Financial Aid Information For U.S. Citizens and Permanent Residents

1. Financial Aid Information For U.S. Citizens and Permanent Residents School of Medicine Grenada

2. Structure and Curriculum This chart above outlines the structure and curriculum of the 4 year Medical Program in Grenada. For each loan period, you will have to complete a new FAFSA, and you will be eligible for $20,500 in Federal Stafford loans. 1:19

3. School of Medicine**This estimated Cost Of Attendance (COA) is for students entering the MD program in August Term**

4. School of Medicine**This estimated Cost Of Attendance (COA) is for students entering the MD program in January 2012**

5. 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 support. Contact a financial aid counselor at faid@sgu.edu to request an increase in the cost of attendance and to discuss the necessary documentation. • Computer • If you purchase a computer, you may submit the receipt to the Financial Aid Office in order to document this additional cost. This expense can be considered once during your Basic Science term and once again during your Clinical Terms. • 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. • Health Insurance • The budget currently reflects the cost of SGU sponsored plan Policy 1, for students under age 24. If you purchase health insurance through the SGU sponsored plan and the cost is more than what is allotted on the budget, you may request an increase for the difference. This cost cannot be increased for dependents, however. • 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. • Although your cost of attendance can be increased for these items, it is recommended that you are conservative in increasing your level of debt.

6. Direct Loans Direct Stafford Subsidized Loan -Qualification based on need and determined by FAFSA information - 6.8% Fixed interest rate - 0.5% net origination fee (1.0% origination fee, 0.5% upfront interest rebate) -Interest does not accrue while in school or during your grace period Direct Stafford Unsubsidized Loan - Qualification is not based on need - 6.8% Fixed interest rate - 0.5% net origination fee (1.0% origination fee, 0.5% upfront interest rebate) - Interest begins accruing on date of disbursement Direct PLUS Loan - Qualification is not based on need and is credit based - 7.9% Fixed interest rate - 2.5% net origination fee (4% origination fee, 1.5% upfront interest rebate) - Interest begins accruing on date of disbursement - Endorser/co-signer may be required

7. Applying for your Direct Loans https://studentloans.gov

8. Applying for your Direct Loans https://studentloans.gov You will need your federal PIN in order to sign in and apply for your loans.

9. Applying for your Direct Loans https://studentloans.gov

10. Banner Self-Service Document Tracking Log into Banner self service Click financial aid/eligibility/student requirements for the 2011/2012 year

11. Banner Self-Service Award Acceptance Click Financial Aid/Award (enter aid year 2011/2012)/Award by aid year Choose accept award offer tab

12. 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

13. Student Authorization Form Complete this form and submit to the Student Finances Office. The Student Authorization Statement must be complete so that your disbursed loans can be allocated correctly to your Student Account. **Student Account must be paid in full in order to be financially cleared for Registration.

14. Information Disclosure Consent Form

15. Financial Aid Checklist • Complete your 2011-2012 FAFSA (SGU School Code – G22333) • Visit https://studentloans.gov • Complete Combined Stafford and Direct PLUS entrance interview • Electronically sign your Stafford MPN • Complete Direct PLUS application/MPN • Add endorser to Direct PLUS if needed • In-School Deferment forms (If applicable) • Submit your Loan Acceptance online (SGU Student Self-Service) • Student Authorization Form • Apply for Scholarships (optional) • Information Disclosure Consent Form (optional) • Health Insurance Enrollment / Waiver Confirmation

16. Who Should I Contact With Financial Aid Questions? If your question is pertaining to your financial aid application, your budget, or the amount you should borrow, please contact: 1(800)899-6337 Diane Beltrani Director of Financial Aid Ext. 1224 Tami Vecchio Associate Director Ext. 1230 Tara Kindelmann Financial Aid Counselor (A - D) Ext. 1227 Laura Faylo Financial Aid Counselor (E - KO) Ext. 1228 Margaret King Financial Aid Counselor (KR - PE) Ext. 1349 Michele Wulfken Financial Aid Counselor (PH – V) Ext. 1391 Laurie Wagner Financial Aid Counselor (W - Z) Ext. 1350 Laurie Wagner Assistant Director & Scholarship Coordinator Ext. 1350 Cynthia Lessing Assistant Director Ext. 1364 NeelaSamaroo US Deferment Verification Officer Ext. 1236 Angela Kuhlmeier Student Health Insurance Ext. 1232 Beth Cohen Loan Specialist for Canadian Students Ext. 1237 The e-mail address for the Financial Aid Department is faid@sgu.edu If your question is pertaining to your refund check, the balance of your account, deferring your second deposit, or your student bill, please contact via email at billing@sgu.edu or call: 1(800)899-6337 Valerie Cascio vcascio@sgu.edu Ext. 1268 Gini Davanzo gdavanzo@sgu.edu Ext. 1271

17. Most Frequently Asked Questions – Federal Loans • Can I get full financial aid? • US citizens and permanent residents receive a combination of Direct Stafford loans, Direct PLUS (and in some cases private alternative loans) and scholarship up to the estimated cost of attendance. A satisfactory credit rating is required in order to be approved for a Direct Plus or private alternative loan. • What kind of credit do I need? • The Direct PLUS and private loan borrowers cannot have an adverse credit history, which includes: 60,90 days or more delinquency on any debt, or having a credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of Title IV debt during five years preceding date of credit report. Before you apply for the Direct PLUS loan or private loan it is wise to request your credit report from one of the national credit agencies. It is important to know what your credit says about you, as there may be adverse or negative information that may or may not be correct. You can check your credit at www.annualcreditreport.com • What if I get denied the Direct PLUS loan? • If you are not approved for a Direct PLUS or private loan you will need to get a co-signer. A co-signer agrees to the responsibilities of a credit application with you, which basically means they take on the liability for your debts. Your co-signer must be a US citizen or permanent resident and credit worthy. • Please note: The consequences for not being able to obtain the Direct PLUS loan or private loan on your own OR with a co-signer could impact your ability to have the funds necessary for living expenses, as your Direct Stafford loans do not cover your entire budget amount. • How long does it take to process my financial aid? • It may take approximately 2 to 3 weeks for Federal Student Aid to process the Free Application for Federal Student Aid (FAFSA). Direct Stafford and Direct PLUS loans cannot be certified until we receive the Student Aid Report which results from the processed FAFSA. Once all requirements are met (FAFSA, Stafford and Direct PLUS MPN, Entrance Counseling and Loan Award Acceptance on Self Service Banner) your Financial Aid will be complete. • Are scholarships available, and how much could I expect to be awarded? • A completed application must be received by 7/1/11. The Scholarship Committee will review your application and determine your eligibility and you will be notified of the committee’s decision.

18. 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 toward your tuition and fees for Term 1. Do I have to make the second payment of $4,000, or can that come from 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 800-899-6337 ext 1271 or by emailing them at billing@sgu.edu. How and when will I receive my financial aid? Approved loan funds will be electronically transmitted to SGU 10 days before each term start date. Any refund resulting from a credit balance will be mailed to your permanent home address. How much refund will I get? You will receive any funds in excess of the school billed expenses on your student account. The actual calculation of amount is done by the Office of Student Finances. 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 financial aid office for processing. Students who have previous private loans are responsible for knowing and understanding the terms and conditions of their private loan. If you have trouble we can assist you. When do I repay the loans? Direct Stafford loans and private alternative loans have grace periods of 6 months following completion of your education. During residency, you may postpone repayment of the Direct Stafford loans by applying for an economic hardship deferment each year of your residency. An Exit Interview prior to graduation will clarify your options. Frequently asked questions – Federal Loans (continued)…