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Loans and Work Study |
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Default Management |
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Institutional Grants |
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FAFSA Guide |
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Scholarships / Grants |
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THINGS YOU SHOULD KNOW ABOUT
YOUR STUDENT LOAN
The Office of Default Management was established to aggressively address
the issue of student loan default prevention at Paul Quinn College. Your
Default Management Representative is available to assist in determining
the best way to finance your education. In addition, repayment options are
available and your representative can discuss those options with you.
Some of the services offered are:
Personal counseling
Identification of responsible and selective borrowing techniques
Comprehensive information on educational opportunities
Identification of alternative sources to finance higher education
Technological enhancements to better service your loan
Career and placement strategies
Consistent personal contact and follow up
A commitment to alumni awareness and support
For your personal consultation call
214.302.3697.
Repayment Loans from Sallie Mae
Sallie Mae offers borrowers a variety of repayment options. To sign up for
any of the following plans, you can download a repayment option request
form where provided below or call 888/2-SALLIE (888/272-5543).
For more than a quarter-century, Sallie Mae has been helping students
achieve their dreams of higher education by providing funds for
educational loans, primarily federally guaranteed student loans originated
under the Federal Family Education Loan Program (FFELP). The company
currently owns or manages student loans for more than five million
borrowers and is the nation's leading provider of education loans.
Sallie Mae plays an integral role in educating parents, students and
educators about the financial aid process. Through its specialized
subsidiaries and divisions, Sallie Mae also provides an array of consumer
credit loans, including those for life-long learning and K-12 education,
and business and technical outsourcing services for colleges and
universities nationwide.
Federal Family Education Loan
Program (FFEL)
The Higher Education Amendments of 1992 renamed the Guaranteed Student
Loan Program the Federal Family Education Loan Program. Individual program
names have been changed to the Federal Stafford Loan (formerly Guaranteed
Student Loan), Federal Supplemental Loan for Students (SLS), and Federal
Plus Loans. These programs make long-term loans available to students
attending institutions of higher education. The intent of the FFEL Program
is to help
students and parents pay for college costs.
Federal Stafford Loans - Subsidized and
Unsubsidized
These low interest loans are made by a lender such as a bank, credit
union, or savings and loan association. The loans are insured by a
guarantee agency and reinsured by the federal government. Students must
repay loans. If you have a "subsidized Stafford Loan," the government pays
the interest while you are in school or in deferment and therefore
subsidizes or supports the loan. If you have an "unsubsidized Stafford
Loan," you are responsible for the interest during in-school and deferment
periods. After you graduate, leave school, or drop below half-time, you
have six months before you begin repayment. This is referred to as the
GRACE PERIOD.
Federal PLUS Loans
Federal Plus Loans are for parents who borrow to help pay for their
son/daughter's educational expenses. A parent may not borrow more than the
cost of education minus any other financial aid received by the student.
Federal Plus Loan borrowers must make their first payments within 60 days
of the final loan disbursement. There is no GRACE PERIOD for these loans. |
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