2011 LRP RFA by wanghonghx

VIEWS: 14 PAGES: 13

									   The ASCO Loan Repayment Program,
 funded by Susan G. Komen for the Cure®

                    2011 REQUEST FOR APPLICATIONS
                                  Last Updated: September 16, 2010



                                   The ASCO Cancer Foundation
                                     2318 Mill Road, Suite 800
                                       Alexandria, VA 22314
                                         grants@asco.org




                                       THE ASCO CANCER FOUNDATION®
The ASCO Cancer Foundation supports educational programs of the highest quality in cancer care and
prevention; facilitates the dissemination of information about cancer and cancer treatment to patients and
their families; and, through its grants program, supports, encourages, and recognizes excellence in
clinical research in the field of oncology. For more information visit www.ascocancerfoundation.org.


                                     SUSAN G. KOMEN FOR THE CURE®
Nancy G. Brinker promised her dying sister, Susan G. Komen, she would do everything in her power to
end breast cancer forever. In 1982, that promise became Susan G. Komen for the Cure, which is now the
world’s largest breast cancer organization and the largest source of nonprofit funds dedicated to the fight
against breast cancer with nearly $1.5 billion invested to date. For more information about Susan G.
Komen for the Cure, breast health or breast cancer, visit www.komen.org or call 1-877 GO KOMEN.
I. Purpose

The ASCO Loan Repayment Program, funded by Susan G. Komen for the Cure® provides repayment of
qualifying educational loans to oncologists, or to oncology fellows upon completion of training, who
commit to practicing oncology in a medically underserved region of the United States.

To be eligible for LRP loan assistance, applicants must be enrolled in or have completed an approved
oncology fellowship training program in the United States. Candidates must be U.S. citizens, U.S.
nationals or permanent residents. Candidates must have a M.D., D.O. or equivalent medical doctoral
degree from an accredited institution. An applicant must be an Associate or Active ASCO member or
submit an ASCO membership application with the LRP application.

Funding Available
The ASCO Loan Repayment Program will repay up to $35,000 per year for two years (up to $70,000
total) of qualifying educational loans.

The standard effective date of LRP agreements is July 1, 2011; however this date can be adjusted if the
recipient plans to begin his or her employment at an earlier or later date, as long as the start date is not
after December 31, 2011. When the employment start date precedes the effective date of the
agreement, no LRP service credit will be approved for employment prior to the effective date of the
agreement, and no loan disbursements will be made for any professional practice performed before the
effective date of the agreement.

As detailed in Section 6 of this RFA, the ASCO Loan Repayment Program is structured as a loan.
The structure of this award results in tax obligation and income tax liability to recipients
described in Section 7 of this RFA.

Key Dates:

Online Application Opens:                 September 16, 2010
Full Application Due:                     December 16, 2010
Notifications:                            May 1, 2011


II. Eligibility

To qualify to receive LRP loan assistance, applicants must meet the following criteria:

    Have outstanding qualifying loans obtained for medical education leading to a degree or diploma in
    medicine (see Qualifying Educational Loans section for more information).
    Have completed an approved oncology fellowship training program in the United States by July 1,
    2011.
    Be a U.S. citizen, U.S. national or permanent resident.
    Be a physician (have an MD, DO, or equivalent medical doctoral degree from an accredited
    institution).
    Have a current permanent, unrestricted license as a physician to practice in the designated State.
    Be board certified or board-eligible in an oncology specialty (e.g., Med/onc, hem/onc, rad/onc etc.).
    Be an ASCO member or become an ASCO member (Associate or Active Member) or submit an
    ASCO membership application with your grant application.
    Commit to practicing clinical oncology full-time (see V. Definition of Full-Time Practice) for two
    years in a medically underserved community of the United States as specified by the program criteria
    (see IV. Areas Qualifying as Medically Underserved for more information).
    Have accepted an offer of employment at the time the application is submitted, meaning that the
    applicant has (1) received a signed job offer from the site which he or she has accepted in writing, (2)
    signed an employment contract with the site, or (3) entered the final stages of negotiating an
    employment contract. Employment must begin no later than December 31, 2011.
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    Have no other service obligations. All applicants who have an outstanding contractual obligation for
    health professional service to the Federal government, a state, or other entity are ineligible to
    participate in the LRP, unless that service obligation will be satisfied completely before the date in
    which they begin the LRP service commitment. Clinicians who enter into a service obligation with
    another entity after applying to LRP are ineligible for LRP loan assistance and must notify the ASCO
    immediately that they wish to withdraw their LRP application.


III. Qualifying Educational Loans

Qualifying educational loans are government and commercial loans for actual costs paid for reasonable
educational and living expenses incurred by the applicant (1) while attending a school of medicine where
the applicant obtained his/ her medical education, and (2) while taking only medical prerequisite courses
at schools other than the school(s) of medicine where the applicant obtained his/her qualifying medical
education, provided that the applicant received academic credit for those courses from the school of
medicine where the applicant obtained his/her medical education.

The following are examples of financial obligations that do not qualify for assistance under the LRP:

    Loans not obtained from a U.S. government entity, commercial lending institution, or academic
    institution—examples include loans from friends, relatives, and other individuals;
    Non-educational loans such as home equity and personal loans;
    Loans for which contemporaneous documentation (current account statement, and promissory note
    or disclosure statement) is not available or submitted with the application;
    Loans or portions of loans obtained for educational or living expenses which exceed a reasonable
    level, as determined by the standard school budget for the year in which the loan was made, and are
    not determined by the LRP to be reasonable based on additional contemporaneous documentation
    provided by the applicant;
    Loans or financial debts incurred as a result of a failure to fulfill a service obligation under another
    program;
    Delinquent loans, loans in default, or loans not current in their payment schedule;
    Loans that have been paid in full;
    PLUS loans (made to parents)
    Loans obtained after the execution of the LRP agreement (e.g., promissory note signed after the
    program effective date

IV. Practice Sites Qualifying as Medically Underserved

Eligible locations are those designated by the Health Resources and Services Administration as Health
Professional Shortage Area (HPSA) or Medically Underserved Area (MUA). HPSA- or MUA-designated
areas can be found in HRSA’s searchable online database by searching by address, or by state and
county. To find a HPSA location, go to http://hpsafind.hrsa.gov/. To find a MUA location, go to
http://www.muafind.hrsa.gov. To find out if a specific address is located in a HPSA or MUA, go to
http://datawarehouse.hrsa.gov/GeoAdvisor/ShortageDesignationAdvisor.aspx.

A funding preference may be given to applicants serving in areas of greatest need, based on the
HPSA/MUA scores.

In addition to being evaluated by HPSA/MUA scores, applicants will also be evaluated based on
information provided in the application materials including the Site Verification and Area of Service form,
which should contain pertinent information about your practice site and the patient population served by
the practice.

V. Definition of Full-Time Practice

A full-time practice is defined as a minimum of 40 hours per week. For academic positions, it is required
that a minimum of 20 hours per week is spent in a clinical practice in an underserved area. No more than
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seven weeks (35 workdays) per service year can be spent away from the practice for vacation, holidays,
continuing professional education, illness, or any other reason. For absences of greater than seven
weeks in a LRP service year, the participant should request a suspension. A break in service will extend
the service commitment end date.

VI. Form of Loan Repayment Assistance

The loan repayment assistance under the LRP is structured as a loan from ASCO. Participants will be
required to execute a promissory note in a form provided by ASCO. The amount of the participant’s
qualifying educational loans (up to a maximum of $70,000) will determine the principal amount of the
loan. ASCO will make loan disbursements at scheduled intervals after receipt of the executed note. The
loan disbursements must be used by the participant to reduce the principal amount of his or her qualifying
educational loans.

Upon completion of the participant’s two year service obligation, the promissory note issued by the
recipient will be forgiven, provided that the participant maintains eligibility under the LRP and has
complied with all of the terms of the promissory note.

Under IRS rules, this discharge of indebtedness is taxable income to the participant (see Income Tax
Liability). Please note that at the end of the LRP commitment, if the promissory note is forgiven,
the recipient will have cancellation of indebtedness income for the year in which the debt was
cancelled. The total debt forgiveness amount will be included in the recipient’s income for that tax
year. As a result, participants are responsible for payment of any federal or state taxes due. Please
consult a tax advisor regarding any further questions about taxes on the LRP funds.

Participants who leave eligible employment before completion of their service obligation will be required
to repay the full amount of the loan under the terms of the promissory note.

VII. Income Tax Liability

If a participant fulfills the requirements of the LRP, ASCO will discharge the promissory note after the
completion of the participant’s service obligation. The discharge of the note will result in taxable income
to the participant. The participant will be responsible for payment of any federal or state taxes due. The
participant will receive an information statement (IRS Form 1099-MISC) showing the total amount of
indebtedness discharged under the LRP.




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VIII. Application Process – Online Application

All applications must be submitted in accordance with the requirements and instructions of this RFA.

The LRP has a two-part application process—an online application and a mail-in Loan Information and
Verification submission. The online application opens on September 16, 2010 and must be submitted by
11:59PM EST on December 16, 2010. The Loan Information and Verification packet must be
postmarked by December 16, 2010.

Please note that late or incomplete applications will not be accepted.

The most up-to-date information, including any updates to the RFA, and the link to the online application,
will be posted at www.ascocancerfoundation.org/LRP. To initiate an application through Easygrants,
please go to https://grants.ascocancerfoundation.org.

If applicants have previously used Easygrants to apply for an ASCO Cancer Foundation grant or through
participation on a Foundation review committee, their login information will be the same. If an applicant is
a past ASCO/ASCO Cancer Foundation grant recipient, they will already have an Easygrants account
and should use the same account.

If an applicant has not previously used Easygants, they will be required to create an account. Creating an
account allows you access to the LRP application. Please note that applicants are not required to
complete the entire application at one time. The grant application can be saved and return to until the
application deadline at 11:59PM EST on December 16, 2010. Once the grant application has been
submitted, edits or revisions cannot be made.

For the online portion of the application, applicants are encouraged to submit early because technical
help will not be available after 5PM EDT on December 16, 2010.
                                                                                                         ®
Applications are evaluated by a review and selection subcommittee of The ASCO Cancer Foundation .
ASCO and The ASCO Cancer Foundation maintain the right to consider any relevant information in
awarding loans and in setting the level of benefits for each applicant. Among applicants who have
submitted timely and complete applications and have been determined by the LRP to meet the eligibility
criteria, the following factors will be considered in determining which applicants will receive a LRP
contract award:

    Commitment to serving underserved populations. The LRP is seeking individuals who demonstrate
    characteristics that they are likely to remain in a medically underserved area beyond their service
    commitment under the LRP. Clinicians will have an opportunity to provide information to support their
    commitment as part of their Personal Statement.
    A funding preference may be given to applicants serving in areas of greatest need (based on the
    HPSA/MUA scores and other criteria).

Full online applications must include the following sections:
     1) Contact Information
     2) Applicant Information
     3) Curriculum Vitae or Resume
     4) Personal Statement
     5) Proof of US Citizenship or Residency
     6) Board Certification
     7) Medical Degree
     8) Physician Practice License
     9) Employment Site Information Form
     10) References and Recommendations



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Contact Information
       Name
       Educational Institution
       Medical Degree Type
       ASCO Number (Enter ―Pending‖ or your temporary membership number if you are submitting a
       membership application with your grant application)
       Date you completed or will complete your final medical subspecialty training program
       Date you began your initial full-time faculty appointment (*Please note: A faculty appointment is not
        required for the ASCO Loan Repayment Program. If you do not have a faculty appointment at an
        academic institution, please click the "N/A" box.)
        Address
        Phone
        Email

Please note that primary address, phone, and email are required in the Contact Information form in
Easygrants and that the “Primary” box must be checked.

Applicant Information
       Degree (At least one Post-Baccalaureate Degree is required)
       Field of Research Training
       Field of Clinical Training (At least one Field of Clinical Training is required)
       Gender
       Race/Ethnicity

Uploads:

Uploads can be in PDF or MS Word although PDF format is preferred to ensure proper conversion.
Uploaded documents should not be password protected or they may not convert properly. If you are
submitting documents that have been converted to PDF using a scanner, please take the additional step
of re-converting these to PDF on your computer before uploading them to this system. This will help
reduce any issues relating to PDF conversion or saving. Some popular, free tools for this purpose include
PDF Creator (http://sourceforge.net/projects/pdfcreator/), PDF ReDirect (http://download.cnet.com/PDF-
ReDirect/3000-10743_4-10255233.html?part=dl-6248282&subj=dl&tag=button), and PrimoPDF
(http://download.cnet.com/PrimoPDF/3000-18497_4-10264577.html?tag=mncol).

Curriculum Vitae or Resume (Upload)
Applicants must upload current Curriculum Vitae or resume. Please ensure that your CV or resume
includes information pertaining to your medical school education and oncology fellowship training.

Personal Statement (Upload – 5 Page Maximum)
Applicants must upload a signed and dated personal statement. Applicants will be scored based on the
content of the personal statement. Useful information for this application includes:
        Student or work experience with medically underserved populations (e.g., community or migrant
        health centers, free clinics, public health departments, and rural health clinics) during or after the
        applicant’s medical training. The statement should include a brief description of the experience
        and the knowledge, skills, or abilities gained from the experience.
        Awareness of the values, beliefs, and practices of the population served by your employment
        location. Include any information on your knowledge, skills, or background that would help you to
        effectively serve this population. Please include language skills (including level of proficiency), if
        any, that you use or will use to provide services to the patient population(s) of the employment
        location.

Proof of US Citizenship or Residency (Upload)
Applicants must upload documentation of evidence of U.S. citizenship, status as a U.S. National, or
permanent resident. Documentation can include a copy of any one of the following:
        Certified birth certificate issued by the city, county or state;

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        U.S. Passport; or
        Naturalization Certificate.

Board Certification (Upload)
Please upload a copy of your sub-specialty board certification or fellowship completion certificate. For
physicians in training, a letter of good standing from your Fellowship Training Director is required.

Medical Degree (Upload)
Please upload a copy of your medical degree.

Physician Practice License (Upload)
Please upload a copy of your physician practice license. (Note: Your physician practice license must be
obtained before starting your LRP commitment.)

Employment Site Information Form (Upload – Template Provided in Application)
The LRP Employment Site Information Form verifies the applicant’s employment site(s) and the site(s)
intention to retain the participant during the LRP commitment period and requires information relating to
the employment site and the patient population.

This form must be completed by both the applicant and an authorized personnel official at the
employment site(s). The form requires the following information:
        Applicant Contact Information
        Authorized Personnel Official Contact Information
        Employment Site(s) Information
        Clinical Hours
The Site Verification and Area of Service section of this form requires the following information:
        Number of Insured Patients
        Number of Uninsured Patients
        Number of Patients on Medicaid
        Approach to Charity Care
        Patient Population

References and Recommendations
The LRP application requires a Reference Letter from at least two individuals. This section requires
applicants to provide the following contact information:

        Fellowship Training Program Director
            o Name
            o Role – Please select Reference
            o Phone Number
            o Email

        Director of Practice or Employing Unit Contact Information
            o Name
            o Role – please select Reference
            o Phone Number
            o Email

Based on the information provided in the application, references will be contacted with instructions on
how to upload the Reference Letter. Please ensure that the contact information that you provide is
correct.

When the references’ contact information has been added to the LRP application and the notify button is
clicked, an email will be sent to the contact containing login information and a message indicating that a
Reference Letter, written on letterhead, must be uploaded in the application and include the following:
         A statement of the writer’s relationship to you;

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        An evaluation of your current clinical skills;
        The length of time the writer has know you in a professional capacity;
        The writer’s name and telephone number

Once the Reference Letters have been submitted, you will receive an email notification. However, you
must return to the online application and click ―Submit‖ on the Review & Submit page after both letters
have been received in order for your application to be considered.

IX. Application Submission

The submitted online application, including the Reference Letters, must be received before the
deadline of 11:59PM EST on December 16, 2010. Please note that applicants are encouraged to
submit early as no technical help will be available after 5:00PM EST and applicants are encouraged to
submit early.

The completed LRP Loan Verification and Information packet must be postmarked by the
application deadline of December 16, 2010.

Please mail you packet to:

The ASCO Cancer Foundation
ASCO Loan Repayment Program
Attn: Grants and Awards Division
2318 Mill Road
Suite 800
Alexandria, VA 22314

X. Application Process – Loan Information and Verification

All applications must be submitted in accordance with the requirements and instructions of this RFA.

Please note that the LRP Loan Information and Verification materials must be submitted in hard copy to
The ASCO Cancer Foundation. Materials must be post marked by the application deadline of
December 16, 2010. The Loan Verification and Information packet is part of the LRP application. Failure
to submit the materials in accordance with this RFA will result in an incomplete application. Please note
that late or incomplete applications will not be accepted.

The Loan Verification and Information packet must include the following information for all loans
submitted for loan assistance consideration:
   1) Loan Information and Verification Form(s)
   2) Authorization to Release Information
   3) Account Statement(s)
   4) National Student Loan Data System (NSLDS) Aid Summary Report
   5) Promissory Note(s) or Disclosure Statement(s)

Loan Information and Verification (Form Available at www.ascocancerfoundation.org/LRP)
A completed Loan Information & Verification form is required for each loan for which you are applying for
loan repayment.

If you have multiple educational loans you will need to complete a separate Loan Information &
Verification form for each loan type or lender. For example: if you have five loans under the same lender
that are the same loan type, then you will need to complete one form for all five loans. If all of your loans
have been consolidated into one loan account, you need only submit one Loan Information & Verification
form. The information you provide in this form may be sent to the lending institution for the purposes of
verifying the loan type, balance, payment amount, principal and interest, loan purpose, and repayment
status, including deferment, grace, and forbearance status.
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The form requires applicants to provide the following information:
        Applicant Contact Information
        Lending Institution Contact Information
        Original and Current Loan Information
        Loan Repayment Status
        Authorization to Release Information

Account Statement(s)
Applicants must submit account statement(s) for each qualifying loan for which you are applying for loan
repayment.

Account statements must be less than 90 days old when submitted, and must include the applicant’s
name and the current balance and payoff amount for the loan.

To ensure a complete application, please make certain each account statement:

 Current Account Statement            Is the most recent account statement
                                      Shows interest rate
                                      Shows the current balance
                                      Is no more than 90 days old

National Student Loan Data System (NSLDS) Aid Summary Report (Federal Loans Only)
Applicants are required to submit an Aid Summary report downloaded from The National Student Loan
Data System (NSLDS) website (http://www.nslds.ed.gov ) which shows a complete list of the all federal
loans.

Please note that you will need a PIN in order to log into the secured area on the NSLDS website. To
obtain your PIN please visit http://www.pin.ed.gov.

Promissory Note(s) or Disclosure Statement(s)
Applicants are required to submit a copy of the original promissory note for each loan. If the original
promissory note is unavailable, a disclosure statement can be submitted. These documents are available
from the lending institution or loan servicing agent.

A consolidated promissory note or disclosure statement is acceptable for consolidated loans along with a
list of loans included in the consolidation. However, underlying promissory notes may be required to
determine eligibility.

If you are submitting a Master Promissory Note, please note that if the Master Promissory Note does not
indicate the loan amount, you must submit a disclosure statement to augment the Master Promissory
Note.

To ensure a complete application, the promissory note and/or disclosure must include:
 Promissory Note                The lending institution
                                Borrower’s name
                                Amount*
                                Date
                                Signature
                                Note stating the promise to pay
                                  * If your promissory note doesn’t have the amount on it, please provide a disclosure
                                  statement.

 Disclosure Statement                 Amount
                                      Date
                                      Disbursement date
                                      Interest rate
                                      Terms and conditions of repayment

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XI. Supplemental Information

Consolidated/Refinanced Loans
If eligible educational loans are consolidated and/or refinanced, the original loan documentation must be
submitted to establish the educational purpose and contemporaneous nature of such loans. Only debts
that meet the definition above will be eligible for LRP assistance.

For loans to remain eligible for the LRP, applicants/participants must keep their eligible educational loans
segregated from all other debts. Also, eligible educational loans should not be consolidated with loans
owed by any other person, such as a spouse or child. Finally, borrowers should be sure to get a
disclosure statement on the consolidated loans from their lenders.

Grouped vs. Consolidated Loans
A grouped loan is not a consolidation. If you make one payment and still have several loans, you have a
―grouped‖ loan. If you have a grouped loan you must provide a Loan Information and Verification form
and supporting loan verification documentation for each loan contained in the group.

A consolidation is where all of the loans that make up the consolidation have been paid off and you are
left with one loan and one payment.

Loan Consolidation Changes During the Application Process
Loan consolidations/refinances before the application deadline are acceptable, provided that the applicant
submits a Loan Information and Verification Form for the consolidated/refinanced loans by the application
deadline. If the Loan Information & Verification Form is not received by the application deadline, the
consolidated/refinanced loans will not be considered for loan repayment under the LRP. If loans are
consolidated/refinanced between the application deadlines and before awards are made, those loans will
not be considered for loan repayment. Therefore, applicants are encouraged to consolidate/refinance
their loans either before the application deadline or after receipt of an award. All loans and loan balances
submitted for loan repayment consideration may be verified to determine whether they are eligible for
repayment under the LRP by contacting lenders or holders.

To ensure a complete application, please make sure you have provided the following information for each
loan type you have:

Federal Loans
       A complete Loan Information & Verification form
       A promissory note/master promissory note or disclosure statement
       An ―Aid Summary‖ report downloaded from The National Student Loan Data System (NSLDS)
       website (http://www.nslds.ed.gov ) which shows a complete list of the federal loans you have.
       You will need a PIN (http://www.pin.ed.gov) in order to log into your secured area on the website.
       The most recent account statement which should reflect your current balance

Federal Consolidated Loans
       A complete Loan Information & Verification form
       A consolidation promissory note or consolidation disclosure statement
       An ―Aid Summary‖ report downloaded from The National Student Loan Data System (NSLDS)
       website (http://www.nslds.ed.gov ) which shows a complete list of the federal loans you have.
       You will need a PIN (http://www.pin.ed.gov) in order to log into your secured area on the website.
       The most recent account statement which should reflect your current balance

Commercial Loans
     A complete Loan Information & Verification form
     A promissory note/master promissory note, disclosure statement, or loan application (for some
     private loans the application may also be the promissory note)
     A disbursement report showing the original disbursement dates, the type of loan, and the loan
     amounts

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        The most recent account statement which should reflect your current balance

Commercial Consolidated Loans
     A complete Loan Information & Verification form
     A private consolidation promissory note or private consolidation disclosure statement.
     Original promissory notes or disclosures statements for each loan included in the consolidation.
     A disbursement report for each loan in the consolidation showing the original disbursement date,
     the type of loan, and the loan amount

XII. Application Submission

The completed LRP Loan Verification and Information packet must be postmarked by the application
deadline of December 16, 2010.

Please mail you packet to:

The ASCO Cancer Foundation
ASCO Loan Repayment Program
Attn: Grants and Awards Division
2318 Mill Road
Suite 800
Alexandria, VA 22314

XIII. Notification

Applicants will be notified if they have been selected to receive LRP assistance beginning on May 1,
2011.

When ASCO and The ASCO Cancer Foundation approve an application, recipients will be notified of their
award amount and a promissory note will set forth a disbursement schedule. Each disbursement will be
paid by check directly to the participants to reduce the principle amount of the participant’s qualifying
educational loans. All funds provided under the Loan Repayment Program must be used to repay
qualifying educational loans. Participants will be required to provide evidence of such principal repayment
within 30 days of disbursement.

Periodically, The ASCO Cancer Foundation may also contact a participant’s lender or holders to verify
that principal payments have been made.

Failure to promptly execute such documents may result in forfeiture of the loan.

If the approved practice assignment changes, or if the employing institution changes, the participant must
have their continued eligibility re-certified by ASCO.

XIIII. General Information

The online application website is: https://grants.ascocancerfoundation.org

Please visit www.ascocancerfoundation.com/LRP for the most up-to-date version of the application
details and the link to the online application.

If you have questions about the ASCO Loan Repayment Program or the application process, please
email grants@asco.org.




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Loan Repayment Program – Key Terms

Consolidation Loan
Combining several debts into one loan usually to reduce the annual percentage rate or the dollar amount
of payments made each month, extending them over a longer period of time

Commercial Loans
Commercial loans are defined as loans made by banks, credit unions, savings and loan associations,
insurance companies, schools and other financial or credit institutions which are subject to examination
and supervision in their capacity as lenders by an agency of the United States or of the State in which the
lender has its principal place of business.

Default
Failure to meet the terms and conditions of a loan, including failure to make required payments on time.

Deferment
A period when a borrower, who meets certain criteria, is not required to make payments.

Delinquent Loans
Loans for which required payments have not been made on time.

Disbursement
Occurs when the lender sends the loan funds to the school or borrower.

Disclosure Statement
Statement sent by the lender to the borrower describing the estimated costs of a loan, the interest rate
and any additional finance charges.

Forbearance
A special arrangement between a borrower who has experienced certain hardships (such as severe
medical problems) and the lender in which the lender allows the borrower to temporarily stop making
payments or to make smaller payments than would otherwise be required.

Government Loans
Government loans are loans that are made by Federal, State, county or city agencies which are
authorized by law to make such loans.

Holder
The commercial or government institution that currently holds the promissory note for the qualifying
educational loan.

Interest Rate
The amount a borrower pays to borrow money.

Principal
Amount borrowed plus any capitalized fees. Principal may increase as a result of interest capitalization.

Promissory Note
A legally binding contract between a lender and a borrower. The promissory note contains the terms and
conditions of the loan, including how and when the loan must be repaid. It provides evidence of the
borrower's indebtedness to the lender.

Lender
The commercial or government institution that initially made the qualifying educational loan.




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                                                                      2011 Loan Repayment Program RFA
                                                                                    Updated 9/16/2010
Loan Document
Contract between a borrower and a lender that includes the terms and conditions under which the
borrower promises to repay the loan.

Master Promissory Note
A promissory note for federal student loans that can be used to make one or more loans for one or more
academic years (up to 10 years).

Qualifying Educational Loans
Qualifying educational loans are government and commercial loans for actual costs paid for reasonable
educational and living expenses incurred (1) while obtaining an undergraduate degree (2) while attending
a school of medicine where the applicant obtained his/her qualifying medical education, and (2) while
taking only medical prerequisite courses at schools other than the school(s) of medicine where the
applicant obtained his/her medical education, provided that the applicant received academic credit for
those courses from the school of medicine where the applicant obtained his/her medical education.

Reasonable Educational Expenses
Reasonable educational expenses are tuition, fees, books, supplies, laboratory expenses, educational
equipment and materials for medical education which do not exceed the school’s estimated standard
student budget for educational expenses for the participant’s degree program and for the year(s) of that
participant’s enrollment.

Reasonable Living Expenses
Reasonable living expenses are the costs of room and board, transportation and commuting costs, and
other costs which do not exceed the school’s estimated standard student budget for living expenses at
that school for the participant’s degree program and for the year(s) of that participant’s enrollment.




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                                                                      2011 Loan Repayment Program RFA
                                                                                    Updated 9/16/2010

								
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