Federal Loan Repayment Options
Although you may select or be assigned a repayment plan when you first begin repaying your student loan, you can change re-payment plans at any time. Contact your loan servicer if you would like to discuss repayment plan options or change your re-payment plan. You can get information about all of the federal student loans you have received and find the loan servicer for your loans using the National Student Loan Data System (NSLDS®).
You have a choice of several repayment plans that are designed to meet your needs. The amount you pay and the length of time to repay your loans will vary depending on the repayment plan you choose. Here are the different repayment plans available to you:
• Standard Repayment Plan
• Graduated Repayment Plan
• Extended Repayment Plan
• Alternative Repayment Plans (Direct Loan Only)
• Income-Based Repayment (IBR)
• Income Contingent Repayment (ICR)(Direct Loan Only)
• Income-Sensitive Repayment (FFEL Only)
• Federal Work Study Program (FWS)- FWS provides opportuni-ties to currently attending students with financial need to earn money while attending school through a job that will be flexible around the student's course schedule.
A student should inquire with the Financial Aid Office in re-gards to employment opportunities funded by FWS. All students will be required to complete the Free Application for Federal Stu-dent Aid (FAFSA) in order to determine their eligibility.
Aid from any of these programs is based first on self-help, which could include cash payments that a student is able to make from savings, part-time job earnings and assistance from parents. The amount of self-help is determined by the Federal Need Analysis Formula as prescribed by the U. S. Department of Education, which evaluates family income and assets.
In general, students are eligible to participate in the Federal Financial Aid programs if they:
• Have a valid Social Security number.
• Have a High School Diploma or a High School Equivalency (GED).
• Are a U.S. citizen or an eligible non-citizen.
• Complete and sign all appropriate forms.
• Are not in default on a federal student loan nor have a federal grant overpayment.
• Register with the Selective Service, if required.
Once the student begins training and receives a financial aid award, continued eligibility for the programs requires the student to maintain satisfactory progress in accordance with published standards of the School. (See the Satisfactory Academic Progress Section of the Catalog for details.)
ALTERNATIVE FUNDING, PRIVATE LOAN PROGRAM
Private loans (not sponsored by a government agency) are offered by banks or other financial institutions to parents and students.
Private loans can help bridge the financial gap for School expenses, generally at lower interest rates than credit cards. Eligibility for a private loan is determined by the lending institutions.
The interest rate on a private loan is usually LIBOR plus 1 to 10 percent. Interest begins accruing when the loan is disbursed.
SCHOLARSHIPS Agency-Sponsored Funding
Anthem Institute Jersey City participates in several educational sponsorship programs offered by various public and private agencies. These agencies include: Division of Vocational Rehab, Veterans Administration, Department of Labor & Workforce Development, and Newark One Stop Career Center.
INSTITUTIONAL LOAN PROGRAM
Students may also be eligible for the Anthem College Institutional Loan Program. This Institutional Loan Program provides funds to assist students with meeting the cost of education when annual federal student loan limits have been met and/or other sources of funding are not available. Eligibility for the loan is based on the credit worthiness of the student. Repayment plans vary in length, including repayment options that extend beyond graduation. This loan program has both interest bearing and non-interest bearing options, and all non-interest rates and total repayment amounts are disclosed on the loan contract. Students are required to make minimum payments while they are in school, including during a Leave of Absence, Leave of Intent or Externship. These loans may be assigned to a Loan Servicer for collections and to administer payments and monthly statements. Students will be notified once their loan has been placed with a Loan Servicing company.
The Business Office will also provide the student with loan information and counseling regarding their loan repayment obligations. Students are encouraged to stay current on their monthly payments to avoid possible consequences associated with non-payment. For example, books will not be charged to a student’s account if students are 60 days or more past due on their monthly payments. Students may be withdrawn from the College for non-payment. Diplomas, Transcripts, Degrees and Certifications will NOT be issued unless the student has met all financial obligations. Late payments may be subject to fees, as specified in the Late Charges section of the loan documents.
If a scheduled payment is not made within 10 calendar days of the due date, a late charge of $5.00 or 5%, whichever is greater, of the scheduled payment amount may be required with each late payment as an administrative charge.
TUITION
Tuition charges are outlined on a student’s Enrollment Agreement and may be paid through cash, grants, loans or a combination thereof. See the “Catalog Supplement” for specific tuition costs.
FINANCIAL AID
, continuedREFUND POLICY
In the event a student does not enter a program for which he has enrolled, withdraws after beginning classes, or is dismissed from the School prior to completion of the program, a refund of monies paid (applied to the student’s tuition account) is made to the student in accordance with this refund policy.
CANCELLATION PRIOR TO COMMENCEMENT OF CLASSES
1. If the School does not accept the applicant, or cancels the Appli-cation, all funds paid, including the Application Fee will be fully refunded.
2. If cancellation is requested in writing by the Student (or par-ent/guardian, if Student is a minor), prior to midnight of the fifth business day (excluding Saturdays, Sundays, and business holidays), after signing the Application, all funds paid, including the Application Fee will be refunded.
3. If such cancellation occurs after the five-business day period but before the commencement of classes, the School will retain an amount not to exceed $150, and any tuition deposits paid will be refunded.
4. Students who have not visited the School prior to Application will have the opportunity to withdraw without penalty and have all monies refunded within five days following a tour of the School facilities which would occur on or before the first day of class.
5. Any monies paid by the applicant are refunded to the applicant in the event the School discontinues a program of training dur-ing a period of time within which a Student could have reason-ably completed the program.
6. Any monies due the applicant shall be refunded within 45 days from cancellation or failure to appear on or before the first day of class.
TERMINATION OR WITHDRAWAL AFTER COMMENCEMENT OF CLASSES
A student may withdraw in person or in writing. Students who discontinue training for any reason are required to have an exit interview with Financial Aid.
TECHNOLOGY FEE REFUND POLICY
A technology fee of $225.00 will be charged at the beginning of each program. The technology fee covers the use of the Microsoft software license, Library/Resource Center, internet access, student online resources, and the Emergency Notification System. The refund policy for the fee is as follows:
• 100% refundable if all courses are dropped during the first week
• 75% is refundable if all courses are dropped after the 1st week up to 6 weeks
• 25% is refundable if all courses are dropped after starting the 6th week up to completion of 12 weeks
• No refund after completion of the 12th week
NEW JERSEY STATE REFUND POLICY
For full-time attendance, the school will refund the following:
% of Tuition Charged
% of the for the Academic Year % of Tuition Academic Year (owed by the Student) Refunded Attended Retained by School by School During the first week 10% 90%
During second and 20% 80%
third weeks
After third week and 45% 55%
up through 25%
After 25% through 50% 70% 30%
After 50% 100% 0%