Application Process
The Application Process
In order to apply for the GSB International Loan Forgiveness Program, please submit to the GSB Financial Aid Office (FAO) the required application materials (refer to the required application materials navigational tabs). If the submitted materials are accurate and complete, the FAO will process your application. Be advised that supplemental information may be required and will be determined on a case-by-case basis. Applications are due December 14, 2007. Notifications and disbursement of funds to recipients will be in January.
Award Letter
If you are eligible for GSB Loan Forgiveness funds, the FAO will email you an award letter and acknowledgement/acceptance letter that indicates how much you will receive in these funds. The award letter will state how much you are eligible to receive, either your annual educational loan payments or up to 10% of your indebtedness not to exceed $7,500.
Acknowledge/Acceptance Letter
The acknowledgement/acceptance letter will be based on the amount you are to receive for the award disbursement. In the email, you are requested to sign and return the acknowledge/agreement letter to the FAO. A legible fax or scanned signature copy of the letter would be acceptable.
Disbursement
Once we receive your acknowledgement/acceptance letter in the mail, it typically takes 2 weeks thereafter to send you the award disbursement in the form of a check payment. It is then your responsibility to pay the lender or servicer, which holds your loans. You will be expected to show proof of this funding payment by the end of the calendar year (as outlined in your award letter) towards your GSB educational loans, in order to be eligible for further funding in subsequent application years. The disbursement of funds from the GSB International Loan Forgiveness Program is made on the understanding that you will remain employed by the eligible organization described in your application for the full twelve months. If you change jobs, if your salary changes, or if you work less than halftime (less than 20 hours), you must notify the GSB Financial Aid Office immediately. You will be required to repay any funds advanced for which you have later become ineligible. Assuming that you will meet the employment conditions, the University will cancel your acknowledgement/acceptance letter at the end of the twelve month period. Typically, the process takes 3-5 weeks from the receipt of a complete loan forgiveness application documents in the FAO to the time in which an applicant will receive the check payment. Applicants should be reminded to continue to make required loan payments during the application process.
Renewal Process
The GSB International Loan Forgiveness application is evaluated annually to ensure a fair and equitable distribution of aid. Applicants are not guaranteed funds from year to year. You will be required to reapply each year.
