{"id":3288,"date":"2019-05-10T18:10:16","date_gmt":"2019-05-10T18:10:16","guid":{"rendered":"https:\/\/www.sum.edu\/?page_id=3288"},"modified":"2023-08-18T09:39:56","modified_gmt":"2023-08-18T16:39:56","slug":"financial-literacy","status":"publish","type":"page","link":"https:\/\/www.sum.edu\/financialaid\/financial-literacy\/","title":{"rendered":"Financial FAQ"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-jvianudy-1eed86e4ff000a87295a8d292f1d4525\">\n.avia-section.av-jvianudy-1eed86e4ff000a87295a8d292f1d4525{\nbackground-color:#b02b2c;\nbackground-image:unset;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-jvianudy-1eed86e4ff000a87295a8d292f1d4525 main_color avia-section-default avia-no-border-styling  avia-builder-el-0  el_before_av_one_full  avia-builder-el-first  avia-bg-style-scroll container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-3288'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-jvikfxas-db5fcd7293bba83ae9afcee97ca11669\">\n#top .av-special-heading.av-jvikfxas-db5fcd7293bba83ae9afcee97ca11669{\npadding-bottom:10px;\ncolor:#ffffff;\nfont-size:60px;\n}\nbody .av-special-heading.av-jvikfxas-db5fcd7293bba83ae9afcee97ca11669 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-jvikfxas-db5fcd7293bba83ae9afcee97ca11669 .av-special-heading-tag{\nfont-size:60px;\n}\n.av-special-heading.av-jvikfxas-db5fcd7293bba83ae9afcee97ca11669 .special-heading-inner-border{\nborder-color:#ffffff;\n}\n.av-special-heading.av-jvikfxas-db5fcd7293bba83ae9afcee97ca11669 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-jvikfxas-db5fcd7293bba83ae9afcee97ca11669 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-jvikfxas-db5fcd7293bba83ae9afcee97ca11669 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-jvikfxas-db5fcd7293bba83ae9afcee97ca11669 av-special-heading-h1 custom-color-heading blockquote modern-quote modern-centered  avia-builder-el-1  avia-builder-el-no-sibling  av-inherit-size'><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >FINANCIAL AID<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n<\/div><\/div><\/main><!-- close content main element --><\/div><\/div><div id='after_section_1'  class='main_color av_default_container_wrap container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-3288'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-3i4r1k-511f473e582889dc9e6df9139f9c4480\">\n.flex_column.av-3i4r1k-511f473e582889dc9e6df9139f9c4480{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-3i4r1k-511f473e582889dc9e6df9139f9c4480 av_one_full  avia-builder-el-2  el_after_av_section  avia-builder-el-no-sibling  first flex_column_div av-zero-column-padding  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-27lxu0-96ab1cf67a4d6de59f8a86947ce1c8c1\">\n#top .av-special-heading.av-27lxu0-96ab1cf67a4d6de59f8a86947ce1c8c1{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-27lxu0-96ab1cf67a4d6de59f8a86947ce1c8c1 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-27lxu0-96ab1cf67a4d6de59f8a86947ce1c8c1 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-27lxu0-96ab1cf67a4d6de59f8a86947ce1c8c1 av-special-heading-h2  avia-builder-el-3  el_before_av_textblock  avia-builder-el-first '><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Financial FAQ<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-jviap2zh-7ec2812c822613ca704c86c4103761d0 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><h3>Borrow Wisely for Your Education &amp; Know Your Repayment Options<\/h3>\n<p><span style=\"font-weight: 400;\">SUM Bible College and Theological Seminary is committed to offering affordable tuition and fees. \u00a0In addition, the college offers Federal grants and institutional scholarships. SUM also believes its adult Christian learners may have the resources to pay for personal living expenses while attending college and should \u201cborrow wisely\u201d and prudently. \u00a0However, some students may find the need to borrow a Federal direct student loan to assist in covering the costs of their education expenses.\u00a0 This \u201cFinancial Literacy\u201d webpage is designed as a Q&amp;A to provide you with useful information on your student rights and responsibilities as a Federal student loan borrower and provide you with repayment options should you have difficulty repaying your student loan so you can avoid delinquency and default.\u00a0 Most importantly, it is designed to help you \u201cborrow wisely\u201d while attending SUM.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Personal financial planning is more than just being able to balance a checkbook, compare prices, or obtain employment. It also includes skills like long-term vision and planning for the future, and the discipline to use those skills every day.\u00a0 Being aware of short-term and long-term education costs associated with student loans and other debts will help secure a strong financial future. <\/span><\/p>\n<blockquote>\n<p><strong>Remember: Federal student loans must be repaid. \u00a0Failure to repay your federal student loan will result in default. While in default, the federal government can seize your tax refund, garnish your wages, place liens on your property, as well as damage your credit.\u00a0 Default may also affect your ability to get a good job.<\/strong><\/p>\n<p><strong><em>With the many deferment, forbearance and repayment options available, there is no reason any student borrower should default on their loans.\u00a0 The information provided below is designed to assist you in being a responsible borrower while understanding your repayment options:<\/em><\/strong><\/p>\n<\/blockquote>\n<p><b>What every student loan borrower needs to know<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Before you borrow, or if you have already borrowed a student loan, the below Q&amp;A will provide you with some \u201cfinancial literacy.\u201d \u00a0In other words, it will provide you with useful tips and information on your student loan repayment options, rights, and responsibilities as well as the consequences of defaulting on your student loan.\u00a0 \u00a0It will also help answer your questions you may have about your loans while in school, during a leave of absence, should you need to withdraw and what to do after you complete your degree program.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How much should I borrow?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How do I track and manage my loans?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How do I consolidate my student loans?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How do I repay my student loans?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">When should I begin repaying my loans?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What is loan deferment and forbearance?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What is loan default?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What if I default on my student loans?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How do I get help with my loan problems?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What if I need legal help with my student loans?<\/span><\/li>\n<\/ul>\n<p><b>How Much Should I Borrow?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">We strongly encourage you to carefully review your education costs and <\/span><b>borrow only what is needed<\/b><span style=\"font-weight: 400;\">.\u00a0 For example, do you really need a student loan for personal expenses or housing if you already have the resources to pay for them?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0It is important to estimate and project your repayment obligations prior to borrowing. Borrowing in excess of what is needed means you must repay more at a later date. Your monthly payments will be higher and you may be paying over a longer period of time due to the interest that accrues on your loans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For federal student and parent loans, borrowers should be aware of the repayment options that are available. In addition, there are a number of deferment or forbearance provisions available once the loan is in repayment. <\/span><\/p>\n<blockquote>\n<p><b><i>*Remember, loans must be repaid even if you did not complete your program and\/or degree.*<\/i><\/b><\/p>\n<\/blockquote>\n<p><b>How do I track and manage my Loans<\/b><span style=\"font-weight: 400;\">?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To keep track of your student loans or to contact your loan servicer for repayment, log onto the National Student Loan Data System (NSLDS) at <a href=\"http:\/\/www.studentaid.gov\">www.studentaid.gov<\/a><\/span><span style=\"font-weight: 400;\"> or call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243; TTY 1-800-730-8913).\u00a0 You will use the same FSA User ID from your FAFSA to access the NSLDS website.\u00a0 NSLDS will not only show you all of the federal loans you borrowed but also who your loan servicer is for your loan(s). The service is the assigned entity you will be corresponding with to coordinate repayment.<\/span><\/p>\n<p><b>How do I consolidate my Loans?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If you have borrowed more than one loan such as a Federal Subsidized Loan, Unsubsidized Loan, and\/or a Federal PLUS\/Grad PLUS Loan, you can consolidate them all into one loan repayment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Direct Loan Consolidation program offers a way for you to combine all your loans into one consolidated loan with one point of repayment. This loan consolidation program will be available to you once you graduate or finish college and begin repayment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are advantages and disadvantages to loan consolidation and we recommend that you research this option carefully before proceeding.\u00a0 Visit <\/span><a href=\"http:\/\/www.studentaid.gov\">www.studentaid.gov<\/a><span style=\"font-weight: 400;\"> and click on the \u201cRepayment &amp; Consolidation\u201d tab for more information and to complete a Consolidation Loan Application and Promissory Note.<\/span><\/p>\n<p><b>Who is eligible for loan consolidation?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">To qualify for a Direct Consolidation Loan, borrowers must have at least one Federal Direct Loan that is in grace, repayment, deferment, or default status. Loans that are in an in-school status cannot be included in a Direct Consolidation Loan.\u00a0 For more information and to complete a loan consolidation application visit <\/span><a href=\"https:\/\/studentaid.ed.gov\/sa\/repay-loans\/consolidation\">https:\/\/studentaid.ed.gov\/sa\/repay-loans\/consolidation<\/a><\/p>\n<p><b>How do I repay my Student Loans?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Your loan servicer will provide you with information about repayment and will notify you of the date your loan repayment begins. It is very important that you make your full loan payment <\/span><i><span style=\"font-weight: 400;\">on time<\/span><\/i><span style=\"font-weight: 400;\">\u00a0either monthly (which is usually when you\u2019ll pay) or according to your repayment schedule.\u00a0If you don\u2019t, you could end up in default, which has serious consequences (see\u00a0\u201c<\/span><i><span style=\"font-weight: 400;\">What is Loan Default?\u201d below<\/span><\/i><span style=\"font-weight: 400;\">). Student loans are real loans\u2014just like a car loan or mortgage.\u00a0 The major difference is that you must pay the loan back to the Federal government. And unlike a car loan or mortgage, you cannot declare or write it off in bankruptcy court.<\/span><\/p>\n<p><b>When Should I begin repaying my Loans?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">You don&#8217;t have to start making payments until six months after you graduate, leave school or drop below half-time enrollment. \u00a0During any period when you&#8217;re not required to make payments, interest will accrue on your loan(s). You have the option to pay the interest or have it capitalized to the principal. \u00a0For more information, contact your loan servicer or visit <\/span><a href=\"http:\/\/www.studentaid.gov\/\"><span style=\"font-weight: 400;\">www.studentaid.gov<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your loan servicer will contact you via phone, email, and mail on when your first payment will begin. \u00a0If you are not sure who your loan servicer is or the total you must repay, you can visit the National Student Loan Database (NSLDS) at <\/span><a href=\"https:\/\/nslds.ed.gov\/nslds\/nslds_SA\/\"><span style=\"font-weight: 400;\">www.nslds.ed.gov<\/span><\/a><span style=\"font-weight: 400;\">. \u00a0You will need your FSA User ID to log into NSLDS.<\/span><\/p>\n<p><b>What Repayment Plans are available to me?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">When the time comes to start repaying your student loan(s), you can select a repayment plan that is right for you and your financial situation. \u00a0There are a number of different types of repayment options as described below.\u00a0 For more information, please visit <\/span><a href=\"https:\/\/studentaid.ed.gov\/sa\/repay-loans\/understand\/plans\">https:\/\/studentaid.ed.gov\/sa\/repay-loans\/understand\/plans<\/a><span style=\"font-weight: 400;\"> and <a href=\"http:\/\/www.studentaid.gov\/\">www.studentaid.gov<\/a><\/span><span style=\"font-weight: 400;\">\u00a0to complete the application process.<\/span><\/p>\n<p><b>Standard Repayment<\/b><\/p>\n<p><span style=\"font-weight: 400;\">With the standard plan, you\u2019ll pay a fixed amount each month until your loans are paid in full.\u00a0 In general, the minimum monthly repayment will be at least $50 and you\u2019ll have up to 10 years to repay your loan(s).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your monthly payment under the standard plan may be higher than it would be under the other plans because your loans will be repaid in the shortest time. For that reason, having a 10-year limit on repayment, you may pay the least interest.<\/span><\/p>\n<p><b>Extended Repayment<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Under the extended plan, you\u2019ll pay a fixed annual or graduated repayment amount over a period not to exceed 25 years. If you\u2019re a Direct Loan borrower, you must have more than $30,000 in outstanding Direct Loans to participate in this program<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your fixed monthly payment is lower than it would be under the Standard Plan, but you\u2019ll ultimately pay more for your loan because of the interest that accumulates during the longer repayment period.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is a good plan if you will need to make smaller monthly payments. Because the repayment period will be 25 years, your monthly payments will be less than with the standard plan. However, you may pay more in interest because you\u2019re taking longer to repay the loans. Remember that the longer your loans are in repayment, the more interest you will pay.<\/span><\/p>\n<p><b>Graduated Repayment<\/b><\/p>\n<p><span style=\"font-weight: 400;\">With this plan, your payments start out low and increase every two years. The length of your repayment period will be up to ten years. If you expect your income to increase steadily over time, this plan may be right for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your monthly payment will never be less than the amount of interest that accrues between payments. Although your monthly payment will gradually increase, no single payment under this plan will be more than three times greater than any other payment.<\/span><\/p>\n<p><b>Income Based Repayment (IBR) <\/b><\/p>\n<p><span style=\"font-weight: 400;\">Income Based Repayment is a new repayment plan for the major types of federal loans made to students. Under IBR, the required monthly payment is capped at an amount that is intended to be affordable based on income and family size.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You are eligible for IBR if the monthly repayment amount under IBR will be less than the monthly amount calculated under a 10-year standard repayment plan. If you repay under the IBR plan for 25 years and meet other requirements you may have any remaining balance of your loan(s) cancelled.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, if you work in public service and have reduced loan payments through IBR, the remaining balance after ten years in a public service job could be canceled.<\/span><\/p>\n<p><b>Income Contingent Repayment (ICR)<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Under Income Contingent Repayment your monthly repayment will be the lesser of 20% of your discretionary income or the amount you would pay on a fixed payment plan over 12 years adjusted according to your income.\u00a0 Payments are recalculated each year and are based on your updated income, family size, and the total amount of your Direct Loan(s).<\/span><\/p>\n<p><b>What is Loan Deferment and Forbearance?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">At times, life happens and unexpected circumstances occur.\u00a0 An injury, a death, divorce, or loss of a job may impact your ability to make your monthly student loan payments.\u00a0 Should this occur, or if you simply wish to return back to college, consider loan deferment or forbearance.\u00a0 Deferment and\/or forbearance temporarily suspend your monthly loan payment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are deferment and forbearance options to prevent falling into default status.\u00a0 For more information, please visit the Federal student aid website at:\u00a0 <\/span><a href=\"https:\/\/studentaid.ed.gov\/sa\/repay-loans\/deferment-forbearance\">https:\/\/studentaid.ed.gov\/sa\/repay-loans\/deferment-forbearance<\/a><\/p>\n<p><b>Below is a brief description of the types of options available:<\/b><\/p>\n<p><b>Deferment<\/b><span style=\"font-weight: 400;\">\u00a0= a postponement of payment on a loan that is allowed under certain conditions and during which interest does not accrue for subsidized loans. This request can be made if you are returning to school and are enrolled in at least half-time status. Please contact your loan servicer for more information.<\/span><\/p>\n<p><b>Forbearance<\/b><span style=\"font-weight: 400;\">\u00a0= a period during which your monthly loan payments are temporarily suspended or reduced. You may qualify for forbearance if you are willing but not able to make loan payments due to certain types of financial hardships.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A complete list of Direct Loan deferment and forbearance types and eligibility criteria can be reviewed at <\/span><a href=\"http:\/\/www.studentaid.gov\/\"><span style=\"font-weight: 400;\">www.studentaid.gov<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><b>Repayment Plan<\/b><span style=\"font-weight: 400;\">\u00a0= Changing repayment plans is a good way to manage your loan debt when your financial circumstances change. For example, you can usually lower your monthly payment by changing to another repayment plan with a longer term to repay the loan. There are no penalties for changing repayment plans.<\/span><\/p>\n<p><b>What is Loan Default?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Loan default is failure to repay a loan according to terms of the Master Promissory Note. There can be serious legal consequences for student loan defaulters, especially because they have borrowed from the Federal government. \u00a0\u00a0Some of these consequences include having tax refunds withheld, liens on your assets, your wages garnished, your credit destroyed, and you will not be allowed to receive Federal student aid anywhere in the country until the default is paid or a reinstatement plan is arranged.<\/span><\/p>\n<p><b>What if I default on my Loan?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If you default, it means you failed to make payments on your student loan according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan. In other words, you failed to make your loan payments as scheduled. Your school, the financial institution that made or owns your loan, your loan guarantor, and the federal government all can take action to recover the money you owe.<\/span><\/p>\n<p><b>Consequences of Default:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">National credit bureaus can be notified of your default, which will harm your credit rating, making it hard to buy a car or a house.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You will be ineligible for additional federal student aid if you decide to return to school. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Your wages may be garnished<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You may have liens on your assets as you owe the Federal government<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">State and federal income tax refunds can be withheld and applied toward the amount you owe.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You will have to pay late fees and collection costs on top of what you already owe. You can be sued.<\/span><\/li>\n<\/ul>\n<p><b>How do I get help if I need assistance or have problems with my loan(s)?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The SUM Bible College and Theological Seminary Office of Financial Aid is here to assist. \u00a0We can provide you with additional information and resources to avoid delinquency and default. \u00a0Contact us at <\/span><a href=\"mailto:finaid@sum.edu\"><span style=\"font-weight: 400;\">finaid@sum.edu<\/span><\/a><span style=\"font-weight: 400;\"> or call 916-306-0578.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You may also contact the Federal student aid programs at 1-800-4FED-AID should you need assistance with your FSA User ID, logging into NSLDS or have a question about your Federal student loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you continue to experience difficulty with your federal student loan, contact the\u00a0<\/span><b>FSA Ombudsman at the US Department of Education<\/b><span style=\"font-weight: 400;\">. The FSA Ombudsman is dedicated to helping students resolve disputes and other problems with federal student loans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The FSA Ombudsman will research your problem in an impartial and objective manner and will try to develop a fair solution. The FSA Ombudsman does not have the authority to impose a solution. Nevertheless, many students have found the FSA Ombudsman to be helpful in resolving disputes with lenders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can contact the FSA Ombudsman by phone at\u00a0<\/span><b>1-877-557-2575, by fax at 1-202-275-0549<\/b><span style=\"font-weight: 400;\">, by mail at U.S. Department of Education, FSA Ombudsman, 830 First Street, NE, Fourth Floor, Washington, DC 20202-5144, by visiting fsahelp.ed.gov or by e-mail at: <\/span><a href=\"mailto:fsaombudsmanoffice@ed.gov\">fsaombudsmanoffice@ed.gov<\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more information and to learn what actions to take if you default on your loans visit <\/span><a href=\"https:\/\/studentaid.ed.gov\/sa\/repay-loans\/default\">https:\/\/studentaid.ed.gov\/sa\/repay-loans\/default<\/a><\/p>\n<p><b>The below links provide additional Financial Literacy Resources on loan repayment and maintaining good credit:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/studentaid.ed.gov\/sa\/repay-loans\">https:\/\/studentaid.ed.gov\/sa\/repay-loans<\/a><span style=\"font-weight: 400;\"> &#8211; Provides valuable information on how to manage your loans<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.cashcourse.org\/Landing\/gclid\/EAIaIQobChMI74Xe1qqz3QIVUm5-Ch0nNApsEAAYAiAAEgJGu_D_BwE\">https:\/\/www.cashcourse.org\/Landing\/gclid\/EAIaIQobChMI74Xe1qqz3QIVUm5-Ch0nNApsEAAYAiAAEgJGu_D_BwE<\/a><span style=\"font-weight: 400;\"> \u00a0\u2013 CashCourse.org serves as a great resource for students as it speaks to many of the common financial pitfalls they may be encountering during their college years.<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.mappingyourfuture.org\/\">https:\/\/www.mappingyourfuture.org\/<\/a><span style=\"font-weight: 400;\"> \u2013 Mapping Your Future is a free resource for career, college, financial aid, and money management information. The goal is to help individuals achieve life-long success by empowering students, families, and schools with web-based information and services.<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.youcandealwithit.com\/\">http:\/\/www.youcandealwithit.com\/<\/a><span style=\"font-weight: 400;\"> \u2013 YouCanDealWithIt.com provides practical advice about paying for college and managing your debt.<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.creditkarma.com\/\">https:\/\/www.creditkarma.com\/<\/a><span style=\"font-weight: 400;\">\u00a0\u2013 Request a free annual credit report. This will allow you to pull your credit report and check your FICO score.<\/span><\/li>\n<\/ul>\n<p><b>Important Reminder:\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Remember, <\/span><em><b>you are responsible for repaying your student loans as agreed to on your signed Master Promissory Note(s)<\/b><\/em><span style=\"font-weight: 400;\"><em>.<\/em> Please keep your contact information up to date with your loan servicer to ensure you receive important correspondence. When in doubt, contact your loan servicer. Staying in touch with your loan servicer will maintain a good relationship and decrease the chances of loan default.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more information on SUM\u2019s Federally required \u201cConsumer Disclosures,\u201d please visit: <\/span><a href=\"https:\/\/www.sum.edu\/consumer-disclosures\/\"><span style=\"font-weight: 400;\">Consumer Disclosures &#8211; SUM Bible College and Theological Seminary<\/span><\/a><\/p>\n<\/div><\/section><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":3256,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"content-type":"","footnotes":""},"class_list":["post-3288","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial FAQ - SUM Bible College and Theological Seminary<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sum.edu\/financialaid\/financial-literacy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial FAQ - 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