Formerly Known as the Institutional Loan (IL)

Established in May 2009, the Career Success Loan (CSL) program was designed to assist students with covering the cost of attendance minus all financial aid resources. The intent of the program is to assist with "gap" financing, prior balances and self-help requirements. As a result, students must file a FAFSA first before receiving a CSL. In addition, the program can be used for past-due balances and replaces former cash payment plans now known as "self-help" aid.

Note: This program cannot be used to create eligibility for a stipend or used as a stipend.

What is a "gap" in financing?

A gap in financing may occur for one of the following reasons:

• When a student does not have enough traditional funding to cover the full costs of attendance, or;
• When a student cannot pay a prior balance in full before enrollment and is not eligible for the re-entry program.

What is a "prior balance"?

A prior balance can occur when a continuing or re-entry student has a balance for charges on their ledger card from prior terms. Many times the prior balance was a result of a shortage in financial aid or additional charges that occurred after funding had been fully disbursed. Before a prior balance is included in a career success loan, the Financial Services Associate must evaluate the student’s eligibility for the New Beginnings (NB) program first. If the student qualifies for New Beginnings, then the student must consider participating in NB before incurring additional debt with a CSL.

(Note: The New Beginnings program is only available for re-entry students whose debt is within the same entity. See the New Beginnings Winners manual for program eligibility.)

Prior balances can be included in a career success loan only if reasonable repayment terms can be set and accomplished within the maximum timeframe of 48 months. Additional instructions are provided later in this manual.

What is "self-help" aid?

Self-help aid takes the form of loans (which must be repaid) and employment (which pays for student wages for hours worked at jobs provided on or off-campus). Often referred to as "cash" payment plans, students who are not receiving funds from conflicting programs (i.e. TANF) must participate in a self-help program.

How to Make Payments on the Career Success Loan

Note: Tuition Options serves as the servicer for Daymar’s Career Success Loan. Please click here to make a payment on your Career Success Loan.

Application Process

Filing a FAFSA – The student must demonstrate financial need by filing a Free Application for Federal Student Aid (FAFSA)
CSL Application – The student must complete the Career Success Loan application.
Promissory Note – Once the terms of the loan have been set, the student must sign a promissory note which is the student's promise to repay the loan proceeds.

Eligibility

• The student must not be in default on any prior federal student loans.
• The student must be in good academic standing.
• The student must demonstrate "need" as defined above for "Gap," "Self-Help" and "Prior Balance."

Note: Students, please visit the Tuition Options website for more information about your account and tuition options.

Instructions on how to create your account, contact information, and where to send payment information can be found here.