Financial Aid - Additional Information

Notice To Enrolled Students, Parents of Enrolled Students, Prospective Students, Faculty and Staff

You have the right to review various disclosures. The disclosures and the corresponding descriptions identified below are intended to assist you in making informed decisions. To obtain the disclosures, make a written request to the proper department, as noted, or by accessing the links below.

• Rights under Family Education Rights and Privacy Act (FERPA) Details about what data may be provided to you and to other persons and how you may choose to limit what data is shared. ("Academic Quarterly" and Registrar's office)
• FFEL Loan Deferments for Performed Services Identifies terms and conditions of deferments for Peace Corps, Domestic Volunteer Services, etc. (Financial Aid office)
• Available Financial Assistance Description of all available federal, state, local, private, and institutional financial need-based and non-need-based assistance programs. (Financial Aid office)
• Institutional Information Details of policies and procedures for all students and any special services and facilities for disabled students. (Each office on campus maintains their own policies and procedures)
• Completion/Graduation Rates and Transfer Out Rates (Student Right to Know Act) Identifies percentages of students who complete their program of study or transfer to the next level of learning. (Registrar's office)
• Completion/Graduation Rates and Transfer Out Rates for Student Athletes (Student Right to Know Act) Statistical data showing number of students, number of athletes, completion rates, transfer out rates, and averages for these categories by race and gender. (Athletics & Registrar offices)
• Campus Security Report Statistics of crimes or offenses on and around the campus. (Security office)
• Report on Athletics Program Participation Rates and Financial Support Data (Equity in Athletics Disclosure Act) Statistical data showing revenues, expenses, varsity participants, recruiting expenses, average salaries of coaches and assistant coaches. (Athletics office)
• Alcohol & Drug Abuse Policy Adopted and implemented by Life University to prevent the use of illicit drugs and alcohol.

Debt Management
Visit Access Group's Web site and select "In-School Budgeting". (Requires Macromedia Flash Player- see tutorial tips and browser requirements.)

Borrowing Loans

Your Student Loan History
You can access your complete history of federal student financial aid received at all colleges and universities at the Department of Education's National Student Loan Data System (NSLDS). You will need your Federal PIN number. Go to the U.S. Department of Education's PIN Site if you need to request a PIN or if you have forgotten your PIN.

If your lender is AMS, FNB Chicago/EFG or Fleet/BAC, your loans have been guaranteed by Sallie Mae (formerly USA Group). To review your account information, Show Me My Loan Data will give you status, payoff, interest, and balance rates of all your loans serviced by Sallie Mae.

Calculating your Loan Repayment - Loan Calculators

If you would like to calculate your estimated repayment based on different loan amounts, use the online Student Loan Calculators maintained by Sallie Mae, or refer to the chart below which illustrates several repayment options.

Sample Repayment Options

The following table shows possible repayment options for a student borrowing $87,194 (includes a two quarter undergraduate level Federal Stafford loan of $13,194 and four graduate level Federal Stafford loans at $18,500 each).  It provides estimated initial monthly payments only.  Many payment options will require higher payments over time; check with your lender for specific details.   The choice of a repayment plan and the consequences of that choice are strictly the responsibility of the borrower.  Some of the following repayment options may not be available to you depending on the types of loans you borrow.

Repayment Options Term/Months Estimated Initial Monthly Payment Estimated Interest Estimated Total Repayment Standard 120 $1,070 $41,141 $128,335 Graduated 120 $734 $47,913 $135,107 Extended: Level 360 $655 $148,628 $235,822 Extended: Graduated 360 $620 $167,488 $254,682 Income- Sensitive 180 $599 $77,109 $164,303 Income Contingent 293 $500 $143,429 $230,623 Standard: Consolidated 360 $702 $165,375 $252,569 Graduated: Consolidated 360 $673 $182,897 $270,091 Income- Sensitive: Consolidated 420 $654 $204,612 $291,806 Income Contingent: Consolidated 300 $500 $190,672 $277,866

Additional loans such as borrowing for undergraduate level studies and alternative loans have not been calculated in this table.

We encourage you to budget carefully as additional borrowing will increase your repayment amounts. 

Calculating Your Grace Period
Here's a quick way to see when your Federal Stafford Loan grace period ends and repayment begins. Find the month you plan to leave school in the exit month column below. Read across to the grace period ends column to find the month your grace period ends. Using the same row, you can look up the month that repayment begins and the first payment is due. If you withdraw at any time, your repayment date may be affected.

Exit Month Grace Period Ends Repayment Begins January July August February August September March September October April October November May November December June December January July January February August February March September March April October April May November May June December June July

Your Rights and Responsibilities

You have certain rights as a borrower:

• You will receive a repayment term of at least five years, as long as you make the minimum monthly-required payment.
• You have the right to prepay all or any part of your loan without penalty.
• You are entitled to copies of your promissory notes & disclosure statements.
• You must be notified in writing if your loan is sold or transferred to another company if it requires you to send mail to a different address.
• If you die or become totally/permanently disabled, your loans will be cancelled.
• You have the right to get answers from your lender, servicer, or guarantor.

You have certain responsibilities as a borrower:

• You must make your payments on time.
• You must begin making payments at the end of your Federal Stafford loan grace period, even if you don't receive a repayment schedule and disclosure statement from the lender or servicer.

Deducting Student Loan Interest
The Taxpayer Relief Act of 1997 permits taxpayers repaying qualified education loans to deduct all or some of the interest they paid on their federal tax returns. Read the IRS Publication 970- Tax Benefits for Higher Education (PDF file; Adobe Acrobat Reader required) that explains who can qualify for the deduction and how much you can deduct on your income tax return. In addition, the US Department of Education summarizes the legislation in the Families' Guide to the 1997 Tax Cuts for Education.

Important Information for Borrowers

• Notify your lender or servicer every time your name, address, or phone number changes.
• Call your lender or before you miss a payment. They can help you avoid trouble if you can't make the payments.
• If you fail to pay your educational loans on time, you could be reported to national credit bureaus, lose your income tax refunds, be sued by the guarantor and federal government, have up to 10% of your wages garnished, be assessed collection charges including attorney fees, lose eligibility for additional federal student financial aid.
• If you are delinquent on repayment for six months, your loan may be placed in default. This can happen without your knowledge if your lender cannot contact you. If the lender is reimbursed, then the guaranty agency and/or federal government own your loan, and they will collect from you.