student financial assistance—adult & graduate and online
TRANSCRIPT
Student Financial Assistance—Adult & Graduate
and Online Programs
Academic programs designed for working adults in the College of Adult and Professional Studies, the Graduate
School (except for Graduate Counseling), the School of Nursing—Division of Post-licensure Nursing and
Division of Graduate Studies in Nursing, the Wesley Seminary, and any other non-term programs:
Types of aid available.
o Types of Aid | Adult and Graduate | Financial Aid | Indiana Wesleyan University
o Types of Aid | Federal Student Aid
Terms and conditions for Title IV loans.
o Loans | Federal Student Aid
o Direct Loans—Master Promissory Notes and Associated Documents
o National Student Loan Data System for Students
o Perkins Loans | Federal Student Aid
o Resources | Adult and Graduate | Financial Aid | Indiana Wesleyan University (see “Managing
Student Loans”)
Eligibility and procedures for aid application.
o Adult Graduate | Admissions | Indiana Wesleyan University
o Apply For Aid | Adult and Graduate | Financial Aid | Indiana Wesleyan University
o Financial Aid - CAPS "General Eligibility Requirements"
Criteria for aid determinations.
o Consumer Information | Adult and Graduate | Financial Aid | Indiana Wesleyan University
o Financial Aid - CAPS "How Eligibility is Determined and Student Financial Aid is Awarded"
o Indiana Wesleyan University | CAPS Financial Aid Estimator
o Estimate Your Aid | Federal Student Aid
Methods and frequency of aid disbursements.
o Financial Aid - CAPS ”How and When Student Financial Aid is Disbursed"
Rights and responsibilities of aid recipients including the responsibility for satisfactory academic
progress.
o Consumer Information | Adult and Graduate | Financial Aid | Indiana Wesleyan University
o Refund Policy - Degree Programs
o Refund Policy - Elective Courses
o State-Specific Refund Policies
o Financial Aid - CAPS "Withdrawals and Refunds"
o Withdrawal/Change in Status
o Leave of Absence Policy
o Satisfactory Academic Progress (SAP)
o IWU Student Loan Code of Conduct
o Notice of Federal Student Aid Penalties for Drug Law Violations
Terms of loans with examples of repayment schedules.
o Loan Repayment Chart
o Understanding Repayment | Federal Student Aid
o Repayment Plans | Federal Student Aid
o Repayment Estimator
Loan counseling requirements.
o Entrance Counseling
Apply For Aid | Adult and Graduate | Financial Aid | Indiana Wesleyan University (see
Step 3 for specific instructions and a link to a Loan Entrance Counseling Session)
Entrance Counseling | Federal Student Aid (for general information)
o Loan Exit Counseling | Adult and Graduate | Financial Aid | Indiana Wesleyan University
Disclosures Related to Education Loans
o State and Federal Grant Assistance
Grants | Adult and Graduate | Financial Aid | Indiana Wesleyan University
Education Resource Organizations Directory (EROD)
o Student Loan Information Published by Department of Education
o National Student Loan Data System for Students
o Entrance Counseling | Federal Student Aid
o TEACH Grant Exit Counseling
o Private Education Loan Disclosures (including Self-Certification Form)
Maximum amount of Title IV, HEA grant and loan aid available
Federal Student Aid Grant Programs Fact Sheet
Federal Student Aid Loan Programs Fact Sheet
FASTChoice Lender Disclosures
Student Loan Application | Discover Student Loans Student Loan Application
Forms
TruFit Student Loan | Charter One
Sallie Mae Smart Option Student Loan Application and Solicitation Disclosure
Wells Fargo Collegiate Loan Application and Solicitation Disclosure
Alternative Private Education Loan | Adult and Graduate | Financial Aid | Indiana
Wesleyan University
Nurse Faculty Loan Program (NFLP)
Nurse Faculty Loan Program | Adult and Graduate | Financial Aid | Indiana
Wesleyan University
Loan Application Disclosure Form
Indiana Wesleyan University (IWU) Loan
Private Education Loan Applicant Self-Certification
o Code of Conduct for Education Loans
IWU Student Loan Code of Conduct
o Lender List
Indiana Wesleyan University does not maintain a preferred lender list, and the presence
of a lender on our lender list does not imply endorsement. The statement below,
however, is provided in the spirit of open disclosure regarding our relationships with
student loan providers and of providing complete information to prospective borrowers.
FASTChoice Lender List Disclosure Statement
o Preferred Lender Arrangements
Indiana Wesleyan University does not participate in any preferred lender arrangement.
The statement below, however, is provided in the spirit of open disclosure regarding our
relationships with student loan providers.
FASTChoice Lender List Disclosure Statement
STUDENTS CONVICTED OF POSSESSION OR SALE OF DRUGS (Source: pp. 1-14 and 1-15, Federal Student Aid Handbook, 2015-2016)
A federal or state drug conviction (but not a local or municipal conviction) can disqualify a student for
Federal Student Aid (FSA) funds.
Convictions only count against a student for aid eligibility purposes (FAFSA question 23c) if they were
for an offense that occurred during a period of enrollment for which the student was receiving Federal
Student Aid—they do not count if the offense was not during such a period, unless the student was denied
federal benefits for drug trafficking by a federal or state judge. Also, a conviction that was reversed, set
aside, or removed from the student’s record does not count, nor does one received when she was a
juvenile, unless she was tried as an adult.
The chart below illustrates the period of ineligibility for FSA funds, depending on whether the conviction
was for sale or possession and whether the student had previous offenses. (A conviction for sale of drugs
includes convictions for conspiring to sell drugs.)
Possession of illegal drugs
Sale of illegal drugs
1st offense 1 year from date of conviction 2 years from date of conviction
2nd offense 2 years from date of conviction Indefinite period
3+ offenses Indefinite period
If the student was convicted of both possessing and selling illegal drugs, and the periods of
ineligibility are different, the student will be ineligible for the longer period.
A student regains eligibility the day after the period of ineligibility ends (i.e., for a 1st or 2nd
offense); or when he or she successfully completes a qualified drug rehabilitation program that includes
passing two unannounced drug tests given by such a program. Further drug convictions will make him
ineligible again.
Students denied eligibility for an indefinite period can regain eligibility after completing any of the
following 3 options:
1) Successfully completing a rehabilitation program, as described below, which includes passing two
unannounced drug tests from such a program);
2) Having the conviction reversed, set aside, or removed from the student’s record so that fewer than
two convictions for sale or three convictions for possession remain on the record; or
3) Successfully completing two unannounced drug tests which are part of a rehab program (the
student does not need to complete the rest of the program).
STUDENTS CONVICTED OF POSSESSION OR SALE OF DRUGS (Source: pp. 1-14 and 1-15, Federal Student Aid Handbook, 2015-2016)
In such cases, the nature and dates of the remaining convictions will determine when the student
regains eligibility. It is the student’s responsibility to certify to Indiana Wesleyan University that she has
successfully completed the rehabilitation program.
When a student regains eligibility during the award year, Indiana Wesleyan University will evaluate
the student’s eligibility and if eligible, award Pell grant, TEACH, and Campus-based aid for the current
payment period and Direct Loans for the period of enrollment.
Standards for a qualified drug rehabilitation program A qualified drug rehabilitation program must include at least two unannounced drug tests and satisfy
at least one of the following requirements:
• Be qualified to receive funds directly or indirectly from a federal, state, or local government program.
• Be qualified to receive payment directly or indirectly from a federally-or state-licensed insurance
company.
• Be administered or recognized by a federal, state, or local government agency or court.
• Be administered or recognized by a federally- or state-licensed hospital, health clinic, or medical
doctor.
If a student certifies that he has successfully completed a drug rehabilitation program, but Indiana
Wesleyan University has reason to believe that the program does not meet the requirements, Indiana
Wesleyan University will verify if it does before paying a student any FSA funds.
How Your Loan Options Are Determined
The lenders and loan options presented in FASTChoice were selected for the excellent terms and benefits they
provide to borrowers. Our institution has worked with these lenders in the past, and previous borrowers had
positive experiences working with them.
To determine which lenders and loan options to present, we use strict criteria based on your interests and not
those of our institution. We recognize only those lenders who provide you with exceptional customer service,
excellent incentives (e.g., low interest rates, no origination fees, and loan principal reductions), timely
processing, and electronic funds transfer capabilities when possible.
All of the information provided on the Loan Options page is reviewed annually to ensure that the benefits that
the lenders offer continue to adhere to our criteria. Any loan options that no longer adhere to our criteria are
removed, and new loan options are added. At least two lenders will be presented to you at all times.
You are free to select any lender you choose, including those not presented. If you choose a lender that is
not presented, please contact that lender for instructions to complete the application process. Application
processing will not be delayed unnecessarily if you choose a lender not presented.
Our officials are prohibited from accepting any financial or other benefits in exchange for displaying lenders
and loan options in FASTChoice. Prohibited activities include: receiving compensation to serve on any lender
board of directors or advisory boards; accepting gifts including trips, meals, and entertainment; allowing lenders
to staff our institution's financial aid office; allowing lenders to place our institution's name or logo on any of
their products; and owning of lenders' stock (for college officials who make financial decisions for our
institution).
Here are loan options for you to explore.
Private Loan Options for Indiana Wesleyan University
Keep in mind that you may qualify for Federal education loans. For additional information contact your school's
financial aid office or the Department of Education. The terms and conditions of Federal education loans may
be more favorable than the provisions of private education loans.
The inclusion of a loan product or lender on this site does not imply endorsement. We do not endorse any loan
products or lenders. Note that information is provided by the lender and is subject to change. We are not
responsible for the content lenders provide or the content of lender websites. Contact lenders directly to
confirm details if needed.
Understand your interest rate options
Wells Fargo offers you the choice of variable and fixed interest rates. Each option has unique advantages to consider before choosing your rate.
How are they different?
Variable interest rates
Generally provide a lower initial rate than fixed rates The interest rate may increase or decrease over the life of the loan Monthly payments may increase or decrease over the life of the loan
• • •
• • •
Fixed interest rates
The interest rate remains the same over the life of the loan Allow you to better predict how much total interest you’ll pay on your loan Monthly payments will remain the same over the life of the loan
Included are two Application Disclosures; one for the variable interest rate and one for the fixed interest rate. The Application Disclosures will help you understand the terms of the loan program and the cost of taking the loan.
Please review the pages carefully before choosing your interest rate.
Loans subject to qualification Wells Fargo Education Financial Services is a division of Wells Fargo Bank, N.A. All rights reserved. © 2014 Wells Fargo Bank, N.A. Equal Opportunity Lender. Rev. (05-2014) Page of
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Wells Fargo Collegiate® Loan Application and Solicitation Disclosure
Education Financial Services P.O. Box 5185 Sioux Falls, SD 57117-5185 1-800-658-3567 FAX: 1-800-456-0561
Loan Interest Rate & Fees
Your starting interest rate will be between
% and %
After the starting rate is set, your rate will then vary with the market.
Your Starting Interest Rate (upon approval) The starting interest rate you pay will be determined after you apply. It will be based upon your credit history and other factors, including cosigner credit and your/cosigner's relationship with the Bank. If approved, we will notify you of the rate you qualify for within the stated range.
Your Interest Rate during the life of the loan. Your rate is variable. This means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the Prime Rate (a publicly available interest rate we use to set the variable rate). For more information on this rate, see the reference notes.
Although your rate will vary, it will never exceed (the maximum allowable for this loan).
Loan Fees Application Fee: $ Origination Fee: The fee that we charge to make this loan is %. Loan Guarantee Fee: % Repayment Fee: % Late Charge: $ Returned check charge: $
Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon three (3) different repayment options available to you while enrolled in school.
Repayment Option Amount Provided (amount provided
directly to your school)
Interest Rate (highest starting possible rate)
Loan Term (how long you have to
pay off the loan)
Total Paid over years
(includes associated fees)
1. DEFER PAYMENTS Make no payments while enrolled in school. Interest will be charged and added to your loan
$ % years
starting after the deferment period
$
2. PAY ONLY THE INTEREST Make interest payments but defer payments on the principal amount while enrolled in school
$ % years
starting after the deferment period
$
3. MAKE FULL PAYMENTS Pay both the principal and interest amounts while enrolled in school
$ % years
starting after your first payment
$
About this example The repayment example assumes that you remain in school for years and have a month grace period before beginning repayment of the year repayment term. It is based on the highest starting rate currently charged and associated fees.
Wells Fargo Education Financial Services is a division of Wells Fargo Bank, N.A. © 2014 Wells Fargo Bank, N.A. Equal Opportunity Lender Rev. (05-2014)
See reverse side for important information Page of
Federal Direct Loan Alternatives Loan Program Current Interest Rates by Program Type
PERKINS for Students % fixed
% fixed Undergraduate subsidized
STAFFORD for Students % fixed Undergraduate unsubsidized
% fixed Graduate unsubsidized
PLUS for Parents % fixed
PLUS for Graduate/Professional Students % fixed
You may qualify for Federal education loans.
For additional information on student loan options, contact your school’s financial aid office or the Department of Education at:
www.federalstudentaid.ed.gov
Next Steps 1. Find Out About Other Loan Options Some schools have school-specific student loan benefits and terms that are not detailed on this form. Contact your school’s financial aid office or visit the Department of Education’s website at www.federalstudentaid.ed.gov for more information about other loans.
2. To Apply For This Loan, Complete the Application If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable rate may change based on the market).
Reference Notes Variable Interest Rate
This loan has a variable interest rate, that is based on a publicly available index, the Prime Rate. Your rate will be calculated each month by adding a margin between % and % to the Prime Rate. The Index (which is equal to the Prime Rate) is subject to a contractual minimum of %. The rate will not increase more than once a month and will never exceed % (the maximum allowable for this loan).
Wells Fargo Relationship Discount - The Wells Fargo Relationship Discount will apply for the life of the loan if the borrower or any cosigner has a Qualified Relationship with the Bank at any time between the application and issuance of the Final Disclosure. Please ask the Bank about what constitutes a "Qualified Relationship" if you have any questions about this feature. Further Relationship Discount details are set forth in the Loan Request/Consumer Credit Agreement.
Eligibility Criteria Borrower:
Must be enrolled as an undergraduate student at an eligible school, and seeking a degree, certificate, or license.
Must be a U.S. Citizen, permanent resident alien without conditions, or an international student who is a temporary resident alien with a current U.S. address and with proper evidence of eligibility. For permanent and temporary resident aliens, a U.S. citizen cosigner is required.
Must meet credit, debt to income, and employment requirements on your own or apply with a cosigner that meets such requirements.
Cosigner:
Most students will need a cosigner for this loan to meet underwriting requirements. Rates are typically higher without a cosigner; however, cosigners are not required for qualifying student borrowers.
Borrower/Cosigner:
Must be at the age of majority or older at the time of the application. The age of majority is 18 years old in all states except Alabama and Puerto Rico. The age of majority in Alabama is 19. The age of majority in Puerto Rico is 21.
Cosigner Release:
A cosigner may be released from the loan if the borrower is a U.S. Citizen and requests release of the cosigner after the first 24 consecutive monthly payments are made on time, no forbearances/modifications were granted for hardship reasons during those 24 months, and the borrower meets a full credit evaluation at the time of the request.
Bankruptcy Limitations
If you file for bankruptcy you may still be required to repay this loan.
More information about loan eligibility and repayment deferral options will be available in your Loan Request/Consumer Credit Agreement.
Wells Fargo Education Financial Services is a division of Wells Fargo Bank, N.A. © 2014 Wells Fargo Bank, N.A. Equal Opportunity Lender Rev. (05-2014) Page of
Wells Fargo Collegiate® Loan Application and Solicitation Disclosure Education Financial Services P.O. Box 5185 Sioux Falls, SD 57117-5185 1-800-658-3567 FAX: 1-800-456-0561
Loan Interest Rate & Fees
Your interest rate will be between
% and %
After the rate is set, it will be fixed for the entire term of the loan.
Your Interest Rate (upon approval) The interest rate you pay will be determined after you apply. It will be based upon your credit history and other factors, including cosigner credit and your/cosigner's relationship with the Bank. If approved, we will notify you of the rate you qualify for within the stated range.
Your Interest Rate during the life of the loan. Your rate is fixed. This means that your interest rate will never change during the life of your loan. For more information on this rate, see the Reference Notes.
Your rate will not change after you are approved.
Loan Fees Application Fee: $ Origination Fee: The fee that we charge to make this loan is %. Loan Guarantee Fee: % Repayment Fee: % Late Charge: $ Returned check charge: $
Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon three (3) different repayment options available to you while enrolled in school.
Repayment Option
Amount Provided (amount provided directly to your school)
Interest Rate (highest possible rate)
Loan Term (how long you have to pay off the loan)
Total Paid over years
(includes associated fees)
1. DEFER PAYMENTS Make no payments while enrolled in school. Interest will be charged and added to your loan
$ % years
starting after the deferment period
$
2. PAY ONLY THE INTEREST Make interest payments but defer payments on the principal amount while enrolled in school
$ % years
starting after the deferment period
$
3. MAKE FULL PAYMENTS Pay both the principal and interest amounts while enrolled in school
$ % years
starting after your first payment
$
About this example The repayment example assumes that you remain in school for years and have a month grace period before beginning repayment of the year repayment term. It is based on the highest rate currently charged and associated fees.
Wells Fargo Education Financial Services is a division of Wells Fargo Bank, N.A. © 2014 Wells Fargo Bank, N.A. Equal Opportunity Lender Rev. (05-2014)
See reverse side for important information Page of
Federal Direct Loan Alternatives Loan Program Current Interest Rates by Program Type
PERKINS for Students % fixed
% fixed Undergraduate subsidized
STAFFORD for Students % fixed Undergraduate unsubsidized
% fixed Graduate unsubsidized
PLUS for Parents % fixed
PLUS for Graduate/Professional Students % fixed
You may qualify for Federal education loans.
For additional information on student loan options, contact your school’s financial aid office or the Department of Education at:
www.federalstudentaid.ed.gov
Next Steps 1. Find Out About Other Loan Options Some schools have school-specific student loan benefits and terms that are not detailed on this form. Contact your school’s financial aid office or visit the Department of Education’s website at www.federalstudentaid.ed.gov for more information about other loans. 2. To Apply For This Loan, Complete the Application If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law).
Reference Notes
Fixed Interest Rate
Wells Fargo Relationship Discount - The Wells Fargo Relationship Discount will apply for the life of the loan if the borrower or any cosigner has a Qualified Relationship with the Bank at any time between the application and issuance of the Final Disclosure. Please ask the Bank about what constitutes a "Qualified Relationship" if you have any questions about this feature. Further Relationship Discount details are set forth in the Loan Request/Consumer Credit Agreement.
Eligibility Criteria Borrower:
Must be enrolled as an undergraduate student at an eligible school, and seeking a degree, certificate, or license.
Must be a U.S. Citizen, permanent resident alien without conditions, or an international student who is a temporary resident alien with a current U.S. address and with proper evidence of eligibility. For permanent and temporary resident aliens, a U.S. citizen cosigner is required. Must meet credit, debt to income, and employment requirements on your own or apply with a cosigner that meets such requirements.
Cosigner: Most students will need a cosigner for this loan to meet underwriting requirements. Rates are typically higher without a cosigner; however, cosigners are not required for qualifying student borrowers.
Borrower/Cosigner: Must be at the age of majority or older at the time of the application. The age of majority is 18 years old in all states except Alabama and Puerto Rico. The age of majority in Alabama is 19. The age of majority in Puerto Rico is 21.
Cosigner Release: A cosigner may be released from the loan if the borrower is a U.S. Citizen and requests release of the cosigner after the first 24 consecutive monthly payments are made on time, no forbearances/modifications were granted for hardship reasons during those 24 months, and the borrower meets a full credit evaluation at the time of the request.
Bankruptcy Limitations If you file for bankruptcy you may still be required to repay this loan.
More information about loan eligibility and repayment deferral options will be available in your Loan Request/ Consumer Credit Agreement.
Wells Fargo Education Financial Services is a division of Wells Fargo Bank, N.A. © 2014 Wells Fargo Bank, N.A. Equal Opportunity Lender Rev. (05-2014) Page of
Indiana Wesleyan University Loan Application and Solicitation Disclosure Form
Page 1 of 2
Indiana Wesleyan University
4201 South Washington St.
Marion, IN 46953
Financial Aid Office, Non-Residential
(765) 677-2516 Loan Interest Rate & Fees
Your interest rate will be
8.75%
Your Interest Rate (upon approval)
The interest rate you pay will be 8.75% if you are approved. Based
on the current interest rate, your estimated annual percentage rate
(APR), which is the cost of your loan as a yearly rate, is 8.75%
Your Interest Rate during the life of the loan
Your rate is fixed for the duration of the loan.
Loan Fees
There are no loan fees associated with this loan. There are no fees for late payments, but the borrower may be billed if collection costs are incurred by the University.
Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates
based upon the repayment option available to you while enrolled in school.
Repayment Option Amount Provided Interest Rate Loan Term Total Paid Over
(while enrolled in school) (amount provided (highest possible (how long you have to the Term of the Loan
directly to you or your starting rate) pay off the loan) (includes associated
school) fees)
DEFER PAYMENTS
Make no payments while enrolled in school. Interest will be charged and added to your loan starting after the deferment period.
$5,000
8.75%
10 years
starting after the
deferment period.
$7,519.61
About this example The repayment example above is based on the stated fixed rate currently
available and associated fees. The calculations assume that deferment lasts
the total length of the program in which you are enrolled plus six months.
The repayment period will last ten years unless payments are larger than the
minimum.
Continued on Back Page
Page 2 of 2
Federal Loan Alternatives
You may qualify for Federal education loans.
For additional information,
contact your school’s financial aid
office or the Department of
Education at:
www.studentaid.ed.gov
Next Steps
1. Find Out About Other Loan Options.
Some schools have school-specific student loan benefits and terms not detailed on this form. Contact
your school’s financial aid office or visit the Department of Education’s web site at:
www.studentaid.ed.gov for more information about other loans.
2. To Apply for this Loan, Complete the Application and the Self-Certification Form.
You may get the certification form from your school’s financial aid office. If you are approved for this
loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted
by law).
REFERENCE NOTES
Eligibility Criteria
Must be enrolled at Indiana Wesleyan University at least half time
Bankruptcy Limitations
If you file for bankruptcy, you may still be required to pay back this loan.
Loan Program Current Interest Rates by Program Type
PERKINS for Students
5% fixed
STAFFORD for Students
4.66% fixed Undergraduate subsidized and unsubsidized 6.21% fixed Graduate unsubsidized
DIRECT PLUS For Parents and Graduate/Professional Students
7.21% fixed Federal Direct Loan
________________________________________________________________________________________________ Important: Pursuant to Section 155 of the Higher Education Act of 1965, as amended, (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan. The school is required on request to provide this form or the required information only for students admitted or enrolled at the school. Throughout this Applicant Self-Certification, “you” and “your” refer to the applicant who is applying for the loan. The applicant and the student may be the same person. Instructions: Before signing, carefully read the entire form, including the definitions and other information on the following page. Submit the signed form to your lender.
SECTION 1: NOTICES TO APPLICANT • Free or lower-cost Title IV federal, state, or school student financial aid may be available in place of, or in addition to, a private
education loan. To apply for Title IV federal grants, loans and work-study, submit a Free Application for Federal Student Aid (FAFSA) available at www.fafsa.ed.gov, or by calling 1-800-4-FED-AID, or from the school’s financial aid office.
• A private education loan may reduce eligibility for free or lower-cost federal, state, or school student financial aid. • You are strongly encouraged to pursue the availability of free or lower-cost financial aid with the school’s financial aid office. • The financial information required to complete this form can be obtained from the school’s financial aid office. If the lender has
provided this information, you should contact your school’s financial aid office to verify this information and to discuss your financing options.
SECTION 2: COST OF ATTENDANCE AND ESTIMATED FINANCIAL ASSISTANCE If information is not already entered below, obtain the needed information from the school’s financial aid office and enter it on the appropriate line. Sign and date where indicated. See Section 5 for definitions of financial aid terms.
A. Student’s cost of attendance for the period of enrollment covered by the loan $____________________ B. Estimated financial assistance for the period of enrollment covered by the loan $____________________ C. Difference between amounts A and B
WARNING: If you borrow more than the amount on line C, you risk reducing your eligibility for free or lower-cost federal, state, or school financial aid.
$____________________
SECTION 3: APPLICANT INFORMATION Enter or correct the information below. Full Name and Address of School ________________________________________________________________________________________________________ Applicant Name (last, first, MI) ___________________________________________________ Date of Birth (mm/dd/yyyy) _____/_____/__________ Permanent Street Address __________________________________________________________________ City, State, Zip Code __________________________________________________________________ ____________________ Area Code / Telephone Number Home ( ) ____________________________ Other ( ) ____________________________
E-mail Address________________________________________________________________________________________
Period of Enrollment Covered by the Loan (mm/dd/yyyy) From _____ / _____ / _______ to _____ / _____ / _______ If the student is not the applicant, provide the student’s name and date of birth. Student Name (last, first, MI) ____________________________________________________ Student Date of Birth (mm/dd/yyyy) _____/_____/__________
SECTION 4: APPLICANT SIGNATURE I certify that I have read and understood the notices in Section 1 and, that to the best of my knowledge, the information provided on this form is true and correct. Signature of Applicant ____________________________________________________________________ Date (mm/dd/yyyy) _______________________
OMB No. 1845-0101 Form Approved Exp. Date 05-31-2016
Private Education Loan Applicant Self-Certification
This space for lender use only
SECTION 5: DEFINITIONS Cost of attendance is an estimate of tuition and fees, room and board, transportation, and other costs for the period of enrollment covered by the loan, as determined by the school. A student’s cost of attendance may be obtained from the school’s financial aid office. Estimated financial assistance is all federal, state, institutional (school), private, and other sources of assistance used in determining eligibility for most Title IV student financial aid, including amounts of financial assistance used to replace the expected family contribution. The student’s estimated financial assistance is determined by the school and may be obtained from the school’s financial aid office. A lender is a private education lender as defined in Section 140 of the Truth in Lending Act and any other person engaged in the business of securing, making, or extending private education loans on behalf of the lender. A period of enrollment is the academic year, academic term (such as semester, trimester, or quarter), or the number of weeks of instructional time for which the applicant is requesting the loan. A private education loan is a loan provided by a private education lender that is not a Title IV loan and that is issued expressly for postsecondary education expenses, regardless of whether the loan is provided through the school that the student attends or directly to the borrower from the private education lender. A private education loan does not include (1) An extension of credit under an open-end consumer credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other loan that is secured by real property or a dwelling; or (2) An extension of credit in which the school is the lender if the term of the extension of credit is 90 days or less or an interest rate will not be applied to the credit balance and the term of the extension of credit is one year or less, even if the credit is payable in more than four installments. Title IV student financial aid includes the Federal Pell Grant Program, the Federal Supplemental Educational Opportunity Grant (FSEOG) Program, the Federal Work-Study (FWS) Program, the William D. Ford Federal Direct Loan (Direct Loan) Program, the Federal Perkins Loan Program, and the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program. To apply for Title IV federal grants, loans, and work-study, submit a Free Application for Federal Student Aid (FAFSA), which is available at www.fafsa.gov, by calling 1-800-4-FED-AID, or from the school’s financial aid office.
SECTION 6: PAPERWORK REDUCTION NOTICE Paperwork Reduction Notice: According to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays a currently valid OMB control number. The valid OMB control number for this information collection is 1845-0101. The time required to complete this information collection is estimated to average 0.25 hours (15 minutes) per response, including the time to review instructions, search existing data resources, gather and maintain the data needed and complete and review the information collection. If you have any comments concerning the accuracy of the time estimate(s) or suggestions for improving this form, please write to: U.S. Department of Education, Washington, DC 20202-4651 If you have any comments or concerns regarding the status of your individual submission of this form, contact your lender.