Undergraduate - Lee University

24at least $600 per year must be paid. Defermentfrom repayment is granted for up to three yearswhile a borrower serves in the Armed Forces,Peace Corps, VISTA or while he/she is studyingfull-time. Information and application forms areavailable from schools, lenders, State GuaranteeAgencies, and Regional Offices of the U.S.Department of Education.Federal UnsubsidizedStafford Loan ProgramA new federal law called the Higher EducationAmendment of 1992 created a new program ofUnsubsidized Federal Stafford Loans for studentswho do not qualify, in whole or in part, forSubsidized Federal Stafford Loans. The terms ofthe unsubsidized loan are the same as the termsfor subsidized Federal Stafford Loans, except thatthe federal government does not pay interest onthe student’s behalf. Monthly or quarterly interestpayments must be made during the time of enrollmentin school, during the grace period, or duringany period of deferment or repayment.Federal Plus Loan ProgramThe Federal Parent Loan for UndergraduateStudent program enables parents to borrow a nondeferredloan for an amount up to the Cost ofEducation less other aid received. Parents mayborrow for dependent undergraduate students.Forty-five days after the loan is processed, a minimumof $52 monthly payments begin for up to aten year repayment period. Applications may besecured from lending institutions or from theFinancial Aid Office.Tennessee TeachingScholars ProgramThe Tennessee Teaching Scholars Programwas established by the Tennessee GeneralAssembly in 1995 to encourage exemplary studentsto enter the teaching force. Participation inthis forgivable loan program is limited to collegejuniors, seniors and post-baccalaureate candidatesadmitted to a teacher education program inTennessee. Recipients of the awards incur an obligationto teach one year in a Tennessee publicschool for each year the award is received or repaythe loan with substantial interest. Applications areavailable in the Financial Aid Office.Loan Entrance CounselingFederal Regulations require all students whoparticipate in one of the Federal Student Loan programsto attend a Loan Entrance Counseling sessionconducted by the Financial Aid Office. Thepurpose is to provide loan information to studentswho anticipate receiving a Federal Student Loan.All first-time borrowers at Lee University arerequired to complete Loan Entrance Counselingprior to receiving the first disbursement of theirloan. This requirement may be fulfilled online atwww.leeuniversity.edu.Loan Exit InterviewFederal regulations require all students whoparticipated in one of the Student Loan programsto attend an Exit Interview conducted by theFinancial Aid Office. The purpose of the ExitInterview is to review loan history and repaymentterms with each student borrower. The ExitInterview is required for graduation and must becompleted before a diploma will be issued.State Program (TSAC)The Tennessee Student AssistanceCorporation (TSAC) is a non-profit organizationestablished by the Tennessee General Assemblyto further post-secondary education opportunity forTennessee residents. In administering theTennessee Student Assistance Award, TSACreviews all Tennessee resident applicants who areenrolled in an eligible post-secondary institution.The awards range from $1,500 to $4,000. Theaverage received at Lee University is approximately$2,000. Students apply for the TSAC awardby completing the Free Application for FederalStudent Aid. Following the submission of theFAFSA, TSAC will review the student’s applicationbased on family need in the same manner as thePell Grant. Students should apply for both PellGrant and TSAC if they are Tennessee residents.For more information, go to www.State.tn.us/tsac.Tennessee Hope ScholarshipTennesse residents who graduated from highschool in 2003 or 2004 are eligible to apply for aHope Scholarship. The award amount is up to$3,000 per year for a four-year institution (not toexceed the cost of attendance). To receive theaward, students must be a Tennessee resident forat least one year prior to their application.Class of 2004 applicants should have one ofthe following:"minimum ACT score of 19"minimum SAT score of 890"overall unweighted GPA of 3.0 or higher anda college core unweighted GPA of 3.0 orhigher with completion of all college coreand university track courses (20 unitsrequired)GED graduates must have a minimum GEDscore of 525. Home school graduates without aGED must have a minimum ACT score of 23 or aminimum SAT score of 1060.Class of 2003 applicants who will be collegesophomores must meet the criteria above andhave a 2.75 or higher college GPA from their freshmenyear with at least 24 completed college hours.Undergraduate StudiesLee University