• Students will be required to make payments while in school on the principle balance of the loan • Interest rate is 0% while attending Sumner College and the interest rate will be fixed at 6% once a student has graduated or is no longer attending Sumner College • Sumner College Loan payments must be current to progress in program each term • Tuition Options and Sumner College must be notified in writing if there is a change in name, telephone number, address, graduation date, or if the student is withdrawn from the school • If the loan is not repaid, it will be reported to a National Credit Bureau and have a negative effect on the borrower’s credit rating • If applicable, the borrower will have to pay additional costs including but not limited to: collection costs, fees, legal and court costs • This is NOT a federal loan • A borrower is not eligible for this loan if they are not eligible for the federal educational loans, such as the Federal Direct Stafford Loans • If the agreed upon payments are not made or the payments become delinquent, the student could be withdrawn from school or unable to progress in the program • The borrower must read the promissory notes and disclosure statement for this and every loan. The terms and conditions of this loan may differ from the terms and conditions of any additional loans offered in the future. • A dependent student, as defined by the Free Application for Federal Student Aid (FAFSA) instructions, will be advised to ask their parents to apply for a Federal Parent Loan for Undergraduate Students (PLUS) loan. If a parent is approved for a Parent Plus loan, students are not eligible for the Sumner College Private Loan. Dependent student must be eligible for the additional Unsubsidized Stafford Loans to apply for the Sumner College Loan. • The school may require a borrower to take a financial literacy program as a condition of receiving this loan • Approval for this loan is based on the data submitted by the borrower and the borrower may be required to provide • Sumner College loans may be sold to a third party, a related party or to the school. As long as the borrower continues to meet the requirements of the loan, the borrower benefits applicable to the loan will remain effective • Sumner College Loans are not eligible for deferment or forbearance • When the student is no longer attending, payments may increase and payments will include principle and interest Student information regarding these programs is available in the Financial Aid office. The college has a Director of Financial Aid to assist in selecting the right financial program for applicants and help with completing applications. additional documentation to support their data • There is no prepayment penalty on this loan
FINANCIAL AID PROGRAMS The Financial Aid offices at are open to students during business hours. Students are strongly encouraged to schedule an appointment with this office if they have any questions regarding financial aid. The financial aid office assists students in determining individual student eligibility for the different programs available to them. This office will assist in all paperwork necessary to apply for the various programs offered to students. To receive financial assistance, students must maintain satisfactory academic progress toward completion of their enrolled program (please see satisfactory academic progress in this catalog for additional information). The student must return all required paperwork to the financial aid office in order to be eligible for funding. If the financial aid office needs to meet with a student, it is the responsibility of the student to follow up and meet with the office. Every student who receives a Federal Stafford Loan is required to complete entrance and exit counseling. The college is eligible for VA benefits for the Bachelors of Science in Nursing Program, Practical Nursing Program, and the RN-BSN Program. Sumner College has the following financial aid programs available for those who qualify: Pell Grants, Supplemental Education Opportunity Grants (FSEOG), Stafford Loans (subsidized and unsubsidized), PLUS loans and VA Educational Benefits. Any veteran receiving GI Bill® benefits* while attending Sumner College is required to obtain transcripts from all previously attended schools and submit them to the college for review of prior credit. The Veteran and the Veterans Administration will be notified of any reduction of tuition. Sumner College Private Loan Program Sumner College offers a private loan program for students that are denied approval from a lending institution that offers educational loans. Students are required to submit a letter from that institution, reflecting the denial, to be eligible for application. The Sumner College Private Loan is serviced by Tuition Options. The Sumner College Private Loan is serviced by Tuitioni Options and Sumner College. The Sumner College loan is intended only to cover the balance of cost due to the school not covered by federal aid. Cost of living expenses will not be included in this loan. The maximum the school can cover in this loan is $15,000 for the Practical Nursing program, and $20,000 for the Bachelor of Science in Nursing program. Repayment will begin within one month of starting the program. Sumner College Loan Program Information • The loan must be repaid even if the program isn’t completed, the student is unable to obtain employment, or is otherwise audit the course, but they must pay for the textbook used in the course. Students wishing to audit courses will need to contact the school registrar. This request is granted on a space availability basis.
dissatisfied with the education or other services received • Repayment of the loan includes accrued interest and fees *GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at http://www.benefits.va.gov/gibill
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