Student Financial Aid Information

Direct Inquiries to:
Director of Student Financial Aid
Meredith Manor International Equestrian Centre
147 Saddle Lane
Waverly, WV 26184
304-679-3128 ext. 202

The purpose of the financial aid programs at Meredith Manor International Equestrian Centre is to ensure equal access and choice to all students seeking an education at Meredith Manor, regardless of their, or their parentsí, financial ability to meet tuition and other costs. Students and their parents should be made aware that the primary responsibility of a childís education rests with the student and parents. The financial aid programs available at Meredith Manor are administered according to the rules and regulations set forth by applicable program regulations and HEA Title IV laws, as amended.

Student Eligibility

All students applying for financial aid based on need must file a free application for federal student aid. The FAFSA can be completed online at http://fafsa.ed.gov, be sure to include the Meredith Manor school code (010219). All students applying for financial aid at Meredith Manor must meet the program eligibility requirements outlined in the General Provisions pertaining to citizenship, selective service registration, non-default status, enrollment status and have a high school diploma or GED. Students must meet and maintain applicable elements of satisfactory academic progress and good academic standing as defined in this catalog. Meredith Manor requires only the students which are selected for verification by the Department of Education to verify information they reported on their free federal student aid application. Verification must be completed within sixty days after the studentís last date of attendance, or June 30, whichever comes first. Students must reapply for financial assistance each academic year (36 weeks) since financial aid is awarded based on an academic year.

To be eligible to receive federal financial aid, you must be enrolled in an eligible program, maintaining satisfactory academic progress, be a U.S. citizen or eligible non-citizen, registered with selective service, complete statement of educational purpose/certification statement on refunds and defaults, and complete statement of updated information. Special students, that is, those not working toward a certificate, are not eligible for federal financial aid.

Federal Pell Grant

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are only awarded to undergraduate students, who have not earned a bachelorís or professional degree. For many students, Pell Grants provide a foundation of financial aid to which other aid may be added. How much you get will depend not only on your expected family contribution, but on your cost of attendance, whether you are a full-time or part-time student, and whether you attend school for a full academic year or less. Your Pell Grant will be disbursed in at least two disbursements per academic year. Meredith Manor will tell you in writing how and when youíll be paid and how much your award will be.

Direct Loan Program

Low-interest loans for students and parents are available through the Federal Direct Student Loan (Direct Loan) Program. This section will first summarize the Direct Loan program, then will discuss loans available to students under the program, next will describe the Direct Loan Program loans for parents (PLUS Loans). Under the Direct Loan Program, the federal government makes loans directly to students and parents through schools. Meredith Manor will determine your eligibility for a loan and disburse the funds.

Once a Direct loan is made, it is managed and collected by the U.S. Department of Educationís Direct Loan Servicing Center. Itís toll free telephone number is 1-800-848-0979. The Direct Loan Program helps students meet their education costs.

For student borrowers, Direct Loans Program Loans are either subsidized or unsubsidized. The Direct Loan Program offers Direct Stafford Loans (Direct Subsidized) and Direct Unsubsidized Stafford Loans (Direct Unsubsidized). A subsidized loan is awarded on the basis of financial need. If you qualify for a subsidized loan, the federal government pays interest on the loan (ďsubsidizesĒ the loan) until you begin unsubsidized repayment and during authorized periods of deferment thereafter. An unsubsidized loan is not awarded on the basis of need. If you qualify for an unsubsidized loan, youíll be charged interest from the time the loan is disbursed until it is paid in full. You can choose to pay the interest or allow it to accumulate. If you allow the interest to accumulate, it will be capitalized Ė that is, the interest will be added to the principle amount of your loan and will increase the amount you have to repay. If you pay the interest as it accumulates, youíll repay less in the long run. You can receive a subsidized and unsubsidized loan for the same enrollment period.

In the Direct Loan Program, if youíre a dependent undergraduate student you can borrow up to $5,500.00 if youíre a first year student enrolled in a program of study that is at least a full academic year; $6,500.00 if youíve completed your first year of study, and the remainder of your program is at least a full academic year. For periods of undergraduate study that are less than an academic year, the amounts you can borrow will be less than those just listed. Contact the financial aid office on how much you can borrow. If youíre an independent undergraduate student or a dependent student whose parents are unable to get a Plus Loan, you can borrow up to $9,500.00 if youíre a first-year student enrolled in a program of study that is at least a full academic year. (At least $6,000.00 of this amount must be in unsubsidized loans.) $10,500.00 if youíve completed your first year of study, and the remainder of your program is at least a full academic year. (At least $6,000.00 of this amount must be in unsubsidized loans.) For periods of undergraduate study that are less than an academic year, the amounts you can borrow will be less than those listed. Talk to the financial aid office to find out how much you can borrow.

The total debt you can have outstanding from all Direct Loans combined is $31,000.00 as a dependent undergraduate student; $57,500.00 as an independent undergraduate student (no more than $23,000.00 of this amount may be in subsidized loans). The interest rate of Direct Loans is fixed. The interest rate is adjusted each year on July 1. If you have subsidized loans, the federal government pays the interest while youíre enrolled in school at least half time, during a grace period, or during authorized periods of deferment. Interest will begin to accrue when you enter repayment. If you have unsubsidized loans, youíll be charged interest from the day the loan is disbursed until it is repaid in full, including in-school, grace, and deferment periods. You may pay the interest during these periods, or it can be capitalized.

Youíll pay a fee, deducted proportionately from each disbursement of your loan. A portion of this fee goes to the federal government to help reduce the cost of the loans. Also, if you donít make your loan payments when theyíre scheduled, you may be charged late fees and collection costs.

Under certain circumstances, you can receive a deferment or forbearance on your loan. During a deferment, no payments are required. If you have a subsidized loan, the federal government will pay the interest that accrues during the deferment. If your loan is unsubsidized, you will be responsible for the interest on the loan during the deferment. If you donít pay the interest as it accrues, it will be capitalized. During forbearance, your payments are postponed or reduced. The government does not pay the interest; you are responsible for it, and if you donít pay the interest as it accrues, it will be capitalized. You canít receive a deferment or forbearance if your loan is in default. Deferments are not automatic. If you have a Direct Loan, you must contact the Direct Loan Servicing Center to request a deferment form. Youíll have to provide documentation to support your request. You must continue making scheduled payments until you receive notification that the deferment has been approved.

Forbearance is not automatic either. You may be granted forbearance if youíre willing but unable to meet your repayment schedule and youíre not eligible for a deferment. If you have a Direct Loan; contact the Direct Loan Servicing Center to request forbearance. Youíll have to provide documentation to support your request for forbearance. You must make scheduled payments until you are notified that forbearance has been granted.

Direct Subsidized and Unsubsidized Loans

The first step in the process of applying for a loan is to complete the Free Application for Federal Student Aid. After your FAFSA is processed, the financial aid office will review the results and will inform you about your loan eligibility. Under the Direct Loan Program, your lender is the U.S. Dept. of Education. Your school assists the federal government in administering the Direct Loan Program by determining your loan eligibility, processing the loan, and delivering the loan funds to you.

The U.S. Department of Education will pay you through the school. Your loan will be disbursed in at least two installments; no one installment can be greater than half the amount of your loan. Your loan money must first be applied to your school account (if your school has an account for you) to pay for tuition and fees, room and board, and other school charges. If loan money remains, youíll receive the funds by check, unless you give the school written authorization to hold the funds until later in the enrollment period. If youíre a first-year undergraduate student and a first-time borrower, your first payment may not be disbursed until 30 days after the first day of your enrollment period.

The Direct Loan Program offers four repayment plans designed to simplify the repayment process. All four repayment plans are available to borrowers of Direct Subsidized Loans and Direct Unsubsidized Loans. The repayment plans will be explained in more detail during entrance and exit counseling sessions. You may choose one of the following repayment plans:

  • The Income Contingent Repayment Plan bases your monthly payment on your annual income and your loan amount. As your income rises or falls, so do your payments. You can take up to 25 years to repay your loans. After 25 years, any remaining balance on the loan will be forgiven. Youíll have to pay income tax on any amount forgiven.
  • The Extended Repayment Plan allows you to extend loan repayment over a period of 12 to 30 years, depending on your loan amount. Your monthly payment may be lower than it would be if you repaid the same total loan amount under the Standard Repayment Plan (see below), but youíll repay a higher total amount of interest because the repayment period is longer. The minimum monthly payment is $50.
  • Under the Graduated Repayment Plan, your payments will be lower at first and then increase every two years over a period of time ranging from 12 to 30 years. The actual length of your repayment period depends on your loan amount. Your monthly payment may range from 50 percent to 150 percent of what it would be if you were repaying the same total loan amount under the Standard Repayment Plan. However, youíll repay a higher total amount of interest because the repayment period is longer.
  • The Standard Repayment Plan requires you to pay a fixed amount each month - at least $50 Ė for up to 10 years. The length of your actual repayment period will depend on your loan amount.

Direct Loan Program for Parents (Plus Loans)

Plus Loans to meet studentsí education costs are available through the Direct Loan Program. For parent borrowers, the Direct Loan Program offers the Federal Direct Plus Loan (Direct Plus Loan) which enables parents with good credit histories to borrow to pay the education expenses for each child who is a dependent undergraduate student enrolled at least half-time.

To be eligible to receive a Direct Plus Loan, your parents generally will be required to pass a credit check. If they donít pass the credit check, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to co-sign the loan, promising to repay it if your parents should fail to do so. Your parents might also qualify for a loan even if they donít pass the credit check if they can demonstrate that extenuating circumstances exist. You and your parents must also meet other general eligibility requirements for Federal Student Financial Aid.

The yearly limit on the Plus Loan is equal to your cost of attendance minus any other financial aid for which you are eligible. The interest rate is fixed. The interest rate is adjustable each year on July 1. Interest is charged on the loan from the date the first disbursement is made until the loan is paid in full.

Your parents will pay a fee, deducted proportionately each time a loan payment is made. A portion of this fee is paid to the federal government to help reduce the cost of the loans. Also, if your parents donít make their loan payments as scheduled, they may be charged late fees and collection costs.

Your parents begin repaying their loan generally, within 60 days after the final loan disbursement. There is no grace period for these loans. Interest begins to accumulate at the time the first disbursement is made, and your parents will begin repaying both principal and interest while youíre in school.

Under certain circumstances, your parents can receive a deferment or forbearance on their loan. During a deferment, no payments are required; during forbearance, repayments are either postponed or reduced. Your parents are responsible for the interest on a loan during a deferment or forbearance. If you donít pay the interest as it accrues, it will be capitalized. Your parents cannot receive a deferment or forbearance if their loan is in default. Deferments are not automatic. If your parents have Direct Plus Loan, they must contact the Direct Loan Servicing Center to request a deferment form. Theyíll have to provide documentation to support their request. Your parents must continue making scheduled payments until they receive notification that the deferment has been granted. Forbearance isnít automatic either. Your parents may be granted forbearance if theyíre willing but unable to pay as scheduled and theyíre not eligible for a deferment. If your parents have a Direct Plus Loan, they should contact the Direct Loan Servicing Center to request forbearance. Theyíll have to provide documentation to support their request for forbearance. Tour parents must continue making scheduled payments until they are notified that forbearance has been granted.

Direct Plus Loans

Your parents will fill out a Direct Plus Loan Application and Promissory Note, which is available from the schoolís financial aid office. Under the Direct Loan Program, their lender will be the U.S. Department of Education. The school assists the federal government in administering the Direct Loan Program by distributing the loan application, processing the loan, and delivering the loan funds. The loan money will be sent to the school in at least two installments (no one installment can be greater than half the loan amount). The funds will first be applied to your school account to pay for tuition and fees, room and board, and other school charges. If any loan money remains, your parents will receive the amount in a check unless they authorize it to be released to you. Any remaining loan money must be used for your education expenses.

Your parents can choose the Standard, Extended, or Graduated Repayment plan. The Income Contingent Repayment Plan is not an option for parent borrowers. The Direct Loan Servicing Center will manage their loan account until the loan is paid in full.

Borrower Responsibilities

When you take out a student loan, you have certain responsibilities. Here are a few of them:

  • When you sign a promissory note, youíre agreeing to repay the loan according to the terms of the note. The note is a binding legal document and states that, you must repay the loan Ė even if you donít complete your education, arenít able to get a job after you complete the program, or are dissatisfied with, or donít receive, the education you paid for. Think about what this obligation means before you take out a loan. If you donít repay your loan on time or according to the terms in your promissory note, you may go into default, which has very serious consequences.
  • You must make payments on your loan even if you donít receive a bill or repayment notice. Billing statements (or coupon books) are sent to you as a convenience, but youíre obligated to make payments even if you donít receive any notice.
  • If you apply for a deferment or forbearance, you still must continue to make payments until you are notified that the request has been granted. If you donít you may end up in default. You should keep a copy of any request form you submit, and you should document all contacts with the organization that holds your loan.
  • Regardless of the type of loan you borrow, you must receive entrance counseling before youíre given your first loan disbursement, and you must receive exit counseling before you leave school. These counseling sessions will be administered by your school and will provide you with important information about your loan. Your lender or the Direct Loan Servicing Center will provide you with additional information about your loan.

Borrower Rights

You have certain rights as a borrower. Listed below are some of them. Before your school makes your first loan disbursement, youíll receive the following information about your loan from your school and/or the Direct Loan Servicing Center:

  • The full amount of the loan,
  • the interest rate,
  • when you must start repaying the loan,
  • the effect borrowing will have on your eligibility for other types of financial aid,
  • a complete list of any charges you must pay (loan fees) and information on how those charges are collected,
  • the yearly and total amounts you can borrow,
  • the maximum repayment periods and the minimum repayment amount,
  • an explanation of default and its consequences,
  • an explanation of available options for consolidating or refinancing your loan, and
  • a statement that you can prepay your loan at any time without penalty.

Before you leave school, youíll receive the following information about your loan from your school and/or the Direct Loan Servicing Center:

  • the amount of your total debt (principal and estimated interest), what your interest rate is, and the total interest charges on your loan,
  • a loan repayment schedule that lets you know when your first payment is due, the number and frequency of payments, and the amount of each payment,
  • the address and telephone number of your Direct Loan Servicing Center,
  • the fees you should expect during the repayment period, such as late charges and collection or litigation costs if youíre delinquent or in default,
  • an explanation of available options for consolidating or refinancing your loan, and, a statement that you can prepay your loan without penalty at any time.

If you borrow a Direct Loan, this information will be provided to you by the Direct Loan Servicing Center.

If you have Direct Loans, your school will also provide you with the following information during your exit counseling session:

  • a current description of your loans, including an estimate of the average total debt and the average monthly payments of students from your school,
  • a description of applicable deferment, forbearance, and discharge provisions,
  • advice about debt management that will help you in making your payments, and
  • notification that you must provide your expected permanent address, the name and address of your expected employer, the address of your next-of-kin, and any corrections to your schoolís records concerning your name, Social Security Number, references, and driverís license number (if you have one).

You have the right to a grace period before your repayment period begins. (Your parents do not receive a grace period for a PLUS Loan.) Your grace period begins when you leave school or drop below half-time status. The exact length of your grace period is shown on your promissory note.

During exit counseling, your school must give you a loan repayment schedule that states when your first payment is due, the number and frequency of payment. You must be given a summary of deferment and discharge (cancellation) provisions, including the conditions under which the U.S. Department of Defense may repay your loan.


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