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Back-to-school financial guide for returning students

The cost of a college education is continuously rising and often requires the assistance of student loans. As a returning student, the ACOFP wants you to be aware of all the financial aid options available to you. College Loan Corporation (CLC), ACOFP’s student loan partner, has developed a back-to-school financial aid guide to help ensure you get the money you need.

1. Complete your 2007-2008 FAFSA - Students must complete the Free Application for Federal Financial Aid (FAFSA) each academic year to be eligible for financial aid. The FAFSA and the Renewal FAFSA for returning students can be accessed online at www.fafsa.ed.gov.

2. Sign and return your Award Letter - The Award Letter details your financial aid for the upcoming school year, including scholarships, work-study, grants and federal loans that were awarded.

3. Apply for Free Monies - We know medical school scholarships are difficult to find, but here are a few tips for your search:

• Look into local businesses in your home town or college town to find out if there are any paid internships or award funds available to students in the medical field.

• Consult your college’s financial aid office - they are your personal resource for special options available through the school.

4. Apply for federal loans - As a medical student, you can borrow up to $38,500 in Federal Stafford Loans depending on your cost of attendance. Stafford Loans are the most widely used education loans sponsored by the federal government. If your Stafford Loan is not enough, consider the Grad PLUS Loan – a federal loan for graduate and professional students. With a Grad PLUS Loan, students may borrow up to the full cost of attendance minus any financial aid received, regardless of income.

5. Federal loans not enough? - Take advantage of the CLC Private Loan® and get up to $40,000 or as little as $1,000, based on your financial need. A check is sent directly to you to ensure you get the funds you need to cover all college expenses such as a new laptop, lab fees and travel.

Call 800.863.8771 to speak with a loan consultant who is experienced in working with the specific financial needs of medical students. College Loan Corporation offers several options for health professions students to meet the high costs of completing medical school.

Plan Ahead – Managing your student loan debt after graduation
The ACOFP and College Loan Corporation thought you may like to know that, six months after graduation, you will be required to start making payments on your student loans. The good news is that you are eligible to lock in an interest rate that is 0.60% lower if you consolidate your Stafford Loans during your grace period.

For more information about paying for school and saving on your student loans, call 800.863.8771 to speak with a personal loan consultant or log on to www.collegeloan.com/acofp.

PLEASE READ THIS IMPORTANT INFORMATION ABOUT THIS LOAN: THE CLC PRIVATE LOAN® IS AN “ALTERNATIVE” OR A “PRIVATE” LOAN. IT IS NOT A FEDERAL STUDENT LOAN NOR IS IT BACKED BY THE U.S. GOVERNMENT. IT IS LIKELY THAT YOU WOULD BE ABLE TO QUALIFY FOR FEDERAL FINANCIAL ASSISTANCE AND THAT THIS FEDERAL ASSISTANCE COULD MAKE THIS LOAN UNNECESSARY. IF YOU DO QUALIFY FOR FEDERAL FINANCIAL ASSISTANCE, THAT ASSISTANCE COULD INCLUDE LOANS THAT ARE LIKELY TO PROVIDE YOU WITH BETTER TERMS AND CONDITIONS, INCLUDING A LOWER INTEREST RATE AND LOWER FEES. FOR MORE INFORMATION ON FEDERAL FINANCIAL ASSISTANCE PROGRAMS, PLEASE VISIT THE U.S. DEPARTMENT OF EDUCATION’S WEBSITE AT: http://www.ed.gov/finaid OR THE LENDER’S WEBSITE AT: www.collegeloan.com.

ACOFP IS COMPENSATED BY CLC FOR LOAN REFERRALS