institutional loans
DESCRIPTION
INSTITUTIONAL LOANS. Indiana Wesleyan University Gaytha Holloway Director of Financial Aid College of Arts & Sciences. INSTITUTIONAL LOANS. Packaged : Students not eligible for Perkins Loans Pell eligible students when Perkins funds are depleted. INSTITUTIONAL LOANS. Entrance Counseling - PowerPoint PPT PresentationTRANSCRIPT
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Indiana Wesleyan UniversityGaytha Holloway
Director of Financial AidCollege of Arts & Sciences
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Packaged:
◦ Students not eligible for Perkins Loans
◦ Pell eligible students when Perkins funds are depleted
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Entrance Counseling
◦ Student must complete Entrance Counseling each year they borrow an IWU loan.
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Entrance CounselingINDIANA WESLEYAN UNIVERSITY LOAN - STATEMENT OF RIGHTS AND RESPONSIBILITIES A loan is a serious legal obligation; it is important that you understand your rights and
responsibilities under this program. Your signature on this statement certifies that you understand your responsibilities and you agree to honor them.
I understand that these funds constitute a loan, which must be repaid. I understand that the proceeds of this loan may only be used towards expenses related to my
attendance to Indiana Wesleyan University. I understand that the amount I may borrow is dependent upon financial need, the availability of
funds, and the amount of other financial assistance I am receiving. I understand that my first monthly payment will be due 6 months from the time I graduate or am
no longer enrolled at least half time at an eligible institution.
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Entrance Counseling-continued: I understand that my minimum monthly payment will be at least $30. It may be more if the
amount borrowed requires larger payments. I understand the interest rate for this loan is 8.75% per year. I understand that I may be allowed up to 10 years to repay the loan, depending upon the total
amount I have borrowed. I further understand that I may prepay the loan at any time without penalty.
I understand that if I fail to repay my loan as agreed, the total loan may become due and
payable immediately and legal action could be taken against me. I understand that I may cancel, defer, or refinance my loan only as stated in the body of the
Master Promissory Note. I ATTEST THAT I HAVE READ AND UNDERSTAND THE RESPONSIBILITIES AND OPTIONS
AVAILABLE TO ME, AND THAT I WILL ADHERE TO THEM. __________________ ___________________________________________ Date Borrower Signature
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Promissory Note◦ Student must complete new Promissory Note each year
they borrow an institutional loan
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Information by year:
2006 – 2007 $1,211,203 536
2007 – 2008 $1,136,644 511
2008 – 2009 $1,494,934 587
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Servicing:
◦ University Accounting Services (UAS) Exit Counseling Statement Billing Collect Payments
After six months of no payments the account is sent to collections.
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The rest of the story:
◦ Default Rate 10.84%