ASHS Distance - OT and PA

Loans Available at ATSU : Loan Links : ATSU Policies : ASHS Distance OT/PA Financial Home

Loans Available at ATSU

Federal

Subsidized Federal Stafford Loan

Amount: An $8,500 per year maximum exists, with the aggregate for undergraduate and graduate studies at $65,500.

Interest: Interest does not begin accruing for borrowers until repayment begins. The interest rate throughout repayment is fixed at 6.8%.

Conditions: The borrower must fill out a FASFA need analysis to demonstrate financial need. This loan is given out in halves when tuition is due.

Repayment: The borrower has up to 10 years to repay this loan. Each borrower will go into repayment six months following graduation or withdrawal. If a borrower experiences financial difficulty, forbearance may be requested.

Grace Period: Each borrower has a six-month grace period for the Subsidized Federal Stafford Loan. The grace period must be used up before the borrower is eligible for deferment or forbearance.

Fees: No origination fees are taken out if the student borrows through the NOWLoan$ program, where ATSU is the lender. Guarantee fees will be ½% for the 2004/05 year.

Unsubsidized Federal Stafford Loan

Amount: A $10,000 per year maximum exists in addition to the Subsidized Federal Stafford Loan. The maximum is increased to $18,500 per year if the borrower is not eligible for a Subsidized Federal Stafford Loan. The total aggregate for Subsidized and Unsubsidized loans during undergraduate and graduate studies is $138,500.

Interest: Interest begins accruing for the borrower when funds are wired to the school. The interest rate throughout repayment is fixed at 6.8%.

Conditions: The borrower must fill out a FASFA need analysis to determine the financial need. This loan can be used to replace an expected family contribution. It is given out in two equal disbursements when tuition is due.

Repayment: The borrower has up to 10 years to repay this loan. Each borrower will go into repayment six months following graduation or withdrawal. A borrower experiencing financial difficulty may request forbearance.

Grace Period: Each borrower has a six-month grace period for the Unsubsidized Federal Stafford Loan. The grace period must be used up before the borrower is eligible for deferment or forbearance.

Fees: No origination fees are taken out if the student borrows through the NOWLoan$ program, where ATSU is the lender. Again, there will be a ½% guarantee fee during the 2004/05 year.

Federal Graduate PLUS Loan

Amount: Up to Cost of Education minus other financial assistance

Interest: Interest begins accruing for the borrower when funds are wired to the school. The interest rate throughout repayment is fixed at 8.5%.

Repayment: The borrower has up to 10 years to repay this loan. Deferment and forbearances are available during post-graduate training.

Fees: 3% is shaved off of all PLUS funds as an origination fee.

Private

Health/Graduate Access Loan

Amount: The borrower may receive up to the cost of attendance, minus other financial assistance received.

Interest: Interest begins accruing for the borrower when funds are wired to the school. The interest rate is based on the 91-day LIBOR, plus a per annum percentage based on the borrower's credit history.

Conditions: Students must pass their credit bureau check to be approved for this loan. The funds are normally given out in halves when tuition is due.

Repayment: The borrower has up to 20 years to repay this loan. Forbearance may be requested if the borrower experiences financial difficulty.

Grace Period: Each borrower has a nine-month grace period for the Health/Graduate Access Loan. The grace period must be used up before the borrower is eligible for forbearance.

Fees: The loan fee for the Health/Graduate Access Loan is either 0%, 3%, or 6%, based on the borrower's credit history.  But no fees are deducted from the loan disbursement.  The fee will be assessed immediately before the repayment period begins.. This loan is not paid off if the borrower dies.

Signature Student Loan

Amount: The borrower may receive funds up to the cost of attendance, minus other financial assistance received.

Interest: Interest begins accruing for the borrower when funds are wired to the school. The interest rate is tied to the prime rate, depending on the borrower's credit history

Conditions: Students must pass their credit bureau report to be approved for this loan. This loan is normally given out in halves when tuition is due.

Repayment: The borrower has up to 15 years to repay this loan. A borrower may choose graduated repayment if necessary.

Grace Period: Each borrower has a six-month grace period for the Signature Student Loan.

Fees: There are no fees with the Signature Student Loan at disbursement. Fees are added on right before repayment, depending on credit history. This loan is not paid off if the borrower dies.

Short-term and Emergency Loans

Students experiencing temporary cash flow shortages may receive short-term or emergency loans. These funds are intended to help students deal with unexpected expenses such as medical bills or major car repairs. Students sign a promissory note prior to receiving the funds and pay back the loan when their financial aid is wired to the institution. Twelve percent simple interest is charged on all loans. Remember to allow for the decrease in the next financial aid disbursement when preparing a budget.