FAFSA - Free Application for Federal Student Aid

Apply Now for the
2008 - 2009 Year!

2009 - 2010 VTAG
Virginia Tuition
Assistance Grant

Category 1 & 2
Deadline: July 31st

The Aid Process
Loan Programs
External Scholarships
School-based Aid
State-based Aid

JOB BOARDS

Student Positions
Regent University
CBN/OB/Worldreach
Hampton Roads Area

• Announcements: Central Financial Aid Office Closed & New Office Number
• December Graduates: Exit Interviews
• What if I Default on my Student Loans?
• Potential Scholarships for 2009-2010
• Contact Financial Aid

Announcements: Central Financial Aid Office Closed

The Central Financial Aid Office will be closed on Friday, October 31st, 2008 for Staff Training.

The phone number for Central Financial Aid will change from 352.4125 to
352-4125 after 5:00 pm (EST) on Friday, November 7, 2008.

December Graduates: Exit Interviews

Any student graduating or falling below half-time enrollment and borrowed a loan while attending Regent must attend an exit counseling session. This is required by federal and state regulation as well as Regent University policy.

The Exit Sessions are scheduled for:

December 4 - Thursday
- Noon - Library Auditorium
- 5:00 p.m. - Moot Court Room - Robertson Hall

December 5 - Friday
- Noon - Library Auditorium
- 5:00 p.m. - Library Auditorium

Please make arrangements to fulfill this requirement by attending an exit session. If you are a distance student and are unable to attend an exit interview packet will be mailed to you shortly after the sessions have been completed. If you have any questions, contact the Central Financial Aid Office at 757.352.4125 or by email at finaid@regent.edu.

What if I Default on my Student Loans?

Missing payments on your student loan has serious consequences. If you're making monthly payments and you're 270 days delinquent, or 330 days delinquent if you pay less often than monthly, then you are in default.

Your Borrowing Responsibilities:

It's important to read the fine print when you borrow money for school. Unless you're granted loan deferment, forbearance or forgiveness, you must repay your loan as scheduled. Even if you don't finish school, if you can't find a job or if you were unhappy with your education, you still must repay your loan. You must also attend an exit interview before you leave school and notify your school of changes to your name, address or phone number.

Short & Long-term Effects of Defaulting:

Significant short-term effects of defaulting may include delay in class registration, and holds on transcript requests and receipt of diplomas. Your loan may also be accelerated, which means payment will be demanded immediately in full.

The list of long-term effects is even greater. A loan default will be reported to national credit bureaus and can damage your credit rating for a minimum of seven years. Poor credit can prevent you from financing a house or a car or getting a credit card.

Defaulting on your loan may also result in:

• Failure to pass credit checks for job opportunities.
• Garnishment of your wages.
• Legal action.
• Loss of deferment eligibility.
• Withholding of your federal and state income tax refunds.
• Refusal for any additional federal aid.
• Possible ineligibility to renew a professional license you've earned.

Cost Considerations:

Besides the balance of your loan, defaulting may make you responsible for other costs that can add up to 25 to 50 percent more than the principal loan and interest. These additional costs include:

• Collection agency's commission and collection costs.
• Late charges and interest accrued.
• Legal and court fees.
• Telephone calls made by your school in attempts to collect.

How to Avoid Default:

The bottom line in avoiding default is to pay on time. To keep your payments on track,

• Don't borrow more money than you need or feel you'll be able to repay.
• Make sure you understand the terms of your loan agreement.
• Keep all your student loan documentation - letters, promissory notes, canceled checks - in one place.
• Write a reminder in your datebook on each payment-due date, or setup automatic electronic payments.
• Include your account number on your check when mailing a payment.
• Alert your lender if you know a payment will be late.
• Notify your lender when you graduate, drop out of school or drop below half-time.
• Notify your lender as soon as you change your name, address or phone number.
• Contact your lender immediately if you are having trouble making payments; there is help available before it's too late.

What to Do If You're in Default:

To get out of default, you must make arrangements with your lender. If you can work out a repayment schedule within 60 days of default, some collection agencies will waive or reduce their collection fees. If you're not sure who your lender is, ask school's financial aid office. Once you've made 9 voluntary, consecutive, on-time payments, you can apply for "rehabilitation." Once you've received rehabilitation status, you are no longer considered in default and the default will be removed from your credit history.

A student loan can help you fulfill your educational dreams, but defaulting on that loan can be a nightmare. To minimize default penalties, deal with it immediately. For more information on repaying a defaulted loan or to verify the agency servicing your defaulted student loan, call 1-800-4-FED-AID.

Source: Fastweb Online Resources 2008

Potential Scholarships for 2009 - 2010

The links below will provide additional information on potential financial aid:

• Privately Funded Scholarship & Grant Opportunities
• Scholarship Search Engines
• State-based Financial Aid Opportunities

Central Financial Aid is Ready to Serve You!

The Central Financial Aid staff is ready to assist you with financing your education! You are assigned a Financial Aid Counselor based on the first letter of your last name. Contact your Financial Aid Counselor if you have questions that require personal attention or situations that you wish to discuss with someone in depth. All general questions may be directed to our reception staff.

Central Financial Aid
1000 Regent University Drive, SC 241
Virginia Beach, VA 23464
Phone: 757.352.4125 Fax: 757.352.4118
Office Hours: Monday, Wednesday - Friday - 8:00 am - 5:00 pm, Tuesday 8:00 am - 6:00 pm (Closed Holidays)
E-mail: finaid@regent.edu - Send us your topic ideas.

Want to be removed from the all-student email list? Contact the HelpDesk at 757.352.4076.