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 purpose of this information is to benefit to YOU! We want you to have the information needed to be a responsible borrower and to understand your repayment obligations.
Direct Loan Requirements 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 : 1. Loan Application 2. Federal Direct Loan Worksheet 3. Updated Contacts List 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 : 4. Direct Loan Entrance Counseling 5. Master promissory note (MPN)
Do you really need a loan? Approximately 80% of BRTC students qualify for a Pell grant - if you qualify for at least $1700 Pell/semester, it is enough to cover Tuition, Fees, and $500 books for 12 credit hours -- No loans needed Loans are NOT free! You have to pay them back. Borrow conservatively….think ahead…..plan ahead! . Create a budget…and stick to it! Review the loan payment schedule later in this presentation. Can you afford payments?? Can you decrease any of your current expenses? Try ALL other options before taking loans. CREATE A Pell BUDGET!! Scholarships Family/Friend Loans Working at least one job!! (go to school 2 days/nights a week) (depending on program demands)
Authorized Educational Expenses Authorized educational expenses include: Tuition Room and board Institutional fees Books Supplies Equipment Dependent child care expenses Transportation and commuting expenses Rental or purchase of a personal computer Loan fees Other documented, authorized costs
What is your goal?? Think ahead and plan so that you are proactive in your own success! Are you planning on obtaining a Bachelor’s? Are you getting your college“BASICS”? Do your courses at BRTC transfer to ???? Go to acts.adhe.edu/ Visit the Registrar of the school you plan to attend and make sure they accept. How much will I need to complete Bachelor’s ($20,000) and/or Master’s ($20,000)? What will the total be if I take loans for a Technical Certificate/Associates???? If you have over 60 hours, get a degree audit NOW!! Am I close to reaching my 150% max hours limit at BRTC for my Financial Aid? Will every class I take transfer? MAKE EVERY CLASS COUNT toward your final educational goal! Will I have Pell when I transfer?? CAN I PAY THE LOANS BACK with the education I am getting???? * Visit with a Financial Aid Officer or your Advisor if you can not answer these questions.
Where are you going and how do you get there? acts.adhe.edu is the Arkansas Transfer Coursework Website Bachelors degree programs in today’s educational fast tracks…. General Education requirements for your Bachelor’s program
Degree Plans Know what you want to do. KUDER test in Career Center DiscoverArkansas.net has occupations and salaries to help you decide what you want to do. Know what degree you are working on and take ONLY the courses that will lead to completion of that program. Don’t waste loan money on classes you don’t need! You are limited to how many credit hours you may attempt toward your chosen degree and still maintain Financial Aid eligibility. Get advice from Financial Aid when changing degree plans, transferring to a university, 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)
BRTC STUDENT EMAIL 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. Make sure your inbox doesn’t fill up. Email cannot be delivered to a full inbox. Check this EMAIL weekly, if not daily. This is how you will be notified of dates that Financial Aid REFUNDS are mailed. Other departments will also expect you to check this account frequently.
Campus Connect https://connect.blackrivertech.org/cc3_scripts/cc_server.exe Link is at bottom of BRTC homepage Student account access. Use it to: View mid-term and final grades Register for classes View your Student Account and financial aid View your award letter View Holds If a new user, Log in using your * Userid – SSN * Password - 1111 Change your password after first log-in
Types of Loans Subsidized Unsubsidized For students with financial Not based on financial need. need. No interest is charged while: Interest is charged in school at least half time during all periods. during your grace period Don’t have to make during deferment periods. Don’t have to make payments while you are payments while you are attending school at least attending school at least half time and during half time and during your grace period. your grace period.
2013-2014 BRTC STUDENT LOAN APPLICATION Requesting PO BOX 468 ● POCAHONTAS, AR 72455 ● (870) 248 - 4000 ● FAX (870) 248 -4100 ___________________________________________ _______________________ a Name SSN *** S TUDENT LOANS ARE OPTIONAL *** LOAN 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 At BRTC, you must submit complete the Promissory Note via electronic signature at the following web address www.studentloans.gov. If you do not have a PIN or do not remember yours, you may request one from http://www.pin.ed.gov/PINWebApp/pinindex.jsp. a LOAN APPLICATION and *** This box MUST be COMPLETED, or the loan will NOT be processed. *** request a specific amount. SEMESTER LOAN LIMITS DEPENDENT INDEPENDENT Subsidized & Unsubsidized Subsidized & Unsubsidized The form must be Freshman $1,750 $1000 $1,750 $3,000 Sophomore $2,250 $1000 $2,250 $3,000 submitted along with the *You may request any amount but may not exceed the above maximum limits* previously mentioned documents: Amount Requested $______________________ / PER SEMESTER for □ Fall ONLY □ Spring ONLY □ Fall AND Spring Signature_____________________________________________ Date Requested_______________________________ - Direct Loan Worksheet Financial Aid Office Use ONLY - Updated Contacts List Loan Period: ___________________________________________ D________ I________ SAP Status ___________ - AND – Budget: $__________________________________________ -EFC ___________________________________________ Sub: ____________________________________________ -Pell Grant ___________________________________________ Unsub: ____________________________________________ Complete Online: -WIG ___________________________________________ Grade Level:_________ First-Time Borrower: Y or N You accept or decline loans by clicking these boxes. If - Entrance Counseling -WIA ___________________________________________ you want to decrease the amount, you click accept and - Master Promissory Note -Pathways ___________________________________________ Loan Worksheet: ________________________ the amount under the offered tab will allow you to type -TAA ___________________________________________ Contacts List: ________________________ into it. When you are done, click submit. View this Presentation!!! -Rehab ___________________________________________ Entrance Loan Counseling: ________________________ -Other ___________________________________________ Master Promissory Note: ________________________ -Net Available ___________________________________________ Date Entered in POISE: ________________________
NSLDS www.nslds.ed.gov View information about every loan you have ever had, including: Lender/Servicer contact information Amount of loan Amount of interest accrued to date When you received this loan KNOW WHO YOU OWE AND HOW MUCH and ……WHERE ARE YOU GOING???
NSLDS 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 .
NSLDS Here you can see details about your loan, including contact information for your Lender. It is very important to know who you owe and how much!
Common Servicers Get your student account set up with your servicer NOW!!
Entrance Counseling www.studentloans.gov log in, then click “Complete Entrance Counseling” A requirement for student loans Explains: Log in with your borrower responsibilities name, SSN, DOB, interest rates and PIN from FAFSA grace periods when to pay how much you’ll pay how/why to go into deferment or forbearance what happens if you don’t pay (default) Takes about 30-45 minutes
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