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Show HILL TOP TIMES Friday, May 13, 1983 The Air Force Aid Society is currently accepting guaranteed student loan applications for the 1983-8academic year for undergraduate, graduate and technical training. Under federal rules, eligibility for the loans is based on need. When the applying student's family has an annual adjusted gross income of less than $30,000, the student is automatically eligible. Where the family's adjusted gross income is more than $30,000. a familv's enn- L. l ujuuuuu is cmcuiateu uy ime scxiuui financial aid officer, and the difference between the cost of the education and the family contribution is the amount 4 4 I 4- - I A I 1 I 1 of the loan. AFAS officials encourage in- terested students, regardless of financial position, to apply and discuss their eligibility with the school's finan- cial officer. The Society sponsors the loans -- under two programs. The Gen. George S. Brown Senior Student Loan Program is available to active duty military, retired military, reservists, and their spouses. It is also open to select categories of individuals working toward . commis-- ' sioning in the Air Force, i The Gen. Henry H. Arnold Student Loan Program is available to children of Air Force members. Each program offers loans to cover educational costs, including tuition, III III in room and board, books and supplies, personal needs and transportation. The minimum loan under these programs is $500. The annual loan limits are: $1,250 for an undergraduate stue dent who is attending less than (General Brown program only). for a full-tim- e $2,500 undergraduate student. $2,500 for a graduate student who is attending less than e $5,000 for a graduate full-tim- full-tim- e. prior loans remains the same as for their earlier loans. There is also a five percent origination fee that is deducted from the loan proceeds prior to the student's receipt of the loan the Base Education Office, Bldg. 368; or by contacting the AFAS National Headquarters, 1735 N. Lynn Street, Number 202, Arlington, VA 22209, or Area Code 202-696-52- check. AUTO VON The AFAS forsees many applications and advises canidates to submit completed applications as soon as possible. Application forms may be obtained from the local Air Force Aid Society Office, Bldg. 180. Room 212; 226-523- 38 8. Although processing time varies, applicants should expect to wait at least 4 weeks from the date of application approval by HQ AFAS to receipt of their first check. 12-1- full-tim- student. General Arnold Program applicants must be enrolled as e students, and General Brown applicants must be enrolled on at least a half-tim-e Pilot Program for POD AF uses private debt collectors who owe the Air Force lected debts. full-tim- basis. Cumulative loan limits are $12,000 for an undergraduate student and $25,000 for a graduate student. The total amount for graduate students includes outstanding amounts which the ; student borrowed as an undergraduate. Loan repayment begins after a six month grace period following the student's graduation or termination of studies. The current interest rate for all new borrowers is nine percent, which is paid by the government on behalf of the student until loan repay- ment begins. AFAS official expect the interest, rate to drop to eight percent in Oc- tober. Interest rates for those with People money better not ignore their debt If no debts are collected, there will be no cost to the government. Debtors will continue to receive four debt notices from the Air Force. The last one will state that if the debt is not paid within 30 days, the case will be turned over to a private debt let- ters, warn Air Force Accounting and Finance Center officials. The Air Force began referring delinquent debt cases to private collection agencies May 1. collection agency. Debts fall into two broad areas, according to center officials. The first is Department of Defense, the Air Force is supplementing its internal program with private contractors for one year. If successful, the Air Force will have an option to renew the contract an additional two years. Consumer Collection, Inc., Buffalo, N.Y., will be responsible for the region east of the Mississippi. Credit Bureau of Safford, Safford, Ariz., will have the region west of the Mississippi. They will be paid a commission based on the col separations indebtedness, which in- cludes excess leave, incorrect final pay computation, bonus recoupment, and allotments paid after separation. The other type of debts are those uncollec-tabl- e at base level. Examples are bad checks paid to the commissary after separation, hospital debts, and debts incurred by dependents. 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