faq

Frequently Asked Questions

Where can I get the application?
Applications are available on the John George, Jr. Student Loan Fund Website (www.johngeorge.org, under the "Eligibility Requirements" tab or the "How Do I Apply" tab). They may also be picked up at the John George, Jr. Student Loan Office located at 145 S. Jackson Street, Jackson, MI. Phone: 517.782.8126

Who is eligible?
Applicants must have graduated from a Jackson County, Michigan high school (including Jackson County, Michigan homeschooled), or resident of Jackson County, Michigan and a full time student. One of applicant's parents must reside in Jackson County, Michigan during the years of borrowing from the program. In addition, applicants must have a co-signer unless he/she is able to verify that his/her annual income exceeds $20,000.

What colleges are eligible?
Michigan state-supported colleges or universities.

What does”full time student” mean?
You must maintain 12 credit hours per semester/term.  If less than 12 credits is considered full time, you will be required to document that fact.

Are there grade point requirements?
Yes, you must maintain a 2.25 grade point average overall and per semester/term while borrowing from the John George, Jr. Student Loan Fund.

What is the interest rate on the loan?
It is a fixed rate of 2%APR.
(This rate will change if you are in default.)

Why can I only have disbursements deposited to a Comerica Bank account?
This loan is from a trust account not from the bank itself and the trust does not have electronic deposit capabilities outside of Comerica Bank.

Why does my disbursement check have to be mailed to my Jackson address?
The applicant and his/her parents must be Jackson County residents to be eligible to borrow, so checks are mailed to that address.

Am I able to set up automatic loan payments through my bank?
Automatic payments can only be processed through a Comerica Bank account. (See the Contact Info page for the Automatic Payment Authorization Form.) Automatic payment through other financial institutions is not available. Please check with your financial institution for on-line/web banking payment options.

 

How do I apply for additional funds in subsequent school years?
Each year the John George, Jr. Student Loan Office will request information regarding your borrowing needs for the next school year.  For additional funding you must return the required information including a copy of your fall semester grades by MARCH 1st.  If you do not receive this request contact the John George, Jr. Student Loan Office to make sure your paperwork is in order. 

When will I know if I will receive funding?
Approval/Denial letters are mailed in the months of April and May stating how to make appointments for your loan closing at Comerica Bank’s Student Loan Servicing Department in the Wealth Management Division.

Please Note: By August 1 of any year you are not borrowing but are still enrolled in school full time, you must provide Comerica Bank’s Student Loan Servicing Department proof that you are still in school.  If you provide timely proof, your loan will remain in deferment.  However, if you do not notify the Bank you are in school, you will be set up to begin repaying your loan.

When do I have to start making payments?
You are required to pay the annual interest each year.  You will receive an annual interest due notice from Comerica Bank. 

Principal and interest payments will begin the January after your eligibility termination date which is the date you no longer are a full time student.  If you are not enrolled as a full time student, you must also begin repayment of your loan.  Please direct all payment questions and arrangements to Comerica Bank’s Student Loan Servicing Department. 

Payments will be made every month until all principal and interest and any other charges described that may be owed under this Note, are paid in full. Each monthly payment will be applied to interest before principal. If, on the December 15th that precedes the 5 year anniversary of the first scheduled principal and interest payment, amounts are still owed under this note, this amount will be paid in full on that date, which is called the "Maturity Date".

Why did I receive an Annual Interest Notice?
Your Promissory Note requires payment of the accrued interest each year.  This amount is the interest due for the funds you have borrowed for the prior school year(s)
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