Financial Aid Entrance Interview Financial Aid Exit Interview

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					                                                                                                                                          Financial Aid Entrance Interview
                                                                                                                                          Financial Aid Exit Interview
Read This Section Carefully. I understand the following information about my student loan(s):
1.    I must use my loan(s) only for educational expenses. Acceptance of student loans may                          •       My federal and state income tax refunds may be withheld, or my wages may be
      affect my eligibility for other forms of financial aid. The amount of my student loans may                            garnished.
      be used in consideration for other aid. Other forms of financial aid should supplement,                       •       I may be ineligible to receive any additional federal or state financial aid funds.
      not replace federal student aid programs.                                                                     •       My loan may be referred to a collection agency and I will be liable for collection
2.    All loans must be repaid including all accrued interest and fees. I must repay my entire                              costs.
      loan even if I do not complete my education, if I am not satisfied with my education, if I                    •       The holder of my loan(s) may sue me for all amounts owed, including attorney fees.
      cannot find employment or I do not receive the educational or other services that I                                   This includes delinquent debt collection procedures under federal law, and
      purchased from my school. Although payment coupons or billing statements may be sent                                  litigation.
      as a convenience, not receiving them does not relieve me of my obligation to make                      9.     If I do not qualify for a deferment and am unable to make payments on my loan, I may
      payments.                                                                                                     request forbearance from my lender. Forbearance is a special arrangement made for
3.    I must repay my loan(s) within 10 years, unless my loans are consolidated, or I have                          borrowers who experience financial hardship or meet other qualifying conditions. (See
      selected special repayment options, such as income-sensitive, graduated or extended                           #20 on this form for details on forbearance)
      repayment, income based, or have qualified for a deferment or forbearance. Repayment                   10.    The interest rate for all loan(s) is specified on my disclosure statement, and I am
      period varies from 10 to 25 years, depending on which repayment plan you choose.                              responsible for paying accrued and/or capitalized interest. When interest is not paid by
4.    Under the multi-year feature of the MPN, I will be able to obtain additional loans from the                   the borrower or the Department of Education, a lender capitalizes interest by adding
      Federal Family Education Loans (FFELP) or Direct Loans (DL) programs without having to                        accrued interest to the loan’s principal balance. The interest rate is fixed at 6.8% for
      sign a new promissory note for each period of enrollment. I will be required to complete a                    undergraduate and graduate FFELP and DL first disbursed on or after July 1, 2006, except




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      new MPN when I first enroll at the University and if I choose to borrow from a different                      for subsidized Stafford loans made to undergraduates. For subsidized FFEL and DL loans
      lender. I understand that I have the right to sign a new promissory note for each loan and                    made to undergraduates, the interest rate is fixed at 5.6% for loans first disbursed on or
      opt out of the multi-year feature of the MPN. I will carefully review the MPN and the                         after July 1, 2009. The interest rate for Direct PLUS loans first disbursed on or after July 1,
      Borrower’s Rights and Responsibilities statement before signing the MPN.                                      2006, is fixed at 7.9%. The interest rate for FFEL PLUS loans first disbursed on or after July
                                                                                                                    1, 2006, is fixed at 8.5%. The origination fees for Direct Stafford loans first disbursed on or
5.     I must notify my school and my lender, if I:
                                                                                                                    after July 1, 2009 will be 1.5%. The origination fees for FFEL Stafford loans first disbursed
      •      Change my name
                                                                                                                    on or after July 1, 2009 will be 0.5%.
      •      Change my address                                                                               11.    The FFELP or DL Master Promissory Note (MPN) will be used by borrowers to obtain loans
      •      Change my telephone number




6.
      •
      •
      •
      •
      •
      •
      •
             Change my references
             Change employer
             Change my graduation date
             Change my social security number
             Transfer to another school
             Withdraw from school




      Aid (FAFSA) and the PLUS Master Promissory note.
                                                                    PL
             Enroll for less than half-time or fail to enroll for the loan period certified
      I understand that graduate degree students are now eligible to borrow under the PLUS
      Loan Program up to their cost of attendance minus other estimated financial assistance.
      The terms and conditions applicable to Parent PLUS Loans also apply to Graduate PLUS
      loans. In order to apply for a Graduate PLUS loan, I must have applied for the annual loan
      maximum under the Federal Subsidized and Unsubsidized Stafford Loan Program. During
      the application process, I must complete both the Free Application for Federal Student
                                                                                                             12.




                                                                                                             13.




                                                                                                             14.
                                                                                                                    for attendance at University of Phoenix. I understand that I should carefully review this
                                                                                                                    document and the Borrower’s Rights and Responsibilities statement before signing the
                                                                                                                    MPN.
                                                                                                                    I have been provided with the name and contact information of the office at my school
                                                                                                                    where I may ask additional questions about my rights and responsibilities or the terms
                                                                                                                    and conditions of my loan(s). I can locate the names and contact information for my
                                                                                                                    student financial advisor by logging into my student website at:
                                                                                                                    https://ecampus.phoenix.edu
                                                                                                                    The University considers all actively enrolled students as full time students. Students
                                                                                                                    actively enrolled in a course in which attendance is recorded at regular intervals are
                                                                                                                    considered full time. Students who are enrolled as correspondence are considered to be
                                                                                                                    enrolled as half time students. Students not enrolled in a course in which attendance is
                                                                                                                    recorded at regular intervals are considered out of attendance.
                                                                                                                    I may change repayment plans by contacting my lender. Multiple borrowing and/or
                                                                                                                    changing lenders will complicate loan repayment and deferment options. Keeping my
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                                                                                                                    loans with the same lender throughout my postsecondary career will make repayment of
7.    The minimum monthly payment for any loan is $50.00, but can be more depending on the                          my loan(s) much easier. Tracking loan payments and requesting deferments are simplified
      sum borrowed. Repayment will begin as follows:                                                                if there is only one lender involved.
      Federal Subsidized Loan Borrowers                                                                             If I pay qualifying interest on my federal student loans during a tax year, I may be eligible
      •        Following a 6-month grace period. The grace period is for periods of in-school                       to deduct up to $2,500 from my federal income tax liability. Tax benefits are available for
               enrollment and for 6 months following graduation or withdrawal.                                      certain higher education expenses, including a deduction for student loan interest for
      Federal Unsubsidized Loan Borrowers                                                                           certain borrowers. This benefit applies to all loans used to pay for postsecondary
      •        Following a 6-month grace period; however, interest accrues while in-school and                      education costs, including PLUS Loans. The Internal Revenue Service (IRS) Publication 970,
               during the grace period and can be paid or postponed until graduation or                             Tax Benefits for Higher Education, explains these credits and other tax benefits. You can
               withdrawal.                                                                                          get more information online at www.irs.gov or by calling the IRS at 1-800-829-1040. TTY
8.    If I fail to repay my student loan, I will be considered to be in default and the following                   callers can call 1-800-829-4059.
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      may result:                                                                                            15.    I will be notified, in writing, if any of my loans are transferred to another holder. I must
      •        My loan will be reported to a National Credit Bureau and could result in an adverse                  direct all future correspondence to that holder.
               credit report and have a negative effect on my credit rating for seven years.                 16.    A copy of the University of Phoenix Refund Policy for Title IV recipients is enclosed in the
      •        The entire unpaid amount of my loan, including interest, will become immediately                     University of Phoenix school catalog and Consumer Information. I have read and
               due and payable; and I am no longer eligible for any loan deferment provisions.                      understand the policy.


17.   Repayment
      Under the Federal Stafford Loan Program, the repayment period for students begins six (6) months after the last day of attendance. If our records indicate you are nearing graduation or have dropped
      from your program, federal regulations require that we emphasize loan payment obligations and debt management strategies regarding your financial aid loans. If you received FFELP loans by using
      the MPN, please understand that this is a serial note that may be used by other educational institutions and the University of Phoenix for future awards. Additionally, you may have already received
      multiple awards from this single note. In most cases, repayment will begin as follows:
            •     Federal Sub Stafford Loans- principal and interest payments begin following a 6 months grace period after leaving school or dropping to less than half-time enrollment.
            •     Federal Unsub Stafford Loans - Interest begins to accrue as soon as my loan is disbursed. The interest is deferred while I am in school and, unless paid, will be capitalized (added into the
                  principal) unless I advise my lender that I wish to make interest payments while I am in school. Principal and Interest payments begin 6 months after I leave school or drop to less than
                  half-time attendance.
            •     Federal PLUS Loans – Interest begins to accrue as soon as my loan is disbursed. The interest is deferred while I am in school or the student on whose behalf I borrowed is in school and,
                  unless paid, will be capitalized (added into the principal) unless I advise my lender that I wish to make interest payments while I am in school or the student on whose behalf I borrowed is
                  in school. Principal and Interest payments begin no later than 60 days after the full disbursement of the loan.
            •     Federal Perkins Loan- Principal and interest payments begin following a 9 month grace period after leaving school or dropping less than half-time attendance.
            •     Health Professional Student Loan/Primary Care Loan- Principal and interest payments begin following a 12 month grace period after leaving school or dropping to less than half-time
                  enrollment.
            •     Nursing Student Loan- Principal and interest payments begin following a 9 month grace period after leaving school or dropping to less than half-time enrollment.




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18.   Repayment Options
      For each repayment option, I have been provided with sample information showing anticipated monthly payment amounts, interest costs and total payments based on a range of
      student levels of indebtedness or the average indebtedness of Stafford and/or PLUS loan borrowers at my school or in my program of study. By selecting the plan that produces a
      monthly payment I can afford, but also repays the loan as quickly as possible, I will avoid paying additional interests. I have been advised of the following options for repaying my
      Federal Stafford and/or Federal PLUS loan and the difference in total interest paid and total payments among these options.
      * The following represents the average federal student loan debt for University of Phoenix student loan borrowers. The amounts represented are specific to the program level
      indicated and do not include funding that was obtained for other program levels:
      •     Standard (level) Repayment- I will make fixed monthly payments of at least $50 and repay my loan(s) within 10 years, excluding periods of deferment or forbearance.
                  Repayment Estimates Under Standard Repayment Plan:
                                                Associate Degree       Bachelor Degree       Graduate Degree Funding      Graduate Degree Funding       Graduate Degree Funding
                                                Funding                Funding               Sub & Unsub Loans            Grad PLUS Loans               Direct Grad PLUS Loans
               Average Loan Balance *           $12,366.00             $23,051.00            $30,809.00                   $39,385.00                    $39,385.00
               Loan Interest Rate               6.80%                  6.80%                 6.80%                        8.50%                         7.9%
               Loan Term                        10 Years               10 Years              10 Years                     10 Years                      10 Years
               Monthly Loan Payment             $142.31                $265.27               $354.55                      $488.00                       $476.00
               Number of Payments               120                    120                   120                          120                           120
               Cumulative Payments              $17,076.92             $31,832.69            $42,546.17                   $58,598.00                    $57,092.00
               Total Interest Paid              $4,710.92              $8,781.69             $11,737.17                   $19,213.00                    $17,707.00

      •     Graduated repayment- My monthly payment amount will increase over time, but no payment will be more than three times greater than any other payment.
                 Repayment Estimates Under Graduated Repayment Plan:
                                                 Associate Degree      Bachelor Degree       Graduate Degree Funding       Graduate Degree Funding       Graduate Degree Funding
                                                 Funding               Funding               Sub & Unsub Loans             Grad PLUS Loans               Direct Grad PLUS Loans
             Average Loan Balance *              $12,366.00            $23,051.00            $30,809.00                    $39,385.00                    $39,385.00
             Loan Interest Rate                  6.80%                 6.80%                 6.80%                         8.50%                         7.9%
             Loan Term                           10 Years              10 Years              10 Years                      10 Years                      10 Years




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             First 24 Monthly Loan Payment       $85.90                $160.53               $214.54                       $302.56                       $292.25
             Next 24 Monthly Loan Payment        $108.36               $202.39               $270.49                       $379.55                       $367.32
             Next 24 Monthly Loan Payment        $138.28               $258.16               $345.03                       $480.62                       $466.35
             Next 24 Monthly Loan Payment        $175.65               $327.84               $438.16                       $605.76                       $589.34
             Last 24 Monthly Loan Payment        $257.44               $477.58               $638.40                       $906.59                       $874.24
             Number of Payments                  120                   120                   120                           120                           120
             Cumulative Payments                 $18,375.00            $34,235.00            $45,758.00                    $64,201.00                    $62,147.00
             Total Interest Paid                 $6,009.00             $11,185.00            $14,949.00                    $24,816.00                    $22,763.00

      •     Income sensitive repayment- My monthly payment will be adjusted annually based on my expected gross monthly income.




      •
                  Repayment Estimates Under Income Sensitive Repayment Plan: Estimate is based on assumption the student’s annual income is equal to the amount shown for
                 each level of funding.


             Average Loan Balance *
             Loan Interest Rate
             Loan Term
             First 12 Monthly Loan Payment
             Last 108 Monthly Loan Payment
             Number of Payments
             Cumulative Payments
             Total Interest Paid
                                                 Associate Degree
                                                 Funding
                                                 $12,366.00
                                                 6.80%
                                                 10 Years
                                                 $41.22
                                                 $157.83
                                                 120
                                                 $17,540.28
                                                 $5,174.96

            Extended repayment- If I was a new borrower effective 10/07/98 and I accumulated more than $30,000 in outstanding Federal Family Education Loan Program loans, I may extend my
            repayment period up to 25 years and repay under a level or graduated schedule.
                  Repayment Estimates Under Extended Repayment Plan:
                                                                       PL
                                                                       Bachelor Degree
                                                                       Funding
                                                                       $23,051.00
                                                                       6.80%
                                                                       10 Years
                                                                       $76.84
                                                                       $294.21
                                                                       120
                                                                       $32,696.76
                                                                       $9,646.22
                                                                                             Graduate Degree Funding
                                                                                             Sub & Unsub Loans
                                                                                             $30,809.00
                                                                                             6.80%
                                                                                             10 Years
                                                                                             $102.70
                                                                                             $393.23
                                                                                             120
                                                                                             $43,701.24
                                                                                             $12,892.69
                                                                                                                           Graduate Degree Funding
                                                                                                                           Grad PLUS Loans
                                                                                                                           $39,385.00
                                                                                                                           8.50%
                                                                                                                           10 Years
                                                                                                                           $131.28
                                                                                                                           $547.48
                                                                                                                           120
                                                                                                                           $60,695.64
                                                                                                                           $21,318.54
                                                                                                                                                         Graduate Degree Funding
                                                                                                                                                         Direct Grad PLUS Loans
                                                                                                                                                         $39,385.00
                                                                                                                                                         7.9%
                                                                                                                                                         10 Years
                                                                                                                                                         $131.28
                                                                                                                                                         $531.36
                                                                                                                                                         120
                                                                                                                                                         $58,961.94
                                                                                                                                                         $19,576.94
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                                                    Associate Degree      Bachelor Degree       Graduate Degree Funding       Graduate Degree Funding      Graduate Degree Funding
                                                    Funding               Funding               Sub & Unsub Loans             Grad PLUS Loans              Direct Grad PLUS Loans
               Average Loan Balance *               $12,366.00:           $23,051.00:           $30,809.00                    $39,385.00                   $39,385.00
               Loan Interest Rate                   Specific Program      Specific Program      6.80%                         8.50%                        7.9%
               Loan Term                            Funding Amount        Funding Amount        25 Years                      25 Years                     25 Years
               Monthly Loan Payment                 Not Applicable        Not Applicable        $213.84                       $317.14                      $301.38
               Number of Payments                                                               300                           300                          300
               Cumulative Payments                                                              $64,149.39                    $95,140.64                   $90,409.68
               Total Interest Paid                                                              $33,340.39                    $55,755.64                   $51,024.68

      •     Income Based Repayment Plan - My monthly payments are capped at 15% of my income that exceeds 150% of the federal poverty guideline for my family size. My monthly payment amount
            will be adjusted annually, based on changes in annual income and family size. This repayment plan is only available for federal student loans, such as the Stafford, Grad PLUS and consolidation
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            loans. It is not available for Parent PLUS loans or for consolidation loans that include Parent PLUS loans. (IBR is not available for Perkins loans, but it is available for consolidation loans that
            include Perkins loans.) It is also not available for private student loans. If my payments are not sufficient enough to cover interest, the government will pay the remaining interest on Subsidized
            Stafford loans for the first three years. After that, and for all other loans, interest will accrue until it is paid or until the remaining balance is forgiven. I may participate in this plan for up to 25
            years. After 25 years of qualifying payments, any remaining debt will be forgiven.

19.   Deferment Options
      I may apply to lender for a deferment to temporarily postpone my Stafford and/or PLUS loan payments, if I was a new borrower on or after 7/1/93, and I meet one of the following conditions:
      •     I am unemployed.
      •     I am experiencing certain other economic hardship specified by federal law.
      •     I am enrolled at least half-time in a qualified postsecondary education program.
      •     I am participating in a qualified graduate fellowship or rehabilitation training program.
      •     I am serving on active duty in the US Armed Forces or National Guard.
      •     If I am a Parent PLUS borrower, I can choose to request a deferment of payments on a PLUS loan while the student on whose behalf I borrowed the loan is enrolled at least half time. I can also
            defer my payments for the six-month period after the student ceases half-time enrollment. I must contact my lender if I am interested in either of these deferments. If I was not a new
            borrower on after 7/1/93, I may obtain deferment information directly from my lender. If I borrowed unsub Stafford or grad PLUS loans, interest will continue to accrue during the deferment. I
            may pay the accruing interest, or my lender may capitalize the interest.
20.   Forbearance
      Forbearance is a special arrangement between lender and me if I meet any one or more of the following conditions:
      •    I am experiencing financial hardship.
      •    I am participating in a medical or dental internship or residency.
      •    My student loan debt is equal to or greater than 20 percent of my total monthly income.
      •    I am serving in a national service position and am receiving a national service educational award under the National and Community Service Trust Act of 1993 (AmeriCorps).
      •    I meet the eligibility requirements for certain loan forgiveness programs.
      •    I am affected by a local or national emergency.
      •    I am subject to a military mobilization.
      •    I reside in an area that has been designated a disaster area.
      My school has advised me of my forbearance options and provided information from the US Dept of Education about student financial assistance programs.



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                                                                                                                                        Financial Aid Entrance Interview
                                                                                                                                        Financial Aid Exit Interview
21.   Loan Consolidation
      I may consolidate into one new loan my federal education loans received from different lenders and different programs and depending on my total education debt, extend my repayment term up to
      30 yrs. Although extending the repayment term may reduce my monthly payment amount, I am likely to pay more in total interest costs. Moreover, depending on when I consolidate and the types of
      loans I consolidate, I may lose grace period, interest subsidy, deferment options, as well as loan cancellation and loan forgiveness benefits. I may prepay my consolidation loan without penalty and
      may change my consolidation loan repayment plan. In addition, some lenders may offer interest rate reduction programs on consolidation loans.

22.   Loan Discharge, Forgiveness & Cancellation
      I may be eligible for a full or partial discharge of my federal student loan(s), under the following circumstances:
      •     If I die 100% of my loan will be discharged.
      •     If a physician certifies that I am totally and permanently disabled or the Department of Veterans Affairs has determined that I meet certain disability criteria, 100% of my loan will be discharged.
      •     If I prove undue hardship in an adversary proceeding before a bankruptcy court, 100% of my loan will be forgiven.
      •     If I am unable to complete my course of study because my school closes, 100% of my loan will be forgiven.
      •     If my loan was falsely certified as the result of the crime of identity theft, 100% of my loan will be forgiven.
      •     If my school falsely certified my eligibility for the loan, 100% of my loan will be forgiven.
      •     If my school failed to make a required refund to my lender on my behalf, my loan will be discharged up to the amount that the school was required to return.
      •     If I am eligible for loan forgiveness because I am a public service employee, 100% of the remaining outstanding balance on my eligible Direct Loan will be forgiven.
                   Under the Public Service Loan Forgiveness program, I cannot be in default and I must make 120 monthly payments on the loan under certain repayment plans, after Oct 1, 2007, while
                   employed in certain public service fields. I must be employed full-time in a qualifying public service field during the same period in which the 120 payments are made and at the time that
                   the cancellation is granted.
      I may be eligible for forgiveness of a portion of my outstanding Stafford or PLUS loan indebtedness based in certain service as a teacher or in other defined areas of national need. I may qualify for full
      or partial cancellation of my outstanding Perkins loan debt based on my service in certain occupations. My school has advised me of my loan discharge, forgiveness and cancellation options and




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      provided information from the U.S. Department of Education about student financial assistance programs.

23.   Debt Management
      Taking the time to plan for repayment of my student loan now can save me hundreds, or even thousands, of dollars in interest costs and potential damage to my credit. The following are ways that I
      can plan for successful debt management and repayment of my student loans:
      •     Organize all of my student loan paperwork in a file that I can easily access.
      •     Use a repayment calculator to estimate my monthly student loan payments.
      •     I may prepay or accelerate the repayment of all or part of my loan(s) at any time without penalty.




24.




25.
      •
      •
      •
      •

      Office of the Ombudsman

      •
      •
      •
            Toll Free Telephone: 1-877-557-2575
             Internet: http://fsahelp.ed.gov


      Repayment Assistance and Loan Information
                                                                    PL
            Select a repayment plan that produces a monthly payment I can afford but also repays my loan as quickly as possible, so I avoid paying additional interest.
            Make a monthly budget of my income and expenses, including my monthly student loan payment.
            Ask my lender about establishing automatic deductions of my loan payments from my bank account to ensure on-time payment.
            While I am repaying my student loans, I should limit the amount of other types of debt, particularly credit card debt.


      To resolve disputes with your lender or loan servicer regarding your loans you can contact the Department of Education Student Loan Ombudsman’s Office at:


             Mail: US Department of Education, FSA Ombudsman Office, 830 First Street, NE, Fourth Floor, Washington, DC 20202-5144


      I may access information about my federal student loans, and other sources of federal financial aid, by visiting the website of the National Student Loan Data System at www.nslds.ed.gov or by calling
      the Federal Student Aid Information Center toll-free at (800) 4-FED-AID or TDD (800) 730-8913.
      The National Student Loan Data System (NSLDS) is the national database of information about loans and grants awarded to students under Title IV of the Higher Education Act (HEA) of 1965. NSLDS
      provides a centralized, integrated view of Title IV loans and grants during their complete life cycle, from aid approval through disbursement, repayment, deferment, delinquency, and closure. Title IV
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      loans borrowed at the University will be submitted to the National Student Loan Database System (NSLDS) and will be accessible to guaranty agencies, eligible lenders, and eligible institutions of
      Higher Education as determined by the Secretary to be authorized users of the NSLDS.

Reference Information – For Exit Interview Only

Name of Nearest Relative                        Relationship                Address                                            City/State/ZIP                              Telephone Number


Personal Reference                              Relationship                Address                                            City/State/ZIP                              Telephone Number
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Personal Reference                              Relationship                Address                                            City/State/ZIP                              Telephone Number


Expected Employer                                                           Address                                            City/State/ZIP                              Telephone Number


Borrower Information


Name (Please print clearly)                                                  SSN (Last 4 Digits)                                                Driver’s License Number and State


Permanent Street Address                                                                                                                        Permanent E-Mail Address


City/State                                                                   Zip Code                                                           Permanent Phone Number


I have read and understand all the information on this form (all pages). I have completed all requested items truthfully and accurately, and I have received loan counseling,
including repayment option and debt management information.


             _________________________                          ___________________                     ___________________
Signature                                                       Date                                   IRN


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