SAP Policy & Loan Repayment
Satisfactory Academic Progress Policy
Recipients of student financial assistance are required to make satisfactory academic progress toward a specific educational objective or degree. The federal government’s Department of Education has mandated that Grace College monitor and enforce these standards, which are consistent with the educational mission of the college. This policy applies to all students receiving assistance from any financial aid program administered by the Office of Financial Aid at Grace College. This policy is administered separately from the college’s academic probation and suspension policy.
A Consolidation Loan allows you to combine all of your federal student loans into a single loan. Consolidation loans have a fixed interest rate based on the weighted average of the interest rates of the loans being consolidated. Consolidation for student loans is only available after the student is no longer enrolled. Remember that although consolidation can simplify loan repayment, it can increase the total cost of repaying your loans. For more information visit studentloans.gov and click on the In Repayment tab.
Private Loan Repayment/Refinancing
If you borrowed to pay for college, it is important to remember that student loans have to be repaid. Refinancing is one option to consider as you begin repayment.
Refi loans combine all your private student loans and possibly federal student loans into one loan and one payment with an interest rate based on your current situation. This option may reduce the amount you pay and/or provide a more manageable monthly payment amount.
Please Note: If you combine federal loans with private loans, make sure you clearly understand any impact to losing federal loan repayment benefits.
Student Connections Partner
Get FREE Help with Your Student Loans from Student Connections
Our school has teamed up with Student Connections to help you with your student loans!
Student Connections helps students manage their federal student loans.
This service is completely FREE for you.
Contact Student Connections to:
• Find your loan balance and monthly payment amount
• Discuss available repayment plans
• Explore options to reduce or delay your payments
Visit My.StudentConnections.com or talk to a Borrower Advocate for free at (866) 311-9450.
Comparing Refinance Options
INvestEd works with Indiana families to help them make responsible decisions in the refinancing process. The INvestEd Refi Loan Marketplace is a tool that allows you to compare actual rates from multiple lenders and provides the information needed to help you make the right decision.
Important information as you consider refinancing:
- Identify all your current loans (lender, servicer, type of loan, type of interest rate, borrower benefits, repayment options, etc.)
- Understand that you may need a cosigner to refinance your loans
- Refinancing is not always the best solution, so review the possible rates and overall costs to determine if this is the right choice for you.