Traveling to various countries allows one to enlarge their understanding of the world, culture and learn to become solution oriented. Some schools such as East Central University understand its importance and envision its students to become global citizen. The following are reasons why ECU approved the service learning: Students will gain skills such as cooperation, communication, and setting and achieving goals, students are helping those people, animals, and organizations in need,
students will receive a total of hands on experience they can apply to their lives, it is an out of classroom experience that students rarely encounter, students will receive a better understanding of classroom materials and practice what they are learning, students will become aware of the needs of the community, and students will be more active in the community. In addition to this, they have created programs to support such unique educational approach.
“Loans can help you meet your educational expenses. We encourage you to borrow wisely so that you graduate with a manageable level of debt. Loans MUST be repaid with interest. You must repay loans even if you do not complete your education, are not able to get a job after you complete the program or are dissatisfied with the education for which you paid. First-time ECU borrowers must complete an entrance counseling session before loans will be certified and ECU borrowers who drop below half-time, graduate, or transfer to another school must complete an exit counseling session. Half-time enrollment for undergraduate students is 6 credit hours. Half-time enrollment for graduate students is 4 credit hours. Recent legislation eliminated the FFELP lenders in favor of the government's direct loan program. As a result, all loan borrowers will be required to complete a new Master Promissory Note and Direct Loan Entrance Counseling beginning with the Summer 2010 semester.”
Furthermore, the types of loans are as follows:
1. Lions-Alumni Student Loan Fund and Don Clawson Student Loan Fund
These funds are designed to aid students with short-term, low-cost loans to meet emergency expenses. The loan is to be repaid prior to pre-enrollment for the following semester. This type of loan does not require entrance and exit counseling. Students are required to have pending financial aid to qualify for this loan. The application may be obtained in the Bursar Office. There is a 12% annual interest charge for this loan.
2. Federal Perkins Student Loan Program
The Perkins Loan program makes long-term, low-interest loans to qualified students. East Central University is the lender and the loan is made with government funds. Repayment normally begins nine months after graduation, leaving school or dropping below half-time. East Central University may not deliver the first installment of Perkins Loan proceeds to a first time borrower until 30 days after the first day of classes (the 31st day). This loan may be up to $5500 per academic year. The borrower may not borrow over $27,500 as an undergraduate. The interest rate is 5 percent. This is a need-based loan. Funding is limited and the average loan is $1000 per semester. Priority is given to previous ECU Perkins borrowers.
3. Federal Stafford Loan Program (subsidized and unsubsidized - formerly GSL)
The Stafford Loan is a low interest loan guaranteed and funded by the federal government. Credit history is not a factor; no credit check is done to qualify for these loans. Students who defaulted on prior student loans are not eligible to borrow until the default status is resolved.