Loan Disclosures

  • Student loan information published by the US Department of Education

ESSEC will provide you with information published by the US Department of Education at any time that information regarding loan availability is requested. This will include information on the rights and responsibilities of students and schools under Title IV Higher Education Act (HEA) loan programs.

  • National Student Loan System (NSLDS)

If you take out a federal loan to finance your studies at ESSEC, we will submit your loan details to NSLDS and this data will be accessible to guaranty agencies, lenders and schools that are authorized users of the data system.

  • Entrance Counselling for Students Loan Borrowers

Prior to the first disbursement, first time borrowers will be provided with comprehensive information on the terms and conditions of the loan and of the borrower’s responsibilities though entrance counselling. You will be required to complete the entrance counselling on the following site: https://studentloans.gov/myDirectLoan/index.action

  • Exit Counselling for Students Loan Borrowers

ESSEC will provide exit counselling to borrowers of federal loans shortly before the student borrower ceases at least half-time study at the school. You will be required to complete the exit counselling on the following site: https://studentloans.gov/myDirectLoan/index.action Any student who fails to complete the Exit counselling will be emailed a copy of the exit counselling guide produced by the US Department of Education.

  • Private Education Loan Disclosures

All US students are eligible for federal loans and these loans are generally cheaper than private loans.

  • Code of Conduct for Educational Loans

In order to prohibit a conflict of interest with the responsibilities of financial aid officers with respect to private education loans, all staff at ESSEC with responsibility for US loans are prohibited from:

• revenue-sharing arrangements with any lender;

• receiving gifts from a lender, a guarantor, or a loan servicer;

• contracting arrangements providing financial benefit from any lender or affiliate of a lender;

• directing borrowers to particular lenders* or refusing or delaying loan certifications;

• offers of funds for private loans;

• call center or financial aid office staffing assistance; and

• advisory board compensation.

All staff with responsibility for US loans is reminded at least annually of the provisions of the code. If you are applying for a private US student loan, we will work with whichever private lender you choose to use, if they work with foreign schools. Please note that we are currently aware of one such lender; which is Sallie Mae. Sallie Mae is not a preferred lender and this does not represent a preferred lender arrangement for ESSEC.

  • ESSEC Return of Title IV Funds Policy - to see full document, click Here

US federal law specifies that if a student withdraws from a program of study, ESSEC must complete the Return of title IV (R2T4) calculation and arrange for any unearned loan funds to be returned to the US Department of Education. If a student who receives financial aid withdraws from the program, ESSEC will recalculate his/her Financial Aid eligibility based on the period of attendance. As a result, a student may be required to pay back money to the US federal Government from the Federal Direct Stafford unsubsidized or Federal Direct PLUS loans he/she may have received. ESSEC may also have to repay any funds received for tuition to the US Federal government. As such a student may be requested to make an additional fee payment to the school to replace these funds.

  • ESSEC Institutional Refund Policy - to see details, click Here

  • ESSEC Default Prevention and Management Plan - to see full document, click Here

As per the US Department of Education recommendations, ESSEC implements a default prevention and management plan.

From the early stages of enrollment, as soon as students consider applying for FFEL and Direct Loan program loans, they are required to provide proof of their entrance counseling session. ESSEC also explains the importance of the master promissory note, how it works, the importance of borrowing a reasonable amount within a student budget, the importance of repaying the loan through bearable monthly repayment amounts, the consequences of default both for borrowers and for the School.

ESSEC Office of the Registrar works in close relationship with other ESSEC staff such as the Office of Academic Affairs, the Career Services, tutors and counsellors so as to assess borrowers’ satisfactory academic progress, wellness, hence eligibility for federal funds.

When students reach graduation time, they are required to provide proof of their exit counselling session. ESSEC students benefit from a one-to-one tutoring/mentoring system that helps them build their professional path and get the job placement that suits their expectations.

As per the regulations, ESSEC proceeds with timely and accurate enrollment reporting in NSLDS.

As soon as students join ESSEC, they become members of ESSEC Alumni network and benefit from ESSEC Alumni offer and resources. After graduation ESSEC alumni maintain strong relations with the School.

ESSEC Alumni Association collects former students’ cell phone numbers, e-mail addresses and postal addresses. ESSEC alumni are also allowed to continue to use ESSEC e-mail accounts after they have left school.

When receiving its Cohort Default Rate data, ESSEC reviews its Loan Record Detail Report to ensure that data are correct.