ETSU Office of Financial Services

Quillen College of Medicine

Welcome to the ETSU Quillen College of Medicine Office of Financial Services website. We trust that this web site will prove helpful to students applying to or attending the Quillen College of Medicine. Please use the links on the sidebar for assistance with your financial aid application process.

What's new with Financial Services? 

***** White House Extends Student Loan Payment Pause Through August, Pledging to Give Borrowers 'Fresh Start' on Repayment***** The Biden administration is once again extending the pause on federally-held student loan payments and interest accrual, this time keeping the benefit in effect through August 31, 2022. The annoucement follows the White House's continued extension of the loan moratorium on student loan repayments and interest accrual set in place at the onset of the pandemic in March 2020. This latest extension now marks the second time that the Department of Education (ED) has extended the freeze past what was argued to be the "final" such extension of the program. In December, the payment pause was extended through May 1, 2022. "We are still recovering from the pandemic and the unprecedented economic disruption it cause," said President Joe Biden in annoucing the extension through a press release as well as pre-recorded remarks. "If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans' financial stability." As part of the extension, ED said the department will use the time to prepare to transition borrowers smoothly back into repayment by "allowing borrowers with paused loans to recieve a 'fresh start' on repayment by elimination the impact of delinquency and default and allowing them th reenter repayment in good standing." NASFAA's Vice President of Public Policy and Federal Relations Karen McCarthy applauded the extension in a statement and said it would provide targeted relief to borrowers in need. "Communication leading up to the resumption of payments in September will be key for all borrowers. We urge the Department of Education to develop and roll out a smooth, efficient on-ramp to repayment. after more than two years without student loan payments, transitioning millionsof borrowers back into repayment cannot happen at the drop of a hat," she said. "At the same time, the department must examine the student loan system as a whole and how it can be improved for borrowers. We look forward to exploring ongoing solutions with our feral partners in the weeks ahead."

Federal Student Loans interest rates for graduate and professionals:

  • 20-21 Loans disbursed 7-1-20 thru 6-30-21
    • 4.30%% for Direct Unsub
    • 5.30%% for GradPlus
  • 21-22 Loans disbursed 7-1-21 thru 6-30-22 **CURRENT**
    • 5.28% for Direct Unsub
    • 6.28% for GradPlus

Due to the Federal Sequester, any new federal loan requests that disburse for the first time: 

  • 20-21 Loans disbursed 10-1-19 thru 9-30-20
    • 1.059% origination fee for Direct Unsub
    • 4.236% origination fee for Direct Grad Plus
  • 21-22 Loans disbursed 10-1-20 thru 10-1-22 **CURRENT**
    • 1.057% origination fee for Direct Unsub
    • 4.228% origination fee for Direct Grad Plus

The AAMC FIRST website has posted information which discusses the eligibility requirements for obtaining forgiveness under PSLF, a numerical breakdown of the possible payment and forgiveness amounts that could be experienced while seeking Public Service Loan Forgiveness and the implications regarding changes.

Medloans Organizer and Calculator

The new MLOC is specially designed for medical students and residents to track loans and customize repayment plans. 

Facebook and Twitter

 Become a Fanand receive important financial aid information, date reminders and updates.

 

New Twitter account https://twitter.com/ETSUQCOM

 

 

IMPORTANT!!!

https://studentaid.gov/sites/default/files/dont-get-scammed.pdf

'Tis the season for student loan scam calls

December 15, 2021

by Emily Wu

Attorney, FTC, Division of Consumer & Business Education

 

If you have a federal student loan, you probably already know that the Coronavirus Emergency Relief Program that has paused your payments is ending. Repayments will begin again after May 1, 2022. Scammers know it too and are looking for ways to take advantage: they're calling, texting and emailing to try to use any confusion around restarting your student loan payments to steal your money and personal information.

Check out what some of these scam calls sound like.

If you get a call, text, email or message on social media fromfrom someone about your Federal Student Loan, Here are some things to keep in mind:

  • Never pay an upfront fee. It's illegal for companies to charge you before they help you. If you pay up front to reduce or get rid of your student loan debt, you might not get any help- or your money back. Also, remember that there's nothing a company can do for you that you can't do yourself for free. And you never have to pay to get help from the Department of Education.
  • Never give out your Federal Student Aid ID, your Social Security number or other personal information to anyone who contacts you. Scammers posing as student loan servicers can use this information to log into your account, change your contact information and even divert your payments to them. Instead of giving out your FSA ID, call or contact your servicer.
  • Don't sign up for quick loan forgiveness. Scammers might say they can get rid of your loans before they know the details of your situation. Or they might promise a loan forgiveness program- that most people won't qualify for. They might even say they'll wipe out your loans by disputing them. But they can't.
  • Scammers use fake seals and logos to lure people in. They promise special access to repayment plans, new federal loan consolidations, or loan forgiveness programs. It's a lie. If you have federal loans, go to the Department of Education directly at StudentAid.gov.

If a scammer contacts you, report it at ReportFraud.ftc.gov

Updated January 6, 2022 with new information about how payment flexibilities for federal student loan borrowers have been extended through May 1, 2022.

 

 

The QCOM Office of Financial Services is a member of the National Association of Student Financial Aid Administrators (NASFAA) and therefore adheres to NASFAA’s Code of Conduct for Institutional Financial Aid Professionals.

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