Student Loans FINANCIAL AID OFFICE KNOW WHO YOU OWE AND HOW MUCH - - PowerPoint PPT Presentation
Student Loans FINANCIAL AID OFFICE KNOW WHO YOU OWE AND HOW MUCH and WHERE ARE YOU GOING??? Note You MUST READ this complete presentation to be able to answer the relative questions on the Federal Direct Loan Worksheet. The
G o t o h t t p : / / w w w . b l a c k r i v e r t e c h . o r g / f i n a n c i a l - a i d / l o a n s f o r t h e f o r m s :
G o t o w w w . s t u d e n t l o a n s . g o v ) t o C o m p l e t e :
for at least $1700 Pell/semester, it is enough to cover Tuition, Fees, and $500 books for 12 credit hours -- No loans needed
Borrow conservatively….think ahead…..plan ahead! .
payments??
demands)
CREATE A BUDGET!!
Registrar of the school you plan to attend and make sure they accept.
($20,000)? What will the total be if I take loans for a Technical Certificate/Associates????
Will every class I take transfer? MAKE EVERY CLASS COUNT toward your final educational goal!
education I am getting????
these questions.
to do.
completion of that program.
hours you may attempt toward your chosen degree and still maintain Financial Aid eligibility.
dropping a class or getting close to 100 hours to understand the effects this will have on your eligibility to Title IV Funds. (Pell and Loans)
We communicate with students primarily by BRTC email. Make sure you have set up your GMAIL account. Go go www.blackrivertech.edu and access Current Students to activate your account.
Financial Aid REFUNDS are mailed.
frequently.
homepage
* Userid – SSN * Password - 1111 Change your password after first log-in
At BRTC, you must submit a LOAN APPLICATION and request a specific amount. The form must be submitted along with the previously mentioned documents:
Complete Online:
View this Presentation!!!
You accept or decline loans by clicking these boxes. If you want to decrease the amount, you click accept and the amount under the offered tab will allow you to type into it. When you are done, click submit.
2013-2014 BRTC STUDENT LOAN APPLICATION
PO BOX 468 ● POCAHONTAS, AR 72455 ● (870) 248-4000 ● FAX (870) 248-4100
___________________________________________ _______________________
Name SSN
*** STUDENT LOANS ARE OPTIONAL ***
STEP 1: Entrance Loan Counseling is required to be completed ONLY once under the Direct Lending program. You must complete ELC at the following web address www.studentloans.gov. STEP 2: The Master Promissory Note or MPN is required before submitting your loan request to the FA Office. To complete an MPN online, you will be required to use your Department of Education-issued PIN that you used to complete your FAFSA. You must complete the Promissory Note via electronic signature at the following web address www.studentloans.gov. If you do not have a PIN
*** This box MUST be COMPLETED, or the loan will NOT be processed. ***
SEMESTER LOAN LIMITS DEPENDENT INDEPENDENT Subsidized & Unsubsidized Subsidized & Unsubsidized Freshman $1,750 $1000 $1,750 $3,000 Sophomore $2,250 $1000 $2,250 $3,000 *You may request any amount but may not exceed the above maximum limits*
Amount Requested $______________________ / PER SEMESTER for □ Fall ONLY □ Spring ONLY □ Fall AND Spring Signature_____________________________________________ Date Requested_______________________________
Financial Aid Office Use ONLY
Loan Period: ___________________________________________ D________ I________ SAP Status ___________ Budget: $__________________________________________
___________________________________________ Sub: ____________________________________________
___________________________________________ Unsub: ____________________________________________
Grade Level:_________ First-Time Borrower: Y or N
___________________________________________ Loan Worksheet: ________________________
___________________________________________ Entrance Loan Counseling: ________________________
___________________________________________ Master Promissory Note: ________________________
Click on the numbers beside each loan to view Loan Details. This is also one of the pages you will need to print out for your homework.
Here you can see details about your loan, including contact information for your Lender. It is very important to know who you
Log in with your name, SSN, DOB, and PIN from FAFSA
you:
Change your name, address, or phone number
Stop attending school or drop below half-time enrollment
Graduate
Fail to enroll at the school that determined you were eligible to receive your loan
Do not enroll at least half time for the loan period certified by your school
Transfer to another school
drop below half-time attendance (regardless if you plan to transfer to another school), regulations require that you complete an exit counseling
for each school. The counseling session provides information about how to manage your student loans after college.
going??
(Payment is expected even if you do not receive a payment booklet or monthly statement.)
Financial Aid Office will notify you by mail of missing documents and then you must remember to submit them to us. This may be veiwed on Campus Connect under the “Review Aid” option.
Financial Aid awards will be approved
cumulative GA and completing required minimum amount of courses each term
the 150% timeframe allowed for Financial Aid
Associate
60 credit ours 90 hours AAS
Registered Nursing
69 credit hours 104 hours AAS Business Technology 60 hours 90 hours
On 11th day of enrollment Must Complete 12 or more 9 6-8 5 1-5 All attempted
Example:
$6, 800 budget for each semester - Fall/Spring
Any scholarships or other aid received will cause your loan to be reduced!
*** Disbursement Date Schedules are always posted on the FA page of BRTC website ***
1 The estimated payments were calculated using a fixed interest rate of 6.80%. 2 This repayment plan is available only to borrowers who have an outstanding balance on Direct Loan Program loans that exceeds $30,000, and who had no outstanding
balance on a Direct Loan Program loan as of October 7, 1998 or on the date they obtained a Direct Loan Program loan on or after October 7, 1998.
3 These amounts are fixed, rounded to the nearest dollar, and calculated based on a 25-year repayment term. 4 This is your beginning payment, which may increase during your 10-year repayment term. 5 Assumes a 5% annual income growth (Census Bureau). 6 The estimated payments were calculated using the formula requirements in effect during 2006. 7 HOH is Head of Household; assumes a family size of two.
You can also estimate what your monthly loan payments will be after you graduate by using our repayment calculator.
https://studentloans.gov/myDirectLoan/viewSamplePaymentsTable.action
borrower who has partial financial hardship. The IBR monthly payment amount is determined by income, family size, and applicable loan debt and may be adjusted annually depending on these factors.
each month.
income (or combined income with spouse, if married), family size, and total federal Direct Loan debt.
Do your homework to determine what repayment option is most beneficial for you! Go to www.Studentloans.gov and click Complete IBR/Pay as you earn/ICR Repayment Plan Request – it is the easiest way to submit for one of these repayment plans!
all of you loan debts, provided you fulfill certain work-related requirements.
annually – up to $60,000 maximum
affect your credit.
letters and phone calls, which will continue until you resolve the delinquency.
If a loan remains delinquent, you will default. If you default, the entire unpaid balance and any accrued collection fees on the applicable loans will become immediately due and payable.
find full-time employment, or are experiencing an economic hardship). A deferment allows you to temporarily stop making payments on your loan.
are temporarily unable to make your loan payments. Forbearance allows you to temporarily stop making payments on your loan, temporarily make smaller payments, or extend the time for making payments.
Discretionary Forbearance For discretionary forbearances,
your lender decides whether to grant forbearance or not.
You can request a discretionary
forbearance for the following reasons:
Financial hardship Illness Mandatory Forbearance
in a medical or dental internship or residency program & meet requirements
Total owed is 20% or more of your total monthly gross income
National service position which you received a national service award
Teaching service that qualifies for teacher loan forgiveness
Qualify for partial payment under U.S Department of Defense SLRP
National Guard but not activated by governor, but not eligible for a military deferment
loans may be when completed.
www.nslds.ed.gov
R E M E M B E R : Y O U A R E O U R S T U D E N T E V E N I F Y O U G O T O A N O T H E R S C H O O L O R S T O P A T T E N D I N G . W E A R E H E R E T O H E L P Y O U !
brandic@blackrivertech.edu
natasha.rush@blackrivertech.edu
Brandi Chester Misty Bradley Natasha Rush