April
15, 2009 NOTE: Sallie Mae is restructuring their Career Training Loan
program and will no longer accept new loan applications after May 7,
2009.
1.
What is your school code and who is your contact person at Sheffield
School?
Our school
code for Sallie Mae is 602723 and contact information is Katja Morris,
Director of Admissions.
2. What
is the loan amount and how much can be added for extra expenses?
Your
total loan amount is the total of the tuition cost and as much as
60% on top of that. For example, if your 6-week course tuition and
application amount is $4,600.00, then you can borrow $2,760.00 additional
for living expenses, which will bring your total loan amount to $7,360.00.
3. What
should I use on the application as the "disbursement date"
and how are the monies actually disbursed - to the school or to me?
Please
be sure to have the disbursement date to the school approximately
10 days prior to class start date to ensure that you are paid by the
first day of class.
The tuition
amount will come to the school, but the living expenses will go
directly to you. (check will be mailed to you from SM.)
4. What
are the chances of my loan application being denied?
No loan
will be denied unless you are in backruptcy or have defaulted on a
previous student loan.
5. How
can I expedite the approval process and possibly reduce the interest
rate?
It is
best to apply already with a co-borrower (which can be dropped after
24 months). This will ensure a lower interest rate and faster approval.
6. When
are my loan payments due?
Payments
can be deferred until you have completed the school or you may pay
interest only on your loan payment until you have secured employment.
(see
Sallie Mae
web link for more information.) A 30-year loan will lower your monthly
payments; you can pay off the loan any time before then with no penalty.
7. Can
I apply for a loan online? Where are the instructions?
Yes.
Instructions.
8. May
international students apply to sallie Mae for loans?
Unfortunately,
no. For domestic (U.S.) students only.
Contact
us at:
499
NW 70th Ave Suite 110
Ft. Lauderdale, FL 33317 - USA
Tel 800-843-8289, 954-581-6022
Fax 954-584-8980
email morris@sheffield.com
