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GAP Funding

GAP Funding. Stephanie Aponte-Director of Financial Services Eagle Gate College UASFAA Conference 2013. Topic: GAP Funding when FA isn’t enough Alternative Loan Lenders Institutional Lending Creating a student budget Discuss Best Practices/Challenges

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GAP Funding

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  1. GAP Funding Stephanie Aponte-Director of Financial Services Eagle Gate College UASFAA Conference 2013

  2. Topic: GAP Funding when FA isn’t enough • Alternative Loan Lenders • Institutional Lending • Creating a student budget • Discuss Best Practices/Challenges • GAP FUNDING: The difference between tuition cost/fees and Title IV or other agency funding Welcome and Introduction

  3. Title IV student is eligible for not enough • Student not Eligible for FA • Increased Cost of Education • Close to Undergraduate Loan Limits • Max Undergraduate Loan Limits Why is there a GAP?

  4. Mountain America Credit Union • Sallie Mae • Wells Fargo Student Loans • Discover Student Loans • Lenders available are limited based on school eligibility check Alternative Loan Lenders

  5. No or Low Origination Fees • Interest Rates based on Credit • Interest Only Payments or No Payment While in School • Deferment Option (check w/lenders) • Interest Rate Reduction for Auto Pay • No Pre-Payment Penalty (check w/lender) • Higher Aggregate/Loan Max Limits Alternative Loan Info

  6. Student Not Denied for Private Loan • Student Unable to Payoff Balance within required timeframe • Low Monthly Payments While in School • Higher Interest Rates • 3rd Party Servicers: Tuition Options • Collections, Billing, Payment Processing Institutional Lending

  7. Budget Planning Worksheet • Discussing Expenses/Income • Talk up Investment Contribution towards their Education vs. Payment for a bill • Reducing Loan Debt/Interest • Cash Payments Improve 90/10 Creating a Student Budget

  8. Open for Discussion/Questions Best Practices/Challenges

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