Student Loan Requirements at Stem University, NC

Transcription

1 You are NOT required to take out Federal Direct Student Loans at Stark State College! Loan requests processed at Stark State College are carefully considered to assure low default rates among loan borrowers. While we understand loans are sometimes necessary, we encourage you to: Exhaust every possible means of assistance before requesting a loan (ex: grants, scholarships, Federal Work Study) Borrow the absolute minimum amount you need Have a reasonable expectation of potential earnings after graduation. You can locate your potential earnings on Career Coach at The average indebtedness of SSC students is $18,000. Using a standard repayment plan of 10 years, this could result in payments of $207 a month. BORROW BASED ON NEED (NOT WANT) SO YOU AREN T STUCK WITH HIGH MONTHLY PAYMENTS LATER!

2 Stark State College Office of Financial Aid 6200 Frank Ave NW, North Canton, OH (330) Fax - (330) financialaid@starkstate.edu FEDERAL DIRECT LOAN REQUEST STUDENT NAME SSC STUDENT ID # Additional instructions are available under the Apply for Your Loans link on your mystarkstate. It can take approximately 30 days to process your Direct Loan Request Form from the day all required documents are completed and received in the Financial Aid Office. Student Activity Checklist Print the Federal Direct Loan Request Form Complete any Unsatisfied Requirements Review and print NSLDS Loan History from Attach printed loan history to this form. Review your MAP (My Academic Plan) and fill in the information requested below: Academic Standing Financial Aid Standing Enrolled Courses Apply to Major? Yes No Complete Loan Entrance Counseling Complete Master Promissory Note (MPN) Submit this completed form with NSLDS loan history attached to the Financial Aid Office Completion Date Contact Information Address Home Phone Cell Phone Amount Requested for Loan See instruction page for Annual Federal Direct Loan Limits to determine the amount you may be eligible to borrow. $.00 This amount will be divided equally by the semesters enrolled. Semesters Enrolled Check all that apply. Will be enrolled in at least 6 credit hours. Summer (June August) Fall (August December) Spring (January May) Anticipated Graduation Date mm/yy I certify that all information of this form is true and correct. I also understand all loan funds must be used exclusively for education expenses, and I must maintain satisfactory academic progress and enrollment in at least 6 credit hours in courses required for my major. I understand that all federal student loans will be disbursed in two payments during each term. The payments will be based on midterm grades and continued attendance in my registered classes. I also understand this is a loan that must be repaid and that there are consequences should I default. Student Signature FOR OFFICE USE ONLY Pell LEU % Agg Loan Amt Requirements Satisfied? Yes No Incomplete Transcripts Received? Yes No Approved Required Documents Rec d? Yes No Denied Independent Student >$29,500 Processor Dependent Student >$17,500 Date Advising Appointment Required? Yes No Date HR/LP / BG/GL / COA AID EFC Date Initials Need Sub Uns G:\ Forms

3 INSTRUCTIONS FOR FEDERAL DIRECT LOAN REQUEST FORM IMPORTANT NOTE: For a quick link to all required pages and websites, click on the Apply for Loans tab under the My Stuff page at my.starkstate.edu. 1 PRINT THE DIRECT LOAN REQUEST FORM Go to my.starkstate.edu >> Log In >> My Stuff page >> Apply for Your Loan button. Print the Direct Loan Request Form. Complete Steps 1 7 on the Student Activity Checklist section of the form. Loan processing may be delayed if any step on the Student Activity Checklist section of the Direct Loan Request Form is not completed prior to submission to the Financial Aid Office. 2 COMPLETE UNSATISFIED REQUIREMENTS Go to my.starkstate.edu >> Log In >> My Stuff page >> View Student Requirements button. Select the appropriate aid year from the dropdown box. Complete all unsatisfied requirements if the status is listed as "required". 3 PRINT NSLDS LOAN HISTORY (Attach to Direct Loan Request Form.) Go to the National Student Loan Data System located at Select Financial Aid Review >> Accept (privacy) >> Accept (128-bit Encryption). Enter your personal identifier information including your FAFSA Pin. Print the MyStudentData page(s). Please do not click on download. Attach the printed page(s) to the Direct Loan Request Form. Forgot your FAFSA pin? Go to and request a duplicate pin. Never used Federal grants or student loans? Print the no identifiers found page. 1

4 4 REVIEW YOUR MAP (My Academic Plan) Go to my.starkstate.edu >> Log In >> Access MAP tab in Student Tools. Verify your correct major is on file. If incorrect, complete an official Change of Major Form with the Academic Records Office. Review your academic standing* and financial aid standing.* Confirm all courses you are enrolled in apply to your current major.** 5 COMPLETE LOAN ENTRANCE COUNSELING REQUIRED for all first-time loan borrowers and new Stark State College loan borrowers even if loans were received at a prior institution. Sign-in to and enter required information and FAFSA pin #. Select Complete Counseling >> Entrance Counseling >> Add School to Notify. Select "undergraduate" student as the student type. Complete all FIVE (5) tabs. See troubleshooting tips below.*** 6 COMPLETE MASTER PROMISSORY NOTE (MPN) REQUIRED for all first-time loan borrowers. Students that have borrowed student loans before and have a MPN on file at studentloans.gov do not need to complete a new MPN. Sign-in to and enter required information and FAFSA pin #. Select Complete Master Promissory Note >> Subsidized/Unsubsidized >> Borrower Information >> Add School to Notify. Complete all FOUR (4) tabs. See troubleshooting tips below.*** IMPORTANT NOTE: If studentloans.gov shows you have completed the Master Promissory Note, there is no further action needed on your part. *Academic and financial aid standings are reviewed at the end of each semester. Check for status updates when final grades post for the semester. You will receive an each semester in your SSC.net account when your status has been updated. **You may not be eligible to receive financial aid if your courses do not apply toward your current degree. ***Troubleshooting Tips: Do NOT use punctuation marks for reference addresses. Some primary tabs require multiple steps or tabs within that page. Error instructions will appear at the top of the page to help guide you and complete the process. Always check your answers on each page when it gives you the option. The summary page will notify you when you have successfully completed the requirement. 2

5 7 COMPLETE THE DIRECT LOAN REQUEST FORM Amount Requested for Loan Review your MAP to determine freshman or sophomore academic level. The minimum annual amount you can request is $100. The maximum annual amount you can request is charted below. The maximum amount of student loans that can be borrowed for an undergraduate degree (Associate and Bachelor), also known as the Aggregate Loan Limit, is also listed below. Annual and Aggregate Limits for Subsidized and Unsubsidized Loans Academic Level Freshman Annual Loan Limit Sophomore Annual Loan Limit Aggregate Loan Limits for Subsidized and Unsubsidized Dependent Students (Require parent data on FAFSA) $5,500 No more than $3,500 of this amount $6,500 No more than $4,500 of this amount $31,000 No more than $23,000 of this amount Independent Students $9,500 No more than $3,500 of this amount $10,500 No more than $4,500 of this amount $57,500 No more than $23,000 of this amount Borrow responsibly. You can request additional loan amounts up to your allowable Cost of Attendance Budget (COA) at a later time within the current academic year by submitting a Federal Direct Loan Authorization Form. Review your current account balance on your My Stuff page or project future semester charges at You cannot receive loan money that exceeds your Cost of Attendance Budget (COA) at Stark State College. Therefore, you may receive less than the amount requested. The COA budget, your current enrollment, and other financial resources determine the maximum amount you can receive in student loans. If you wish to participate in the Federal Work Study Program, the amount of loans you accept can affect your eligibility. Make an appointment with a Financial Aid Counselor if you need assistance. Anticipated Graduation Date Refer to MAP to find out how many classes you still need for your program. If it is determined you will not graduate within the current academic year, the requested loan amount will be adjusted to include current and future academic semesters. 8 SUBMIT TO THE FINANCIAL AID OFFICE 3