PAGE 13 - Sumner College Private Loan Program Information
PAGE 13 - Scholarship Program Sumner College offers institutional scholarships. Sumner College recognizes current students who are inspired and motivated to earn a diploma or degree at Sumner College in the following programs; • Associate Degree in Nursing Program To be eligible for the Sumner College Scholarship, students must be attending a program of study at Sumner College. The scholarship award may be up to $1,000.00 and will be applied to tuition and fees for the 1st academic year (or additional academic years for those who re-apply) at Sumner College’s discretion. Please note the following additional criteria: • No cash payment will be awarded for the recipient of the scholarship and no portion of the grant will be refunded to the student • The scholarship will only be awarded to tuition and fees • Students must be attending Sumner College full time with unmet financial need (if using federal funding) and have completed their first term of study at Sumner College to be eligible to apply for the scholarship • Students must be in good standing (attendance, GPA, SAP and classroom participation) with Sumner College • The scholarship recipient must have a valid ISIR on file with Sumner College for the applicable award year and have all available federal and state financial aid applied to their tuition and have a remaining unmet financial aid balance for their tuition, unless the student is paying cash • The scholarship award will be applied to the last term of each academic year only; however, students may re-apply for the Sumner College Scholarship for consideration towards additional academic years • Applications for the Sumner College Scholarship are available online at sumnercollege.edu/sumner-scholarships/?. • Up to five recipients will be selected each academic year • In addition to completing this application all applicants are required to submit a 500-1000 word typed essay explaining how the Sumner College Scholarship will help them achieve their academic goals. • The deadline for submitting a completed application is no later than the end of the fourth week of the student’s second term. • Completed applications must be emailed to: scholarships@ sumnercollege.edu • The scholarship recipient will be notified within 60 days after the respective deadline for submission.
• The loan must be repaid even if the program isn’t completed, unable to obtain employment, or otherwise dissatisfied with the education or other services received • Repayment of the loan includes accrued interest and fees • Repayment will begin within one month of starting the program • The interest rate for this loan will be fixed between 5% - 9.5% dependent upon the credit score • First Associates and Sumner College, must be notified in writing, if there is a change in name, telephone number, address, graduation date, or if withdrawn from 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 • 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. • If the agreed upon payments are not made or become delinquent, the student could be withdrawn from school • The borrower must read the promissory notes and disclosure statement for this and every loan and that the terms and conditions of this loan might differ from the terms and conditions of any additional loans offered in the future • The school may require a borrower to take a financial literacy program as a condition of receiving this loan • If approved for this loan, it was based on the data submitted by borrower and 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 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 that data • There is no prepayment penalty on this loan
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