August 2013 / January 2014

1. August 2013 / January 2014 The following information pertains to first year medical students who will borrow private loans to attend the Keith B. Taylor Global Scholars Program in the UK

2. Financial Aid Eligibility • For students who enter the Global Studies Program after July 1, 2011 • You will be borrowing private student loans only for your entire Medical Education. • You will not be eligible for Federal Student Aid at any point in your Medical Program

3. Financial Aid Eligibility Private Student Loans • Credit Based • You must meet the lender’s credit criteria for each loan application • There are no guarantees that eligibility in one year will assure eligibility for a future year • Cosigner Needed (in most cases) • Currently Sallie Mae is the only lender participating in the private loan program for SGU students • Effective April 1, 2013, Sallie Mae’s variable interest rates currently range from LIBOR + 2% to LIBOR + 7.25% • Effective April 1, 2013, Sallie Mae’s fixed interest rates currently range from 5.75% to 8.875%

4. Private Loan Considerations • Concerns when borrowing Private loans throughout your entire Medical Education: • Personal and family finance may unexpectedly change- Although you may not have anticipated relying on student loans to fund your education, there may be an unexpected change in your financial circumstances • Variable Interest Rates May Fluctuate - You could initially get approved at a low interest rate, with a cosigner; but based on market conditions and/or cosigner credit worthiness future loans may be at a higher rate. • You may have a cosigner for the first couple of years, but as you borrow more money the requirements of the cosigner to be approved will increase as well. You will have to make sure you have multiple cosigners lined up, if need be.

5. Private Loan Considerations (continued): • At this time, Sallie Mae is the only lender providing private student loans to SGU students. There is always the possibility of private lenders becoming unavailable. This means you could possibly end up not having a private loan option, or changes in different lenders may mean an increase in credit criteria • If at anytime during your medical education you can not obtain a private loan to cover your balance and living expenses, there would not be any other option for you to continue.

6. Loan Eligibility and Program Structure August Term Start January Term Start The chart above outlines the structure and curriculum of the 4 year Medical Program for students in the KBT Global Scholars Program. Each academic year, you will need to apply for a new private student loan (if necessary).

7. Estimated Cost of Attendance August Term Start January Term Start

8. Additional Budget Increases • The cost of attendance may be increased for the following: • Dependent Care • A student who has a spouse and/or children may request additional aid in order to meet some of the cost of their basic living expenses. Contact a Financial Aid Counselor at faid@sgu.edu to request a “Professional Judgment for Budge Increase Form” and to discuss eligibility and the necessary documentation. • Computer • Students are allowed a one-time budget increase for the purchase of a computer. The maximum amount that your budget may be increased is the lesser of the purchase price of the computer or $1,800. • Airfare • If your airfare expense for a roundtrip ticket is more than the allocated amount for the term, you may submit the receipt to the Financial Aid Office in order to document this additional cost. • Other • Based upon documentation of your special circumstances, your Financial Aid Counselor may use Professional Judgment in order to increase the cost of attendance.  Contact a Financial Aid Counselor at faid@sgu.edu if you feel you require an increase in the budget due to your extenuating circumstances • Although your cost of attendance can be increased for these items, it is recommended that you are conservative in increasing your level of debt.

9. Applying for a Private Loan Access loan options and online applications through Fast Choice Fast Choice Link: https://choice.fastproducts.org/FastChoice/Welcome.do?configId=1200497533129 Sallie Mae •Sallie Mae Smart Option Student Loan •SGU location listed under “Outside the US” *Students must select option to defer interest payments while in school if unable to make payments* *This is a comprehensive list of available lenders. We do not endorse any loan products or lenders.

10. Tips and Tools for Private Loans • Request your credit report: resolve any discrepancies prior to applying for your private student loan. (www.annualcreditreport.com) • Private loans carry either a fixed or a variable interest rate, and are credit based. • Apply for your private student loan within the 90-180 day window of disbursement, as your credit is valid for 90-180 days. • The amount you apply for will be the amount that is certified up to the cost of attendance. • If you apply for less than the cost of attendance, your disbursements will be split equally per term, unless otherwise requested. • If your loan application is denied, please submit endorser (cosigner) information as soon as possible. The lender can take 7 to 10 business days to verify credit information of your cosigner. • The lender requires your signature on a final disclosure in order to assign disbursement dates. • You must sign this disclosure form within 60 days of the loan approval. • From the time you sign the final disclosure, the lender waits approximately 8 business days (waiting period) for your right to cancel and then will disburse the loan directly to the University, on the scheduled disbursement date.

11. Evidence of Adequate Funding for Your UK Student Visa Application • The UK Border Agency requires proof of a student’s ability to fund living expenses (maintenance) of £800.00 per month, about $1,300 USD total. • The UK Border Agency requires proof of a student’s ability to fund their tuition fees, as listed on your Northumbria University letter of acceptance.Theminimum students must show is about $15,000.00USD in maintenance. • (When calculating overseas money, the UK Border Agency recommends using www.oanda.com/convert/classic)

12. Proof of Availability of Funds • Appropriateavailability of funds include: • A bank account in the student’s name (which may include joint accounts with the student’s name on the account) reflecting an account balance equal to one term’s cost of attendance. • ** These amounts must be held in the student’s personal bank account for a minimum period of 28 days. The end of that 28 day period must not be more than one month before the date of your application, for which the student must show original bank statements and other evidence, including loan authorizations. • OR • A commitment letter from your lender stating the amount of your loan and disbursement date. • Official financial or government sponsorship

13. ** Regardless of how you plan on funding the KBTGSP program, you must show your ability to fund the complete program and maintenance costs or your visa will be denied. **

14. Managing Prior Educational Loans **Please continue to make payments on your loans until you have received confirmation from your servicer that your paperwork has been processed to avoid going into default

16. Keith B. Taylor Global Scholar Student • Understanding of Federal Aid Ineligibility • Due to changes in the US Department of Education (DOE) regulations, effective July 1, 2011, US Citizens and permanent residents of the United States who attend the KBTGSP program will not be eligible to receive USDOE loans or loan deferments throughout their medical education at SGU. • I acknowledge and understand that by matriculating in the KBTGSP should I be in need of financial assistance to meet my educational expenses, private loans would be the only available option and that I would need to meet the lender’s eligibility criteria in order to qualify for a private educational loan, and that there is no guarantee that I would qualify for a private loan. I also understand and acknowledge that SGU does not offer any private loans to students who matriculate into the KBTGSP. • _____________________ _____________________ • Print Name Date • _____________________ _____________________ • Signature IDNumber (A00XXXXX) • Submit this form to the Admissions Office via fax (631-665-5590) or scan and email it to admission@sgu.edu.

17. Financial Aid Checklist • Apply for Private loan (fastchoice link) • Apply for Scholarships (optional) • Submit Information Disclosure Consent form (optional) • Health Insurance Enrollment in SGU Sponsored Plan or Insurance Waiver Form (required) • Submit KBT Global Scholars Understanding of Federal Aid Ineligibility to Admissions Counselor (required) • Complete In-School Deferment paperwork for all prior educational loans and submit to Registrar at enrolmentchanges@sgu.edu(if applicable)

18. Most Frequently Asked Questions- Private Alternative Loans Can I get full financial aid? A student may receive private alternative loans and scholarship up to the estimated cost of attendance as outlined in the budget and determined by the lender. A satisfactory credit rating is required in order to be approved for a private alternative loan. How long does it take to process my financial aid? After completing your online application, the lender will check your credit report and score to determine your eligibility and will usually make a determination in 7 – 10 days. The lender will contact you directly regarding approval. Once your credit has been approved your application will be available for certification by the school. If your private loan is denied, contact your Financial Aid Counselor immediately. Be sure to sign and return the self certification/disclosure form requested from your lender. Will there be federal funding for students after completing Term 2 in the Global Scholars Program? No, students that attend the Global Scholars program after July 2011, will not be eligible for federal loans. These guidelines were just established by the Department of Education. How much does it cost for tuition each year? There are 5 academic years and 5 corresponding loan periods. Currently, tuition and administrative fees range from $43,000 to $53,000 per academic year depending on the term in the program. This amount does not reflect possible tuition increases in the future. Do I have to make the $1,000 deposit, or can that come out of my financial aid? You must make the $1,000 deposit in order to reserve your seat in the class. It will be applied towards your tuition and fees for Term 1. Do I have to make the second payment of $4,000, or can that come out of my financial aid? If you are borrowing full financial aid you may defer your second deposit of $4,000 by contacting the Office of Student Finances at billing@sgu.edu.

19. Most Frequently Asked Questions - Private Alternative Loans (continued).. Are scholarships available, and how much could I expect to be awarded? Yes, Scholarships are available. A completed application must be received by December 1 for class commencing in January and July 1 for class commencing in August. Award amounts are determined by the scholarship committee. How and when will I get my financial aid money? Approved loan funds will be electronically transmitted to SGU 10 days before each term start date. The lenders will not release your loan funds until you sign the required loan terms and conditions. Please note, the lenders processing of the terms and conditions will add up to 8-10 business days. Any refund resulting from a credit balance will be mailed to your permanent home address. How much will my refund check be? Refund calculations are determined by the Office of Student Finances. Students can call them directly and find out what their refund will be after all documentation is submitted and the loans have been approved and certified. Is Direct Deposit Available? Yes, students have the option of having their refunds directly deposited into their US Bank account. By electing the Direct Deposit process, a student will receive their refunds in their bank account, at the financial institution of choice. Can I defer my previous loans? Students can place previous federal loans in an In-School deferment status, as long as they are enrolled at least half-time in a federally eligible program. During the In-School period, the federal government will pay the interest on any Direct Subsidized Stafford Loan that you have borrowed. The student can download the In-School Deferment Request form from their servicer's web site and submit it to the Registrar’s Office for processing.Students with previous private student loans should contact their servicer regarding deferment. When do I repay the loans? Private alternative loans have grace periods of 6-9 months, depending on the lender, following completion of your education. During residency, you may postpone repayment of the private Alternative loans for a period of time determined by the lender.

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