Catalog of Abilene Christian College, 1972-1973 Page: 22
127 p. : ill. ; 23 cm.View a full description of this book.
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financial aid
The financial aid program at ACC is a multifaceted
program to assist you in meeting today's
college expenses. Your resourcefulness or that
of your family should be the primary source of
initial educational costs but if you need financial
aid, the College will help you to arrange your
plans to finance your education.
Briefly, you will first work with the Financial
Aid Officer in pinpointing the exact amount
needed. Then he will help you meet this need
- which may take the form of either a loan, a
scholarship, student employment, or a combination
of the three.
THE LOAN PROGRAMS
Abilene Christian College offers a variety of
loan programs and these comprise the most
significant area of financial aid.
National Defense Student Loans
Abilene Christian College approves and makes
these loans and is responsible for the collection of them.
They are designed for students in need.
Availability:
Preference given to full-time students but a halftime
student is minimum for consideration.
Amounts:
Undergraduate: $1,000 a year; $5,000 maximum.
Graduate or professional: $2,500 a year; $10,000
maximum.
Repayment and Interest:
Both begin nine months after you end your studies.
Interest rate is 3% a year on the unpaid balance, and
repayment of principal may extend over a 10-year
period.
No repayment of principal or interest is required
while continuing your course of study at an eligible
institution or while serving in the Armed Services, the
Peace Corps, or the Volunteers in Service to America
(VISTA) program. (The last three items are limited to
three year deferments.)Loan Cancellation:
If you become a full-time teacher - elementary,
secondary, or college - up to half the loan may be
forgiven at the rate of 10% for each year of teaching
service.
If you teach in areas of primarily low income
families you may qualify for cancellation of the entire
loan.
Federally Insured Student Loans
Any U.S. citizen, national, or person in the U.S.
for other than a temporary purpose, who is enrolled
or accepted for enrollment on at least a half-time basis
at an eligible school, may apply.
Banks, savings and loan associations, credit unions,
pension funds, insurance companies, and eligible schools
may lend under the program. Loans are made at the
discretion of the lender.
The maximum per academic year is $1,500, provided
the amount does not exceed educational costs,
less other aid received. The total outstanding principal
balance may not exceed $7,500 at any time.
An insurance premium of 1/4 of 1 percent is to be
paid only once, with no subsequent adjustments. Loans
are made at an annual percentage rate of interest not
to exceed 7 percent. If the student's adjusted family
income is less than $15,000, the Federal Government
will pay the total interest while he is in school and
during authorized periods of deferment. All borrowers
pay the full interest during the repayment period.
Repayment begins between 9 and 12 months after
the student completes his course of study or leaves
school, and is normally scheduled for from 5 to 10
years. However, there is a minimum monthly payment
requirement of $30 that could reduce this period. Prepayment
is allowed without penalty.
Deferments are allowed up to 3 years for military
service, Peace Corps, or Vista. Payment may also be
deferred during any period that the student returns to
school on a full-time basis. He is encouraged, however,
to make payments during such periods.
This loan may be used only for educational purposes.
The student is obligated to keep his lender
informed of changes in address, school, or student
status. After graduation or withdrawal from school,
the student must contact the lender and arrange for
repayment. The maximum grace period before beginning
to repay the loans is 12 months. However, it is to
the student's advantage to pay off this loan as soon
as possible. Interest costs are sharply reduced if the
loan is partially or fully prepaid.
Hinson-Hazlewood Texas Loan Program
[T.O.P.]
Eligibility:
Since this plan is a state-initiated program, it is
open only to legal residents of Texas. Too, loans may
be made only when there appears to be inadequate
family resources to meet the educational expenses of
the applicant. Applications for TOP loans are made22
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Abilene Christian College. Catalog of Abilene Christian College, 1972-1973, book, October 1971; Abilene, Texas. (https://texashistory.unt.edu/ark:/67531/metapth46046/m1/25/: accessed May 4, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Abilene Christian University Library.