Frequently Asked Questions (FAQ) for Financial Aid

Frequently Asked Questions (FAQ)

What is Entrance Counseling? As a student loan borrower, you must complete Entrance Counseling so you can be completely informed before borrowing a loan. This process is designed to notify you of all of the important information about your Direct Subsidized Loan, Direct Unsubsidized Loan or Direct Plus Loan. You may complete this process in approximately 30 minutes by visiting:, creating an account and completing Entrance Counseling. What is Exit Counseling? After you have taken a federal student loan, you will need to prepare to repay it. Exit Counseling will provide you with the important information you will need. This process will take 20-30 minutes to complete and you will be able to do so by visiting:, logging in and Completing Exit Counseling. You are required to do this when you graduate, leave school or reduce your course load to below half-time status (less than 6 hours). You will need your FSA ID as well as names, addresses, email addresses and phone numbers for your next of kin, two references who live in the US and your future employer (if known). You will review and sign your Borrower’s Rights and Responsibilities and be reminded of all of the terms and conditions of your loans. More specific information regarding Exit Counseling may be found at:
Following is a sample loan calculation for an independent, associate's degree seeking graduate. Loan Calculator Loan Balance: $20,000 Adjusted Loan Balance: $20,215.91 Loan Interest Rate: 4.29% Loan Fees: 1.07% Loan Term: 10 years Minimum Payment: $50 Enrollment Status: In Repayment Degree Program: Associate’s Degree Total Years in College: 1.5 years Average Debt per Year: $13,333.33 Monthly Loan Payment: $207.47 Number of Payments: 120 Cumulative Payments: $24,898 Total Interest Paid: $4,897
A sample estimated 17-18 cost of attendance for an independent student seeking an associate's degree is demonstrated in the sample shopping sheet.
Professional Judgement This process allows the financial aid administrator to use discretion to address a student’s ability to pay educational expenses due to unusual circumstances. On a case-by-case basis, with significant documentation and justification, adjustments may be made in the student’s file when warranted. Dependency Override The use of this process is rare and is determined on a case-by-case basis by the financial aid administrator. Dependency overrides are generally used if a student can be documented as lacking parental support due to being abused, being abandoned or experiencing some other type of parental neglect. This process allows a student who is normally categorized as dependent to be re-categorized as independent.
Your Rights As a borrower of a Federal Student Loan, you have the right to know the following: The names and addresses of your lender, guaranty agency, secondary market, and servicer (if any) Notification, in writing, if your loan is sold or transferred, which indicates the name, address, and telephone number of the new loan holder. From that point forward, you should direct all future correspondence to the new holder of your loan. Principal and interest rate (or combined interest rates) and fees on every loan. Your repayment schedule, prior to when your first payment is due, which specifies the total amount of your monthly principal and interest payments, when they start, number dollar amount and frequency of payments. You may prepay all or any part of your student loans without penalty. Minimum monthly loan payments are $50 per month and the amount may vary depending on how much you have borrowed. You have a maximum of ten years, under Standard Repayment, to repay your student loans unless you choose a different repayment option. You may request a deferment from your lender or the holder of your loan. You may request forbearance from your lender or the holder of your loan during periods of hardship. You may consolidate your loans, which may extend your repayment terms and increase your overall debt. Default and its consequences, including reports to credit agencies and the probability of damaged credit for seven years or more. Note: You are obligated to the terms and conditions for repayment of your loan(s) even if your lender and/or school do not make the required disclosures, or if your loan is sold. Make sure you are well-informed. Any loan borrowed by the student or parent will be submitted to the National Student Loan Database System (NSLDS), and will be accessed by guaranty agencies, lenders, and schools as determined to be authorized users of the data system. Your Responsibilities To Your School Complete financial aid and loan forms accurately, truthfully and on time. Read and keep forms you have signed, and copies of letters you have sent. If requested, provide additional information or documentation. Notify your school if there is a change in your name, address, phone number or attendance status; or if your (or your family’s) financial situation changes. If you participate in the work study program, do your job satisfactorily. Attend an exit interview before leaving school and provide all information that is requested To Your Lender (Notify your Lender) If you change your name, address, phone number, Social Security Number or graduation date. When you graduate, drop out, re-enroll in school, transfer to another school, or you drop below half-time status. If anything changes your ability to repay your loan and seek a deferment or forbearance. Before the due date of any monthly payment you will not be able to make. Note: You are obligated to repay your loan and all accrued and/or capitalized interest and fees according to the established repayment schedule even if you: - Drop out of do not complete your educational program - Are unable to find employment - Are dissatisfied with the education you received or other services you purchased from a school. If you cannot resolve a dispute over a loan with the school, you have the right to contact the Ombudsman Group. Methods of Contact: Phone: 1-877-557-2575 / Fax: 202-275-0549 / Postal Mail: FSA Ombudsman Group, 830 First Street, NE, Mail Stop 5144, Washington, DC 20202-5144
Federal Student Aid (FSA) is financial assistance for eligible students to help pay for their educational expenses while enrolled in college. FSA is the most common form of financial assistance students apply for and ought to be considered before private loans. To determine eligibility for federal loans and grants, you must complete the Free Application for Federal Student Aid (FAFSA). FAFSA is NOT a loan application and applying does not require any credit checks into your financial history. The FAFSA simply gives you information on what the federal government will contribute to your education, so you and your family can plan and budget early and more accurately. You should complete the FAFSA even if you think you won't qualify, as most families ARE eligible for some form of federal student aid. We suggest that all incoming students apply for FAFSA at
Grants are financial gifts that are not paid back. [The only time they must be paid back is if they are obtained through false information or if the student’s withdrawal from school creates an over-award.] * Federal Pell Grant * Tennessee Student Assistance Award * Department of Human Services sponsorship
Federal direct loans must be paid back regardless of whether a student graduates. Three of the most common loans are: * Subsidized Stafford * Unsubsidized Stafford *Parent Loan for Undergraduate Students – PLUS Before you apply for a Federal Direct Loan, you will need to complete entrance counseling at Then, you may apply for your loan by signing a Master Promissory Note at the same website. NSLDS Disclosure Please note that any loan borrowed by the student or parent will be submitted to the National Student Loan Database System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
Fountainhead College is a Military-Friendly School and we support our military students and veterans by helping their financial aid process be as seamless as possible. If you served on Active Duty, you might be eligible for education benefits offered by the Department of Veterans Affairs. For example, the Post-9/11 GI Bill provides financial support for education and housing expenses to individuals with at least 90 days of aggregate service after September 10, 2001, or individuals discharged with a service connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill. If you are currently serving in the military, you may be eligible for funding offered through the Department of Defense Tuition Assistance program. Check your eligibility status and the amount for which you qualify with your Service prior to enrolling. If you are the spouse or child of a service member who is serving on active duty Title 10 orders in the paygrades of E1-E5, O1-o3, or W1-W2, you may be eligible for financial assistance from the Department of Defense for education, training, and/or the occupational licenses and credentials necessary for a portable career. If you are the spouse of child of a service member, you may be eligible for transfer of the service member’s Post-9/11 GI Bill Benefits to you. Learn more about our Veterans Benefit Programs and also see the Financial Aid FAQ for "What types of aid are available and how much will I receive?"
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