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INSTITUTIONAL LOANS

INSTITUTIONAL LOANS. Indiana Wesleyan University Gaytha Holloway Director of Financial Aid College of Arts & Sciences. INSTITUTIONAL LOANS. Packaged : Students not eligible for Perkins Loans Pell eligible students when Perkins funds are depleted. INSTITUTIONAL LOANS. Entrance Counseling

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INSTITUTIONAL LOANS

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  1. INSTITUTIONAL LOANS Indiana Wesleyan University Gaytha Holloway Director of Financial AidCollege of Arts & Sciences

  2. INSTITUTIONAL LOANS • Packaged: • Students not eligible for Perkins Loans • Pell eligible students when Perkins funds are depleted

  3. INSTITUTIONAL LOANS • Entrance Counseling • Student must complete Entrance Counseling each year they borrow an IWU loan.

  4. INSTITUTIONAL LOANS Entrance Counseling INDIANA WESLEYAN UNIVERSITY LOAN - STATEMENT OF RIGHTS AND RESPONSIBILITIES • A loan is a serious legal obligation; it is important that you understand your rights and responsibilities under this program. Your signature on this statement certifies that you understand your responsibilities and you agree to honor them. • I understand that these funds constitute a loan, which must be repaid. • I understand that the proceeds of this loan may only be used towards expenses related to my attendance to Indiana Wesleyan University. • I understand that the amount I may borrow is dependent upon financial need, the availability of funds, and the amount of other financial assistance I am receiving. • I understand that my first monthly payment will be due 6 months from the time I graduate or am no longer enrolled at least half time at an eligible institution.

  5. INSTITUTIONAL LOANS Entrance Counseling-continued: • I understand that my minimum monthly payment will be at least $30. It may be more if the amount borrowed requires larger payments. • I understand the interest rate for this loan is 8.75% per year. • I understand that I may be allowed up to 10 years to repay the loan, depending upon the total amount I have borrowed. I further understand that I may prepay the loan at any time without penalty. • I understand that if I fail to repay my loan as agreed, the total loan may become due and payable immediately and legal action could be taken against me. • I understand that I may cancel, defer, or refinance my loan only as stated in the body of the Master Promissory Note. • I ATTEST THAT I HAVE READ AND UNDERSTAND THE RESPONSIBILITIES AND OPTIONS AVAILABLE TO ME, AND THAT I WILL ADHERE TO THEM. • __________________ ___________________________________________ • Date Borrower Signature

  6. INSTITUTIONAL LOANS • PromissoryNote • Student must complete new Promissory Note each year they borrow an institutional loan

  7. INSTITUTIONAL LOANS • Information by year: 2006 – 2007 $1,211,203 536 2007 – 2008 $1,136,644 511 2008 – 2009 $1,494,934 587

  8. INSTITUTIONAL LOANS • Servicing: • University Accounting Services (UAS) • Exit Counseling • Statement • Billing • Collect Payments After six months of no payments the account is sent to collections.

  9. INSTITUTIONAL LOANS • The rest of the story: • Default Rate • 10.84%

  10. INSTITUTIONAL LOANS QUESTIONS?? Gaytha Holloway Indiana Wesleyan Universitygaytha.holloway@indwes.edu

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