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Disclosure Requirements Relating to Education Loans 2017-06-24T15:23:12+00:00

Disclosure Requirements Relating to Education Loans

State Grant Assistance

State Funds  PHEAA  (Pennsylvania Higher Education Assistance Agency)

  • Apply for the State Grant by completing the State Grant Form
  • To apply for a State Grant when you complete the FAFSA
    Complete the Pennsylvania State Grant Form online directly from your FAFSA confirmation page. Look for the link that reads “Optional Feature—Start your state application—Click here if you want to apply for Pennsylvania state-based financial aid.”
  • To apply for a State Grant after you’ve completed the FAFSA
    If you’ve already submitted your FAFSA online and missed the direct link, you may need to wait until you receive an email directing you to the American Education Services (AES) website to complete the State Grant Form.

Student Loan Information Published by Dept of Education

 

National Student Loan Data System

Students who graduate, withdraw or otherwise cease attending a school have their enrollment status updated in the NSLDS. Also, students whose enrollment status falls below half-time must have their enrollment status reported. A student’s enrollment status determines eligibility for in-school status, deferment and grace periods as well as the Department of Education payment of interest subsidies. This information is available to all financial aid recipients.

Entrance Counseling for Student Borrowers

European Medical School of Massage requires all students applying for Financial Aid to conduct entrance counseling before releasing the first disbursement of the first Federal Stafford Loan made to a borrower at the school. The counseling must be done online at https://studentloans.gov, and a person knowledgeable about Student Financial Assistance (SFA) Programs will be available for questions shortly after the counseling session. For a borrower who is receiving his or her first loan at a school, the entrance counseling on the Web must be completed before releasing loan proceeds.

Exit Counseling for Student Borrowers

European Medical School of Massage financial aid counselor will conduct exit counseling in the form of an email to direct the student to https://studentloans.gov shortly before a borrower completes the program. One of a borrower’s obligations is to complete the exit counseling session. If the borrower drops out without notifying the school, the financial aid administrator must mail exit counseling material to the borrower at his or her last known address within 30 days after learning that the borrower has left school or failed to attend an exit counseling session. The financial aid administrator must request the return to the school of information required under the Higher Education Amendments of 1992.

A school mailing these exit materials is not required to use certified mail with a return receipt requested. The school must, however, maintain in each borrower’s file documentation verifying the school’s compliance with the counseling requirements of 34 CFR 682.604(g).

If a borrower fails to provide the information, the school is not required to take any further action. As with entrance counseling, if the school is complying with the required default reduction measures, testing of information presented must be part of the exit counseling process.

During exit counseling, the financial aid administrator must obtain the borrower’s expected permanent address after leaving school, the name and address of the borrower’s expected employer, and the address of the borrower’s next of kin. A school must correct its records to reflect any changes in a borrower’s name, address, Social Security Number, or references, and it must obtain the borrower’s current driver’s license number. Within 60 days after the exit interview, the financial aid administrator must provide the guarantor (indicated in the borrower’s student aid records) with any updated information he or she receives from the borrower.

Much of the material presented at the entrance counseling session will again be presented during exit counseling. The emphasis for exit counseling shifts, however, to loan repayment obligations
and debt-management strategies.

Federal Direct Loans
Information about the Master Promissory Note, the Subsidized Direct Loan and the Unsubsidized Direct Loan offered through the William D. Ford Direct Loan Program.

William D. Ford Federal Direct Loan Program

How Much Can I Borrow?

Annual loan limits for subsidized Federal Direct Loans are $3,500 for the first year, $4,500 for sophomores, and $5,500 for juniors and seniors. Also, a dependent undergraduate may borrow up to $2,000 each year in an unsubsidized loan. Students whose parents are denied a PLUS Loan or independent students may be eligible to borrow additional funds through the Unsubsidized Federal Direct Loan program. Limits are $4,000 for first or second-year students and $5,000 for students in their third or fourth years. Total Federal Direct Loan indebtedness for undergraduate students may not exceed $31,000.

  • Loan Fees

The loan fee for the Federal Direct Loans is 1.068%, which will be deducted from each loan disbursement received by the school.

  • Loan Entrance Interview

Federal regulations require that a student borrowing a Federal Direct Loan for the first time at a school attend an Entrance Interview session, either in-person or on-line, even if he/she has attended one at a previous school, before receiving any federal monies.

  • Master Promissory Note

The Federal Direct Loan Master Promissory Note allows you to borrow Subsidized and Unsubsidized Federal Direct Loans for your entire college career by signing only one note. It can be used for a single period of enrollment (one academic year) or multiple periods (such as your first through senior years).

This note is valid for up to ten years from the original date of signature. It is very important that you understand the long-term commitment you are making by signing this note. We encourage you to record all amounts that you borrow and keep all of your loan paperwork together so you can keep track of your cumulative borrowing.

  • How and When Do I Get My Loan Money?

Loan funds are disbursed in two equal installments, normally once each semester. These funds will be received by the school electronically. You must be enrolled on at least a half-time basis when the loan is disbursed to be eligible to receive the funds. Your Federal Direct Loan funds will be credited to your student account and will reduce the amount you owe the school.

  • Repayment Options

Repayment on Federal Direct Loans begins six months after graduation from European Medical School of Massage, or if you cease to be at least a half-time student. You will have from 10 to 25 years to repay your loan, depending on the repayment plan that you choose. You may choose among several repayment plans. You may change plans at any time, and there is no penalty for pre-payment.

Standard Repayment Plan – Fixed monthly payments of at least $50 for up to 10 years.

Graduated Repayment Plan – Payments start out lower and increase, usually every two years. The loan must be repaid within ten years.

Income-Contingent Repayment (ICR) Plan – Your monthly payment is adjusted each year based on your annual income (and your spouse’s income, if you are married), your family size, and the total amount of your Direct Loans. You make payments for 25 years and then any unpaid loan amount will be forgiven.

Income-Based Repayment (IBR) Plan -This plan caps required monthly payments at an amount that is intended to be affordable based on income and family size. You are eligible to repay under the IBR if your calculated IBR payment is less that what you would have to pay under the 10-year Standard Repayment Plan. If you repay under the IBR for 25 years and meet other requirements, any remaining balance of your loan(s) may be canceled.

Types of Federal Direct Loans for Students

  • Subsidized Direct Loan

This is a need-based loan. The interest rate on this loan is fixed at 3.76%, and the federal government pays the interest while you are enrolled at least half-time. There is a six-month grace period after your last date of at least half-time enrollment before you begin repayment on loan.

  • Unsubsidized Direct Loan

This is a non-need based loan with terms similar to the Subsidized Direct Loan with one major exception: you are responsible for all the interest payments. The interest rate on this loan is fixed at 3.76%. You may pay the interest while you are enrolled or allow it to accrue and be capitalized.

Steps to Applying for a Federal Direct Loan

  • First-Time Federal Direct Loan Borrowers Only
    1. Complete the Federal Direct Loan Master Promissory Note (MPN).  Click here to complete the MPN now: https://studentloans.gov.
    2. Complete your mandatory Federal Direct Loan entrance interview. You may do this by going to mappingyourfuture.org. Click on Entrance Counseling on the left-hand side of the screen.
    3. Complete the 2017-18 Direct Loan Request Form and returns it to the Financial Aid Office. You can either e-mail, fax, or mail the form to us. Our email address is financialaid@emsom.edu. Our fax number is 484.577.4536. Our mailing address is EMSOM Financial Aid Office, 2913 Windmill Road Suite 12. Sinking Spring, PA 19608
  • Previous Federal Direct Loan Borrowers

Complete the 2017-18 Direct Loan Request Form and return it to the Financial Aid Office. You can either e-mail, fax, or mail the form to us. Our email address is financialaid@emsom.edu. Our fax number is 484.577.4536. Our mailing address is EMSOM Financial Aid Office, 2913 Windmill Road Suite 12. Sinking Spring, PA 19608

Direct Parent Loans
The Direct PLUS Loan program enables parents with a good credit history to borrow as much as the full cost of attendance, minus any financial aid, each year.

Federal Direct Parent PLUS Educational Loans

The European Medical School of Massage Financial Aid Office recognizes that financing a European Medical School of Massage education may involve deferring some of the cost through a low-interest loan program. Your educational investment will require informed financial decisions about loans. We are committed to helping you understand your federal loan eligibility and options.

Federal Direct PLUS Loans

The Direct PLUS Loan program enables parents with a good credit history to borrow as much as the full cost of attendance, minus any financial aid, each year. Interest begins to accrue immediately, but repayment may be deferred until six months after the student ceases to be enrolled at least half-time. The repayment term is ten years. All Federal PLUS borrowers must complete a Free Application for Federal Student Aid (FAFSA).

Direct PLUS Loans have a fixed interest rate of 6.31%.  The loan fees for the Direct PLUS Loans is 4.27% which is deducted from each loan disbursement expected by the school.

  • Master Promissory Note

The Direct PLUS Loan Master Promissory Note allows you to borrow a Direct PLUS Loan for your child’s entire school career by signing only one note. It can be used for a single period of enrollment (one academic year) or multiple periods (such as the student’s first through senior years).

This note is valid for up to ten years from the original date of signature. It is very important that you understand the long-term commitment you are making by signing this note. We encourage you to record all amounts that you borrow and keep all of your loan paperwork together so you can keep track of your cumulative borrowing.

  • How and When Do I Receive the Direct PLUS Loan Funds?

Direct PLUS Loan funds are disbursed in two equal installments, normally once each semester. These funds will be received by the school electronically. The student must be enrolled at least half-time (two courses) when the loan is disbursed to be eligible to receive the funds. Your Direct PLUS Loan funds will be credited to the student’s account and will reduce the amount owed to the school.

Steps to Applying for a Direct PLUS Loan

  • First-Time Parent Borrowers Only
  1. Complete the Free Application for Federal Student Aid (FAFSA) if you have not already done so. This form is required for all federal loans. European Medical School of Massage’s federal school code number is 042613.
  2. Complete the Federal Direct Parent PLUS Loan Master Promissory Note (MPN). Click here to complete it now:
    https://studentloans.gov/myDirectLoan/index.action
  3. Complete the Federal Direct Parent PLUS Loan Application. Click here to complete it now:
    https://studentloans.gov/myDirectLoan/index.action
  4. Complete the 2017-18 Federal Direct Parent PLUS Loan Request Form and return it to the Financial Aid Office. You can either e-mail, fax, or mail the form to us. Our email address is financialaid@EMSOM.edu. Our fax number is 484.577.4536. Our mailing address is EMSOM Financial Aid Office, 2913 Windmill Road Suite 12. Sinking Spring, PA 19608
  • Previous Parent PLUS Loan Borrowers Only
  1. Complete the Free Application for Federal Student Aid (FAFSA)if you have not already done so. This form is required for all federal loans.  European Medical School of Massage’s federal school code number is 042613.
  2. Complete the Federal Direct Parent PLUS Loan Application. Click here to complete it now:
    https://studentloans.gov/myDirectLoan/index.action
  3. Complete the 2017-18 Federal Direct Parent PLUS Loan Request Form and return it to the Financial Aid Office. You can either e-mail, fax, or mail the form to us. Our email address is financialaid@EMSOM.edu. Our fax number is 484.577.4536. Our mailing address is EMSOM Financial Aid Office, 2913 Windmill Road Suite 12. Sinking Spring, PA 19608

Alternative Loans

Alternative loans, also commonly referred to as private loans, are commercial loans offered by banks and other private lenders as an option to help cover the difference between the cost of education and the financial aid received.  Private or Alternative loans are not federally guaranteed and should only be considered after your eligibility for all other types of aid, including Federal Pell Grants, Federal Direct Loans, and Federal Direct PLUS loans has been exhausted.  The repayment terms of federal loan programs may be more favorable than the terms of private loans.  Alternative student loans may not be included in Federal Direct Consolidation Loans and are not eligible for the Federal Income-Based Repayment Plan or Federal Economic Hardship deferments.

Please note: the Financial Aid Office will not certify your private loan application if you have been packaged with a federal loan and have not fully exhausted these borrowing options first.

  • Loan Restrictions

The student must be a U.S. citizen or permanent resident and be enrolled at least half-time.  A co-borrower is required for a student who has not yet established credit or who has a low credit score.  International students may borrow an alternative loan with a creditworthy co-borrower who is a U.S. citizen or permanent resident to qualify for this loan program.

  • Interest Rate and Other Fees

Interest rates, origination and repayment fees for these loans vary and are set by the lender.  Most private lenders require a co-borrower and interest rates are based on the creditworthiness of the borrower and co-borrower.  Current interest rates vary from 0% to 14% and vary on a monthly or quarterly basis and may not have a maximum rate.

The Federal Direct Loans have a fixed interest which is not dependent on credit-worthiness of 3.76% for subsidized loans and unsubsidized loans and a loan origination fee of 1.069%.  Every student who applies for a Federal Direct Loan is eligible to receive one, assuming the student is enrolled at least half-time and meets the criteria for federal aid.  Students are expected to have exhausted all of their federal loan options, such as the Federal Direct Loan, before applying for a private loan.

  • Selecting a Lender

Choosing a lender is an important decision, one that will affect you for the life of your loan.  Rules for repayment and deferment vary from lender to lender although repayment begins after full disbursement.  Some lenders may postpone (defer) repayment during periods of at least half-time enrollment and economic hardship; however, interest will continue to accrue on loan from the date it is disbursed.  We encourage you to compare loan programs carefully before selecting a lender and to borrow as little as possible.

Students can borrow up to the full cost of education, minus any financial aid.

  • Steps to applying for a Private Loan
    1. Contact the Financial Aid Office to confirm that you have exhausted all federal loan options.  E-mail us at financialaid@emsom.eduor call us at (610) 670-6100.
    2. As part of new federal regulations, private educational loan borrowers are required to complete, sign and return to their lender a Private Education Loan Applicant Self-Certification form before loan funds can be disbursed.  Your lender may send you this form to complete.

Private Education Loan Disclosures (Including Self-Certification Form)

Code of Conduct for Education Loans

This code of conduct applies to all European Medical School of Massage officers, employees, and agents who have responsibilities on education loans. This code reinforces and reflects European Medical School of Massage is continuing commitment to conduct financial aid practices with integrity, free from conflicts of interest, in the interest of students, and in compliance with applicable law.

Definition

For the purpose of this code of conduct, lending institution means:

  1. Any entity that itself or through an affiliate engages in the business of making loans to students, parents or others for purposes of financing higher education expenses or that securities such loans; or
  2. Any entity, or association of entities, that guarantees or services education loans; or
  3. Any industry, trade or professional association that receives money from any entity described above in subsections (a) and (b).

Limitations Regarding Lending Institutions

European Medical School of Massage prohibits:

  1. Any revenue-sharing arrangement with any lending institution. Revenue sharing is any arrangement by which a lender pays European Medical School of Massage a percentage of the principal loan taken by a borrower or otherwise compensates European Medical School of Massage as a result of a borrower taking a loan.
  2. Accepting or soliciting anything of value from any lending institution related to its education loan activity, including but not be limited to: (i) revenue sharing by a lending institution with European Medical School of Massage, (ii) European Medical School of Massage receipt from any lending institution of any computer hardware for which European Medical School of Massage pays below-market prices and (iii) printing costs or services.
  3. Accepting or soliciting staffing assistance from a lending institution, including but not limited to call center staffing or financial aid office staffing.
  4. Identifying any employee or another agent of a lending institution to students or prospective students of European Medical School of Massage or their parents as an employee or agent of European Medical School of Massage.
  5. Arranging with a lending institution to provide any opportunity loans, if the provision of such opportunity loans prejudices any other borrower. For purpose of this code, an opportunity loan agreement is an arrangement whereby a lending institution agrees to make loans up to a specified aggregate amount to students with poor or no credit history, or to international students whom the lending institution claims would not otherwise be eligible for its loan programs, in exchange for concessions or promises by the School that may prejudice other borrowers.
  6. Accepting or soliciting any funds to be used for private educational loans or opportunity pool loans in exchange for providing a lending institution with a specified number of federal loans, a specified loan volume or a preferred lender arrangement.
  7. Assigning a first-time borrower to a particular lender, or refusing to certify, or delaying certification, of any loan based on the borrower’s selection of a lending institution.

Limitations on School Officers, Employees or Agents

European Medical School of Massage prohibits any officer, employee, or agent of European Medical School of Massage who has the responsibility on education loans from:

  1. Receiving any remuneration for serving as a member or participant of an advisory board of a lending institution, or receiving any reimbursement of expenses for so serving, provided, however, that participation on advisory boards that are unrelated in any way to higher education loans shall not be prohibited by the code. Notwithstanding the above, individuals are not prohibited from serving on a board of directors of a publicly traded or privately held company.
  2. Consulting or providing other contract services for a lending institution. This article does not prohibit a financial aid officer from consulting for or serving on advisory board constituted by, the federal government consistent with European Medical School of Massage Policy on Conflict of Interest and Federal law.
  3. Owning stock or holding any another financial interest in a lending institution, other than through ownership of shares in a publicly traded mutual fund or similar investment vehicle in which the person does not exercise any discretion regarding the investment of the assets of the investment vehicle.
  4. Soliciting or accepting gifts or anything of more than de minimus value on his or her behalf or on behalf of another from or on behalf of a lending institution and receiving any payment or reimbursement by a lending institution to a School employee for lodging, meals, or travel to conferences or training seminars. This provision shall not be construed to prohibit any officer, employee, or agent of European Medical School of Massage who has the responsibility on educational loans from conducting the non-School business activity with any lending institution or prevent European Medical School of Massage from holding membership in any nonprofit professional association.

For the purpose of this code, “gifts” include any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than de minimus amount, including services, transportation, lodging, and meals. A gift does not include standard materials, activities or programs related to a loan being provided; favorable terms, conditions or borrower benefits provided to a student employed by European Medical School of Massage if comparable terms are provided to all students of European Medical School of Massage; philanthropic contributions to an institution unrelated to education loans; or state education grants, scholarships or financial aid funds.

Member of NASFAA

As members of the National Association of Student Financial Aid Administrators (NASFAA), a person employed as a financial aid administrator of European Medical School of Massage will follow the following NASFAA Code of Conduct. The full text can be found at:

http://www.nasfaa.org

Preferred Lender Lists

(European Medical School of Massage does not maintain a preferred lender list)

Preferred Lender Arrangements

(European Medical School of Massage does not maintain preferred lender arrangements)

Principles of Excellence for Educational Institutions Serving Service Members, Veterans, Spouses, and Other Family Members

European Medical School of Massage provides educational plans for all individuals using Federal military and veterans’ educational benefits.