FREQUENTLY ASKED QUESTIONS
General Information  

Q: Where does the Foundation get the funds to make the loans?

A: Funds are donated by generous members of the community, local businesses, and foundations.

 

Q: Can a person donate to the Student Loan Foundation through their estate planning?

A: Absolutely, donations through estate planning are gladly accepted. Talk to your financial planner or call the Foundation for more information.

 

Q: Who is eligible for a new or renewal loan?

A: An applicant must be a U.S. citizen, a permanent resident of the North Canton City School District at the time of application and accepted as a full-time student by a college or accredited institution of higher education.

 

Q: How much can I borrow each year?

A: You may borrow up to $3000 each year for a total of $12,000. If you don't need the full amount, just indicate the amount you would like to borrow on your loan application.

 

Q: What should I do if I move, get a new phone number, e-mail address or change my school status?

A: We ask all borrowers (including co-makers) to let the Foundation know about any changes in their contact information. Your current information must be on file with the Foundation at all times until your loan is repaid.

 

Q: When must I send the Foundation my official college transcript?

A: An official college transcript must be sent to the Foundation at the end of each academic year, even if you are not applying for an additional loan. This lets the Foundation know that you are a full-time student, a student in good standing, and you are advancing toward graduation. The college transcript must be an official transcript sent directly from the college.

 

Q: Does the Foundation have a Privacy Policy Disclosure?

A: Yes, the Foundation has a Privacy Policy Disclosure.

 

Q: How soon will I find out if I am granted a loan?

A: You will receive a letter approximately 10-12 days after your interview. Renewal loans will be disbursed in July after the Foundation receives your Promissory Note.

 

Q: Will the loan be sent to me or to my school?

A: You will receive one check for the entire amount of your loan made payable to you. If you prefer, the check can be mailed to the school. The choice is yours.

 

Q: What is the Information Update Form?

A: Once granted a loan, you will receive this form each year you are in school. You are asked to complete the form and return it by April 1st each year. The information you provide helps the Foundation keep its records current.

 

Q: What happens if I need to withdraw from school or become a part-time student?

A: You must begin making loan payments three months after you leave school or become a part-time student. Interest starts one year from this date. If you return to school on a full-time basis, loan repayment stops but interest continues to accrue. Remember, you only have a total of 12 months without being charged interest on your loan.

 

Q: Do I need to send a transcript to the Foundation when I graduate?

A: No transcript is required when you graduate.

 

Q: Can I borrow money for graduate school?

A: No, funds are only available for undergraduate work. Loans will be granted only for the undergraduate portion of programs such as NEOMED.

 

Q: Can I defer payments if I decide to attend graduate school?

A: When you provide proof that you are a full-time graduate student, loan payments can be deferred.

 
New Loan Information

Q: Do I have to attend the new loan interview?

A: New loan applicants and at least one parent/guardian are required to attend the interview which will take place the last week in June beginning at 6:30 PM. You will receive an email from the Foundation telling you the time of your interview.

 

Q: What happens if all questions are not answered on the new loan application?

A: The application is considered incomplete and would not be considered for a new loan.

 

Q: What is the new loan application deadline?

A: All requirements for a new loan application must be mailed in the same envelope and must be postmarked by June 1st of the year you want the loan. You can download a new loan application from the SLFNC website.

 

Q: How many co-makers are required for a loan?

A: Both parents/guardians are expected to be your co-makers. Co-makers are equally responsible for repayment of your loan if you are unable to make regular payments. Financial information is required for non-parental co-makers.

 

Q: Do signatures on the Promissory Note need to be notarized?

A: Yes, signatures on the Promissory Note must be notarized. The place for notarization is on the reverse of the Promissory Note.

 
Renewal Loan Information

Q: What happens if all questions are not answered on a renewal application?

A: The application is considered incomplete and would not be considered for a renewal loan.

 

Q: I already have a loan from the Foundation but I plan to apply for another. What do I need to do?

A: Applicants must have a minimum 2.0 cumulative GPA. A new application must be submitted each year. You can download a renewal application on the SLFNC website. May 15th is the renewal application deadline. A renewal loan applicant is required to be a permanent resident of the North Canton City School District.

 

Q: Do I need letters of recommendation for my renewal loan?

A: No, you do not.

 

Q: Do I need to be interviewed for my renewal loan?

A: No, you do not.

 

Q: How many co-makers are required for a loan?

A: Two co-makers are normally required. Co-makers are equally responsible for repayment of your loan if you are unable to make regular payments.

 

Q: Do signatures on the Promissory Note need to be notarized?

A: Yes, signatures on the Promissory Note must be notarized. The place for notarization is on the reverse of the Promissory Note.

 
Loan Repayment Information

Q: Once I graduate from college, how soon do I start making loan payments?

A: Repayment begins three months after graduation or leaving school.

 

Q: What is the interest rate of this loan?

A: The interest rate is 6% per annum. No interest is charged for the first 12 months after graduation or leaving school.

 

Q: When are loan payments due?

A: You will receive a statement at the beginning of each month.  Each month's payment must be received by us by the end of that month or additional interest and a possible $20 late fee will be applied.

 

Q: How do I make a loan payment?

A: You will receive a monthly statement showing the status of your loan, including the next payment due and the due date.  Please include the stub from the bottom of your statement with your payment to assure credit to the proper loan.

 

Q: If I am having financial problems, can I request that my loan payments be deferred?

A: If you are unable to make your loan payments, the responsibility then falls on your co-makers. It is very important that you contact the Foundation right away if you find yourself in this situation.

 

Q: Is there a fee charged if my loan payment is late?

A: Yes, you will be charged a $20.00 fee for a late payment or a check returned for insufficient funds.

 

Q: Can I pay my loan in full after I graduate?

A: Yes, paying the full amount of your loan within the first year is a way to avoid interest charges. There are no fees or penalties for early repayment.

 
Additional Resources

Q: Where can I find additional information on financial aid for college?

A: Another great resource for college financial aid resources, as well as a wide variety of college related information, is your high school guidance counselor and www.fastweb.com.

 
 
FAQ - General
FAQ - New Loans
FAQ - Renewal Loans
FAQ - Repayment
Additional Resources