINES. 4. To be eligible for a loan for Fall Term, the application must be received in the Foundation's office by June 1, and all supporting documentation as outlined in Number 3 above. Late applications/documentation will not be accepted. 5. FAMILY INCOME IS NOT A DETERMINING FACTOR IN LOAN ELIGIBILITY. However, should the pool of available loan funds be insufficient to meet the demand for undergraduate loans, the loans will be granted on the following basis: A. Repeat applicants who have already received loans; B. Students with annual family incomes below $80,000; C. Students with annual family incomes over $80,000. LOAN APPLICATION REVIEW PROCESS 1. All new loan applicants will be interviewed by a member(s) of the Canton Student Loan Foundation's Selection Committee. A loan will be granted on the basis of satisfactory evidence of scholarship ability, character and financial need. The decision of the Selection Committee shall be final.

8 2. Repeat loan applicants who do not meet the grade point average criteria may be required to submit a written response regarding the reasons for their GPA and how they plan to improve their GPA. These applicants may be scheduled for an interview at the discretion of the Canton Student Loan Foundation's Selection Committee and/or the decision regarding the repeat loan may be deferred until after first term grades are available and have been reviewed by the Selection Committee. 3. Loans will not be granted to students who are on academic probation. Loan applicants who do not meet the grade point average criteria will not be eligible for a loan until their term and cumulative grade point averages meet the criteria. Subsequent loans will require review of a transcript or grade report. 4. A letter will be sent to any student whose loan was not approved at the time of the initial interview session as soon as a decision has been made. We will make every effort to reach a decision and notify the student as early in August as possible. 5. All approved loans are totally dependent on the availability of loan funds as they become available to the Canton Student Loan Foundation. Any approval of your application by the Selection Committee is completely subject to the availability of funds. LOAN GRANTING PROCESS 1. When the loan has been granted, the student and the two designated co-makers must sign the promissory note, the truth-in-lending form and the co-maker's statement. Co-makers are usually the student's two parents. If a student is married, at least one other co-maker in addition to the spouse of the borrower is required to sign as a co-maker on the loan. If any of the signers are unable to come into the office, the papers may be taken out, signed, and the signature(s) notarized. If these forms are signed at the time of the initial interview, they are signed with the understanding that the loan has been approved and granted conditionally; i.e. pending the availability of sufficient funds to grant the amount indicated. 2. An individual is not eligible to be a co-maker if: a. he/she has already signed for 3 active loans at CSLF, or; b. he/she is in default as a borrower or co-maker on any current loan at CSLF, or; c. he/she has had a loan with the CSLF that has been written off, or; d. he/she is not a U.S. citizen. 3. After all documents are properly signed, a "Request For Payment" form must be submitted to the office along with the above mentioned forms. 4. If you wish to borrow the total amount of the loan you have been granted for the academic year, this entire amount must be requested and paid to you before June 30th of the academic year. NO MONIES ARE CARRIED OVER TO ANOTHER ACADEMIC YEAR. The full amount granted does not have to be taken if it is not needed. Failure to take the entire loan amount one year will have no effect on one's ability to apply for an additional loan for the maximum eligible amount in succeeding academic years. APPLYING FOR ADDITIONAL LOANS 1. Loans are granted for a one year period only. The student must reapply each academic year for an additional loan. This is done by fully completing the Student Update Form which is sent in March of each year. It is not necessary to submit reference letters or the SAR or 1040 form with repeat applications. 2. Students who are re-applying MUST submit the "Student Update Form/Repeat Loan Application" fully completed to the Foundation by the due dates stated. Transcripts or copy of the grade reports for the entire academic year are required as well. We DO NOT need official copies. Any applicant who does not meet these deadlines may NOT be eligible for a loan for Fall term.

9 PAYMENT AND INTEREST DEFERMENT REQUIREMENTS 1. In the month of March a "Student Update Form/Repeat Loan Application" will be sent to each student. READ IT CAREFULLY, FILL IT OUT, ATTACH THE REQUIRED DOCUMENTATION, AND RETURN IT BY THE DEADLINE. Submission of proof of attendance on a full time basis for the entire academic year is required in order for loan payments and interest accrual to continue to be deferred. If the student wishes to apply for an additional loan for the upcoming academic year, the form must be fully completed and indicate such request. PLEASE NOTE! PROOF OF ATTENDANCE IS REQUIRED EACH YEAR even if the student is not reapplying for an additional loan. This means that the above mentioned form must be fully completed and a transcript or copy of the grade report for the entire academic year must be sent to the Foundation's office as soon as it is available at the end of each academic year. Failure to return required documentation; including forms AND transcripts/grade reports is a breach of your loan agreement and may result in your total loan declared immediately due and payable in full. *** 2. IMPORTANT! IF THE LOAN RECIPIENT WITHDRAWS OR TAKES LESS THAN A FULL LOAD (UNDERGRADUATE-12 CREDIT HOURS; GRADUATE 9 HOURS ) AT ANY TIME, THE FOUNDATION MUST BE NOTIFIED IMMEDIATELY SO THAT MONTHLY PAYMENTS CAN BE SCHEDULED. IT IS CONSIDERED A BREACH OF THE TERMS OF THE PROMISSORY AGREEMENT IF THE FOUNDATION IS NOT NOTIFIED OF STATUS CHANGES. This delay in notification will cause a lump sum payment to be overdue and immediately payable in full. REPAYMENT OBLIGATIONS 1. All parties to the Promissory Note shall subscribe to and be bound by the following obligations: A. Recipients who attend school and carry a normal full-time academic work load as required by such school, repayment shall commence three months following the date of graduation or completion of any further full-time, post-graduate degree program. Repayment shall commence immediately upon the withdrawal from school or the carrying of less than a normal full-time academic work load. B. Interest shall begin accruing at the time the first payment becomes due at the rate of 6% per annum and shall continue to accrue on the first day of each month on the outstanding balance, until the entire amount of principal/interest has been paid in full. C. After the grace period of three months or for students who withdraw from school or drop below full time status, for students borrowing $12,000 or below, the parties to the Promissory Note shall make minimum payments of $100 per month. Beginning the second year following the commencement of repayment, the parties shall make minimum payments of $150 per month. Beginning the third year following the commencement of repayment the shall make minimum payments of $195 per month. For students borrowing more than $12,000 payments will be $150 the first year, $200 the second year and $230 the third year and beyond. D. Re-enrollment on a full-time basis will not terminate the obligation to commence repayment of the loan obligation as set forth above. E. Failure to pay any monthly payments as explained or failure to provide requested documentation; including the Student Update Form/Repeat Loan Application, and annual grade reports by their deadlines, or failure to update the Foundation with changes in personnel information (as they occur) for the life of the loan including; name, address, phone numbers, banking/financial information including institution name and account numbers, or failure to perform any of the terms and conditions set forth in

10 the Promissory Note, the Recipient's Pledge, or the Co-makers' Pledge shall, at the option of the Foundation, mature the entire amount due hereon both for principal and interest, and thereon the Foundation may declare the entire amount to be immediately due and payable without notice to any of the parties to the Promissory Note which notice is hereby expressly waived. Upon acceleration, interest shall accrue on principal balance at the maximum judgment rate of interest allowed by Ohio law. F. Payments are due in our office no later than the last business day of every month at 4:00pm. Payments are credited to the appropriate account upon receipt. Payments are first credited toward fees, then accrued interest, and finally toward the outstanding principal balance. A charge will be imposed for all returned checks and will be added to the account balance. Charges will also be imposed for any legal expenses incurred in the collection of this debt or reports made to a consumer credit bureau. G. Accounts that are 3 or more payments behind, may result in referral to our attorney for collection and reported to the credit bureau for both the borrower and the co-makers. Co-makers are expected to assist with payments if the borrower is unable to make the required payments. Failure to make any payments or meet any of the conditions set forth in the loan agreement, may cause the Foundation to declare the entire loan (principal and interest) to be immediately due and payable in full. (See "E" above.) In the event of financial difficulties that would affect repayment per the terms of the loan agreement, borrowers should contact the Foundation immediately to arrange temporary alternative repayment arrangements so as to avoid adverse actions. H. "Confirmation Letters" are sent in July of each year based on the outstanding principal balance. This letter is sent by our auditors to confirm that the Foundation's records regarding loan balances are correct. Please respond to the auditor's request for verification of payments and outstanding balance. This will insure that our records are accurate! ADDITIONAL INFORMATION 1. Disclosing the information that you have received a loan from the Canton Student Loan Foundation is not necessary and may result in the loss of some of the financial aid granted by your school. 2. Additional information and answers to frequently asked questions may be obtained by viewing our website at 10/14 INSTRUCTIONS FOR REFERENCE LETTERS

11 You are required to submit two written, signed letters of reference with this application. One letter should be from a former teacher or principal, and the other letter should be from an employer, advisor, coach or someone else who knows your work habits and academic potential well enough to answer the questions below. Relatives/friends/neighbors cannot be used as references. Please give your references a copy of this instruction sheet and ask these individuals to sign their reference letters and return the letters to you in a sealed envelope with the reference's signature also across the seal of the envelope. Please return the unopened envelopes to the Foundation along with your application. The reference letters should address the following areas: 1. In your opinion, is this family able or unable to provide the funds needed for this student to receive posthigh school education or training and why? 2. So that other applicants may borrow, it is important that the borrowed funds be paid back in regular installments immediately after the student graduates or leaves school. Please comment on the honesty, dependability, and integrity of the applicant and the family and express your opinion about whether or not the Foundation can expect full repayment on schedule. 3. Comment on the applicant's ability and determination to complete his or her educational objectives. Is there a danger the applicant may drop out? 4. How do you know the applicant and the family and how long have you known them? 5. Any additional information about the applicant's scholastic abilities, character or financial need that may assist the Foundation in making a loan decision. THANK YOU FOR ASSISTING THIS APPLICANT IN COMPLETING THEIR LOAN APPLICATION! You are required to submit two written, signed letters of reference with this application. One letter should be from a former teacher or principal, and the other letter should be from an employer, advisor, coach or someone else who knows your work habits and academic potential well enough to answer the questions below. Relatives/friends/neighbors cannot be used as references. Please give your references a copy of this instruction sheet and ask these individuals to sign their reference letters and return the letters to you in a sealed envelope with the reference's signature also across the seal of the envelope. Please return the unopened envelopes to the Foundation along with your application. The reference letters should address the following areas: 1. In your opinion, is this family able or unable to provide the funds needed for this student to receive post-high school education or training and why? 2. So that other applicants may borrow, it is important that the borrowed funds be paid back in regular installments immediately after the student graduates or leaves school. Please comment on the honesty, dependability, and integrity of the applicant and the family and express your opinion about whether or not the Foundation can expect full repayment on schedule. 3. Comment on the applicant's ability and determination to complete his or her educational objectives. Is there a danger the applicant may drop out? 4. How do you know the applicant and the family and how long have you known them? 5. Any additional information about the applicant's scholastic abilities, character or financial need that may assist the Foundation in making a loan decision. THANK YOU FOR ASSISTING THIS APPLICANT IN COMPLETING THEIR LOAN APPLICATION!