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AUSTIN COLLEGE GRANT/LOAN PROGRAM DISCLOSURE FORM The Austin College Grant/Loan is an effort by Austin College to provide essential need-based assistance to full-time students pursuing a baccalaureate degree at Austin College. Primary characteristics of the program are as follows: 50% of the grant-loan will be forgiven for students maintaining continuous full-time enrollment and graduating within five years of admission. Students withdrawing before graduation will be obligated to repay the full amount. Interest will not be charged while the student is enrolled full-time at Austin College. The Interest rate is variable and will be set at 3% over the ninety-one day Treasury Bill rate on January 2 of each year. Repayment and interest charges will begin six months after graduation or withdrawal. The maximum period for repayment is 10 years. The minimum monthly payment is $30. Therefore, smaller loans may pay out in less than 10 years. Repayment Deferral: Payment of principal may be deferred during any time you are enrolled as a full-time student up to a maximum of three years. Payment of interest will not be deferred and will commence six (6) months after graduation/withdrawal from Austin College. Austin College will report this loan to credit reporting bureaus. The Austin College Grant/Loan is offered as part of a comprehensive aid package--the offer of a Grant/Loan is withdrawn if a student rejects other need-based student loans (Federal Subsidized Stafford Loans and Federal Perkins Loans) listed on the student’s Award Letter. These awards are made at the discretion of the administration of Austin College within the guidelines of the overall philosophy and policies for packaging need-based financial aid. EXAMPLE: A student who received a $3,000 Austin College Grant/Loan as a freshman and the same amount each year for the next three years would have received a total of $12,000 from the program. Upon graduation, $6,000 would be forgiven. The remaining $6,000 would be set up for repayment. Since the 91-day Treasury Bill rate on January 2, 2009, was .05%, had this student’s loan been set up for repayment during 2009, the interest rate would be 3.05%. At this rate, the monthly payment for a $6,000 loan amortized over 10 years would be $58.08. In order to receive the Austin College Grant/Loan, a student must (a) complete the FAFSA, (b) be awarded the Austin College Grant/Loan by the Director of Financial Aid as a part of a complete financial assistance package, (c) accept the Austin College Grant/Loan by circling “yes” by the award and returning the signed copy of the Award Letter to the Financial Aid Office, (d) also accept any need-based loans (Subsidized Stafford and Perkins Loans) awarded as part of the student’s financial aid package and listed on the Award Letter, (e) sign and return a copy of this program Disclosure Form, certifying that the student has read and understood the characteristics of the program and would like to receive the award, (f) complete and sign the Master Promissory Note, (g) complete the Austin College Student Loan Information Form and (h) each semester complete and sign the required affidavit as requested by the Austin College Business Office. CERTIFICATION STATEMENT: I have read and understood the above information about the Austin College Grant/Loan program and wish to receive this award. Furthermore, after graduating from Austin College, I pledge in “good faith” to give gifts in kind to the College, to the extent that I am able, to help sustain this grant-loan program or other programs which will assist future generations of students. Signature: _____________________________________________ Date: ___________________________ Printed full name: _______________________________________ Social Security #: _______________________________________ Last Revised Jan 2009