Types of Financial Aid

Types of Financial Aid

Financial Aid Programs Available at Life University

Scholarships- List of scholarships available to Life University students.

Grants- Federal Pell Grant, ACG, SMART and Georgia State Grants

Federal Campus Based Aid- FSEOG, Federal Work-Study, and Federal Perkins Loan

Loan Programs- Borrowed money that you must repay with interest.

Federal Stafford Loan

Federal Parent Loan (PLUS)

Alternative Loan

Glossary of Loan Terms

Frequently Requested Telephone Numbers

Deferment Information and Options
Deferments allow borrowers to temporarily postpone loan payments. The length of a deferment depends on the type of deferment needed. It also depends on the maximum allowable period defined by federal regulations. Different deferments exist for the different situations that can occur over the course of your student loan repayment. Deferment Information for Student Borrowers. Deferments are also available to parent borrowers.

If you borrowed your Federal Stafford loans at Life University through AMS Educational Loan Trust/EFG, your loan servicer is Sallie Mae (formerly USA Group). To review deferment qualifications, visit the Sallie Mae Web site (deferments are based on loans disbursed prior to July 1, 1993 or loans disbursed on/after July 1, 1993).

**STUDENTS WHO BORROWED FEDERAL LOANS BEFORE JULY 1, 1993: In order to be eligible for an economic hardship deferment, your loans must show a borrowed date after July 1, 1993. To do this you must have your lenders consolidate all of your subsidized loans, and then separately consolidate your unsubsidized loans. The date the loans are consolidated is the date that they will consider you took out your loans. So that date will fall after July 1,1993. You do not want your lenders to consolidate your Subsidized and Unsubsidized loans together. If done, this will cause you to loose the benefit of your deferment where the Subsidized interest is not accruing. Make sure your lender keeps your Subsidized and Unsubsidized loans separate while in deferment- this is very important- until your deferment period is up, and you are ready to begin repayment.

If you are temporarily unable to meet your repayment schedule but are not eligible for a deferment, you may qualify for forbearance for a limited and specified period of time.
See forbearance qualifications on the Sallie Mae web site.

Deferments and forbearance are not automatic. Your lender or agency that holds your loan may require you to provide documentation to support your request. You must continue making scheduled payments until you receive notification that the deferment or forbearance has been granted.

Deferment Information for Student Borrowers

You have a right to postpone repayment if you provide the holder of your loan(s), or its servicing agent, with a request for a deferment together with evidence that verifies your eligibility. Upon request, the holder will provide you with a deferment application that lists deferment categories and eligibility requirements. The types of deferments that are available to you depend on when you first borrowed a FFELP loan (formerly called GSL).

For Federal Stafford and Federal SLS Loans disbursed on or after July 1, 1993, to borrowers with no outstanding balance on a FFELP Loan made prior to July 1, 1993, the following types of deferments are available:

At least half-time study at an eligible school,
Provided the program is approved by the Department of Education, pursuing a graduate fellowship program or a rehabilitation training program for individuals with disabilities,
Up to three years, while I am conscientiously seeking but unable to find full-time employment,
Up to three years, for any reason (in accordance with federal regulations) that has caused me to have an economic hardship.

Deferments for borrowers with an outstanding FFELP loan disbursed before July 1, 1993, include:

Full-time study at an eligible school or pursuit of a graduate fellowship program or a rehabilitation program for disabled individuals.
At least half-time study at an eligible school, if I borrow a new Federal Stafford Loan during the deferment period.
Active duty status in the U.S. Armed Forces, or serving as an officer in the Commissioned Corps of the U.S. Public Health Service, or an active duty member of the National Oceanic and Atmospheric Administration Corps,
Serving as a full-time volunteer under the Peace Corps Act, in an ACTION Program or another comparable program determined eligible for deferment by the U.S. Department of Education,
Temporary total disability of the borrower or a dependent,
Conscientiously seeking but unable to find full-time employment in the United States,
Serving in an internship required to receive professional recognition to begin professional practice, or leading to a post-graduate degree or certificate,
Parental leave to care for a newborn or newly adopted child,
Full-time teaching in a teacher shortage area as defined by the U.S. Department of Education,
A mother of preschool age children, who is entering or reentering the work force at a salary that is not more than one dollar above the federal minimum wage.

You must notify your Lender when the condition entitling you to a deferment no longer exists. This information is subject to change as Federal Regulations change. Contact your LENDER or GUARANTOR for special forms to apply for a deferment.

Deferment information for Parent Borrowers

Parent Borrowers with PLUS Loans that were first disbursed on or after July 1, 1993, and who had no outstanding balance on a FFELP loan at the time are eligible for the following types of deferments:

While parent borrower is enrolled at least half-time at an eligible school,
Provided the program is approved by the Department of Education, while pursuing a graduate fellowship program or rehabilitation training program for individuals with disabilities,
Up to three years, while conscientiously seeking but unable to find full-time employment,
Up to three years, for any reason (in accordance with federal regulations) that has caused the borrower to have an economic hardship.

Deferments for borrowers with an outstanding FFELP Loan disbursed prior to July 1, 1993, include:

While parent borrower is enrolled full-time at an eligible school or pursuing a graduate fellowship program or a rehabilitation program for disabled individuals,
While parent borrower is enrolled at least half-time at an eligible school, if the borrower obtains a Federal Stafford loan for the period of enrollment for which the deferment is sought and has no outstanding FFELP loans disbursed prior to July 1, 1987, for a period of enrollment beginning before July 1, 1987,
While a student for whom the borrower has obtained a Federal PLUS Loan is A) enrolled full-time at an eligible school, B) pursuing an eligible graduate fellowship program, or C) pursuing an approved rehabilitation training program,
While a student for whom the borrower has obtained a Federal PLUS Loan is enrolled at least half-time at an eligible school if the student has a Federal Stafford Loan for the period of enrollment for which the deferment is sought and the borrower has no outstanding FFELP Loans disbursed prior to July 1, 1987, for a period of enrollment beginning before July 1, 1987.
Up to 24 months while conscientiously seeking but unable to find full-time employment, or
Up to three years while the borrower or dependent is temporarily, totally disabled.

In addition to the above deferments, parent borrowers with an outstanding Federal PLUS Loan(s) made prior to August 15, 1983, are eligible for the following deferments:

While on active duty status in the U.S. Armed Forces or service in the U.S. Public Health Service as a commissioned officer,
While serving as a full-time volunteer under the Peace Corps Act, in an ACTION Program or another comparable program determined eligible for deferment by the U.S. Department of Education, or
While serving in an internship or residency to receive professional recognition to begin professional practice, or leading to a postgraduate degree or certificate.

Statement of Borrower's Rights and Responsibilities
Borrower's Rights

STAFFORD checks MAY be co-payable to the school and me. Unless I authorize
EFT, the check must require my endorsement. All checks/EFT's must be sent to the school.
The lender must provide me with a copy of the completed promissory note when the loan is made. The lender must return the note to me when the note is paid in full.
If the lender assigns (e.g. sells) the loan and the right to receive payments, I must be sent a notification that specifically states my obligation to the new holder.
If I meet all the eligibility criteria, I may have the right to a grace period before repayment begins. Grace period is defined differently per loan program. (Check with your FINANCIAL AID OFFICER regarding your eligibility.)
I have the right to prepay the whole or any portion of the loan at any time without a
penalty.
I have the right to request written information on loan obligations including loan consolidation and refinancing.
I have the right to a deferment of principal and/or interest repayments if certain conditions exist. Under deferment, I am not required to make payments on the loan principal and/or interest for a period of time.
The lender will provide me with a repayment schedule before the repayment period begins.
My obligation will be cancelled in the event of my death or permanent disability in accordance with applicable Federal regulations.
I have the right to request forbearance. (Check with your LENDER for eligibility requirements.)

Borrower's Responsibilities

I understand that I must repay all principal and interest, regardless of my satisfaction with the education I received, or my failure to complete my program of study, or my failure to obtain employment. If I do not make payments on time or if I default, the total amount to be repaid may be increased by additional interest costs, late charges, attorney's fees, court costs and other collection costs.
I understand that the lender may charge me an insurance premium and that I will not be entitled to any refund of this premium.
I must immediately notify my lender if any of the following occurs before the loan is repaid.
- Change of address
- Name change (marriage, divorce, etc.)
- Failure to enroll in an eligible institution for the period for which the loan is intended
- Transfer to another school
- Withdrawal from school or change in enrollment status
- Graduation
- Cessation of participation in an internship/residency program or other eligible deferment status
I must repay the loan in accordance with a repayment schedule. Repayment terms are listed under REPAYMENT in the promissory note.
I must notify the lender of any occurrence that may affect my eligibility to receive or to continue to receive a deferment of principal and/or interest payments.
I understand that this loan must be repaid. If I do not make payments when due, the lender may declare my loan in default. If I default, I may forfeit tax refunds that may be due me, my wages may be garnished and liens may be placed against my property.
I understand that I am required to participate in an entrance/exit interview process.

Federal Stafford Loans: If you borrowed your Federal Stafford loan(s) at Life University through AMS Educational Loan Trust, Fleet/BAC, or FNB Chicago/EFG, contact Sallie Mae (formerly USA Group) toll free at (888) 2-SALLIE (272-5543).

Federal Perkins Loans: If you borrowed a Federal Perkins loan at Life University, contact Kathy Idol toll free at (800) 543-3570 or local at (770) 426-2759.

Sallie Mae Signature Loans:
Toll Free: (800) 695-3317

PEP, TERI and CHIRO Loans contact Teri Loans toll free at (800) 223-3664.

CitiAssist Loans borrowed through Citibank. Call them toll free at (800) 967-2400.