Direct Loans

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Direct Loans 2015-2016"

Transcription

1 Direct Loans All students who complete a valid FAFSA are offered Direct Loans as part of their Financial Aid package. The purpose of this document is to explain how Direct loans work and answer frequently asked questions. If you have any questions please feel free to contact our office at or us at Types of Direct Loans Subsidized Loans Subsidized loans are based upon demonstrated financial need and the federal government subsidizes the interest. No interest is charged while the student maintains an enrollment status of at least half-time (six credits). Interest does begin to accrue from the start of the six month grace period and throughout the repayment period. The interest rate for Federal Subsidized Loans for the academic year, first disbursed after July 1, 2015, is 4.29%. Unsubsidized Loans Unsubsidized loans are not awarded on the basis of financial need. The loan accrues interest from the time it is disbursed until it is paid in full. If you allow the interest to accrue while you are in school or during repayment periods, this interest will be capitalized. Interest that is capitalized will be added to the principal amount of your loan, and additional interest will be based on the higher amount. The interest rate for Federal Unsubsidized Loans, first disbursed after July 1, 2014, is 4.66%. Undergraduate Interest Rate The interest rate for Federal Unubsidized Loans for the academic year, first disbursed after July 1, 2015, is 4.29%. Graduate Interest Rate The interest rate for Federal Unubsidized Loans for the academic year, first disbursed after July 1, 2015, is 5.84%. Parent Plus Loans for Undergraduate Dependent Students (PLUS) The Parent Loan for Undergraduate Students (PLUS) enables parents of dependent undergraduates to borrow an amount equal to cost of attendance, less other financial aid. Parent loans differ from student loans in that repayment of the loan begins 60 days after the loan is fully disbursed, however parents can defer these payments while their student is attending college at least half-time (6 credits). The interest rate for Federal PLUS Loans for the academic year, first disbursed after July 1, 2015, is 6.84%. To apply for a parent plus loan go to and click on Sign in. When signing in, use the information of the parent applying for the loan. Click on Apply for a Parent Plus Loan and follow the directions. Applications for the year will be available beginning April 1, Graduate Plus Loan Graduate and Professional degree students are now eligible to borrow Graduate PLUS Loans under the William D. Ford Direct Loan Program. Students may borrow up to the cost of attendance minus other financial aid. This loan for the academic year has a fixed interest rate of 6.84%. The current interest rates for these loans can be found at The repayment period for a Direct Grad PLUS borrower begins on the date of the final disbursement of the loan and the first payment is due within 60 days of the final disbursement of that loan. The Grad PLUS borrower may apply for an in-school deferment by 1

2 submitting an In-School Deferment Request to the Direct Loan Servicing Center. Loan funds are disbursed directly to Assumption College in equal amounts over each term of enrollment for the academic year. Origination Fees for Direct Loans Federal Stafford Loan Fee - The origination fee is held by the U.S. Department of Education as an expense of assuming a Direct Loan. Loans with a first disbursement date prior to October 1, 2015 will have a 1.073% fee deducted from each loan disbursement. Loans with a first disbursement date on or after October 1, 2015 will have a 1.068% fee deducted from each loan disbursement. Federal Parent and Graduate PLUS Loan Fee The origination fee is held by the U.S. Department of Education as an expense of assuming a Direct Loan. Loans with a first disbursement date prior to October 1, 2015 will have a 4.292% fee deducted from each loan disbursement. Loans with a first disbursement date on or after October 1, 2015 will have a 4.272% fee deducted from each loan disbursement. Interest Calculation When Interest Accrues Interest accrues on your unsubsidized student loan: Every day, from the day the loan is disbursed until you make the last payment. Even if your loan is not in repayment. Interest accrues on your subsidized student loan: Every day, from the day the repayment period starts until you make the last payment. During your grace period if your loan was disbursed on or after July 1, 2012 and before July 1, Interest does not accrue on your subsidized student loan during: Your in-school status as long as you are attending at least 6 credits (half-time) An approved deferment. Calculating Accrued Interest To calculate your daily interest accrual, use the following formula: Interest rate x current principal balance number of days in the year = daily interest 2

3 Example Sara Student borrowed $2,000 in an Unsubsidized Direct Loan with a 4.29% interest rate. The loan was disbursed in two disbursements of $1,000 each on 9/30/14 and 02/02/15. Using the formula:.0429 x $1, = (round to $.12) After year 1 Sara Student s accrued interest will be (calculation date of May 5, 2015): 09/30/14 disbursement 219 days x.12 = $ /02/15 disbursement 94 days x.12 = $11.28 Total Interest = $37.56 How Payments Apply to Interest vs. Current Principal Balance When you make a payment, your servicer s computer system counts the number of days since your servicer processed your last payment. Then we apply your payment as follows: 1. Accrued interest The amount of interest that accrued every day between the date of the last payment and the new payment must be satisfied first. 2. Current principal balance The remainder then applies toward your current principal balance. The best way to control the amount that applies toward interest versus principal is to make your payments regularly and on time. The easiest way to do this is to use ECH Payments (automatic payment through your bank). Loan Requirements and Financial Literacy Entrance Counseling Entrance counseling explains the obligations you agree to meet as a condition of receiving a Direct Loan. If you are a student and have not previously received a subsidized/unsubsidized loan or PLUS loan (graduate/professional students only) under the Direct Loan Program or Federal Family Education Loan (FFEL) Program at Becker College, you must complete entrance counseling for that loan type before receiving a loan to ensure that you understand your responsibilities and the obligations you are assuming. Topics include: Understand Your Loans Manage Your Spending Plan to Repay Avoid Default Make Finances a Priority 3

4 To complete entrance counseling for Direct Subsidized/Unsubsidized Loans and Direct PLUS Loans: Sign into this Web site using your Federal Student Aid PIN. Use of another person's PIN constitutes fraud. Use only your own PIN information. Select "Complete Counseling" found in the left navigation bar Select "Entrance Counseling" under "Choose Counseling Type" Select the school(s) you want to notify of counseling completion Select "Student Type" (Undergraduate or Graduate/Professional) Master Promissory Note (MPN) The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). There are three types of MPNs in the Direct Loan Program: one for Direct Subsidized/Unsubsidized Loans, one for Direct PLUS Loans, and one for Direct Graduate PLUS Loans. If you are an undergraduate or a graduate/professional student attending a school that is authorized and chooses to make multiple loans under the same MPN for more than one academic year, you may be required to sign only one MPN for all of your Direct Subsidized Loans and Direct Unsubsidized Loans. If you enroll in college as a freshman and borrow under the Direct Loan Program for all years of study, you may be able to borrow under this one MPN for all academic years. Note: Graduate/professional students aren't eligible for Direct Subsidized Loans. To complete an electronic MPN: From the StudentLoans.gov home page, click on the "Sign In" button located in the "Manage My Direct Loans" box. The Sign In page will appear. Use of another person's PIN constitutes fraud. Use only your own PIN information. Once signed in, click on the "Complete MPN" option located under the "Master Promissory Note" heading on the left menu bar. The Master Promissory Note (MPN) page will appear. Select the type of loan you would like to receive. Follow the instructions to complete, sign, and submit your MPN. Financial Literacy Becker College strongly believes that our graduates must be financially literate before going on to graduate school or entering the workforce. To help our students become financially literate, Becker College has teamed up with ASA to offer SALT. SALT is designed to empower college students and alumni to confidently approach, manage, and pay back their student loans while gaining financial skills for life offering a comprehensive continuum of services aligned to the student life cycle: from college financing through successful loan repayment. To sign up for SALT, please visit Information about SALT is provided to our students at multiple events on campus, stay tuned! 4

5 Direct Loan FAQ s Annual and Aggregate Limit FAQ How much can I borrow under a Direct Loan? These Federal Direct loan limits are for the academic school year. The loan limits are based on the student's grade level and dependency status. Independent students can borrow more because they are paying for college without assistance from their family. Dependent students whose parents were denied a Federal Parent PLUS loan are eligible to borrow at the independent student limits. It is important to note that even if a student is financially self-sufficient and paying for his/her education on his/her own, dependency status is still determined by the school. Grade Level Freshman Sophomore Dependent Undergraduate Student $5,500 (max $3,500 subsidized) $6,500 (max $4,500 subsidized) Independent Undergraduate Student $9,500 (max $3,500 subsidized) $10,500 (max $4,500 subsidized) Juniors, Seniors and Beyond $7,500 (max $5,500 subsidized) $12,500 (max $5,500 subsidized) Cumulative Aggregate Limit $31,000 (max $23,000 subsidized) $57,500 (max $23,000 subsidized) Can my loan be increased mid academic year? Students whose grade level changes mid-year, become eligible for the full amount of Direct Loans for the new grade level. Example Sara Student is awarded in the fall as a dependent freshman student and receives $3500 in Subsidized and $2,000 in Unsubsidized Direct Loans. Sara successfully completes enough credits to make her a Sophomore. Sara s loans subsidized loan is then increased to $

6 Interest FAQ s How does interest accrue on my student loan? Interest accrues daily on your student loan from the day it's disbursed until the day your loan balance reaches zero. We use a simple formula to calculate your daily interest accrual: Interest rate current principal balance number of days in the year = daily interest What is Capitalization? Capitalization is the addition of unpaid accrued interest to the principal balance of your loans. This means that your principal balance increases, so you will pay more in interest over the life of the loans. For example, during periods of deferment, you are only responsible for accrued interest on unsubsidized loans. Review the comparison chart below to see how paying your outstanding interest while in school or in periods of deferment and forbearance can impact your monthly payment and your total amount to be repaid. Category If you can't or don't pay your outstanding interest: If you pay your outstanding interest: Original Loan Balance $20,000 $20,000 Capitalized Interest accrued while in school $5,700 $0 Total Interest paid prior to repayment: $0 $5,700 Loan Balance when entering repayment $25,700 $20,000 Interest Rate 6.8% 6.8% Monthly Payment $ $ Total Repayment Amount $35, $33, *This figure includes the $5,700 in interest you previously paid. In the example above you would save more than $65 per month if you paid the outstanding interest before it capitalized (was added to the principal balance). 6

7 Does interest accrue on my loan while I have a deferment or forbearance? Yes. Interest accrues on your loan, but you may not be responsible for paying it. It depends on the type of loan you have and whether you have a deferment or forbearance. If you have a deferment Subsidized loans The government pays the interest that accrues.* Unsubsidized loans You are responsible for paying the interest that accrues. If you have a forbearance All loans You are responsible for paying the interest that accrues. If you are responsible for paying the interest that accrues, you will receive an interest notice 20 days before the end of your deferment or forbearance advising of the total amount of outstanding interest. Any interest that you do not pay will capitalize (be added to your principal balance) when the deferment or forbearance ends. Capitalization increases your principal balance, meaning you will pay more over the life of the loan. * NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the "normal time" allotted for completing the program in which you are enrolled. The loss of subsidy means you would be responsible for paying the interest during periods of enrollment and any grace or deferment periods. What is an interest notice? An interest notice differs from a bill in that you're not required to make a payment. We will send you an interest notice approximately 20 days before your grace period ends or before a deferment or forbearance ends. You'll receive an interest notice unless you specifically requested to make interest payments while you are in school or your loan is in grace, deferment, or forbearance. If you want to pay interest during these times, please send your servicer a letter requesting this, and we will send you quarterly interest bills instead of an interest notice. I am still in school. Why haven t I received any bills or notices regarding the interest on my loan? Unless you specifically requested to be billed for the interest on your loans, your servicer will send only one interest notice to you approximately 20 days before your grace period ends. Can I make interest payments even if I do not receive a bill? Yes. If you have an unsubsidized loan, making interest payments while you are in school can minimize the amount of interest that will capitalize (be added to your principal balance) when your account enters repayment. And you will pay less over the life of the loan. Do I need to pay interest on my loan while in school? It depends on what type of loan you have: Subsidized Loans No. The government pays the interest on your loan while you are in school.* Unsubsidized Loans No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs. Parent PLUS Loans You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment. 7

8 * NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the "normal time" allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods. 8

FEDERAL DIRECT SUBSIDIZED/UNSUBSIDIZED LOAN FOR STUDENTS

FEDERAL DIRECT SUBSIDIZED/UNSUBSIDIZED LOAN FOR STUDENTS 2015-16 INSTRUCTIONS AND REQUEST FORM FEDERAL DIRECT SUBSIDIZED/UNSUBSIDIZED LOAN FOR STUDENTS Your Financial Aid Notification for the 2015-16 academic year indicates your eligibility for the Federal Direct

More information

Office of Student Financial Aid Direct Stafford Loan Processing Information

Office of Student Financial Aid Direct Stafford Loan Processing Information Montgomery College endless possibilities Office of Student Financial Aid Direct Stafford Loan Processing Information Attention all first-time borrowers at Montgomery College. In order for your loan proceeds

More information

Loan Counseling Presentation

Loan Counseling Presentation Loan Counseling Presentation Financing Options Federal Stafford Loans In Student s name Subsidized Unsubsidized Federal Parent Loans for Undergraduate Students (PLUS) In Parent s name Maximum Annual Loan

More information

Student Financial Services Educational Loan Borrowing

Student Financial Services Educational Loan Borrowing Student Financial Services Educational Loan Borrowing 2 nd Special Interest Session 2012-2013 NSO Federal Student Direct Loan Application for federal student direct loans is done by submitting a Free Application

More information

Student Loans. Introduction

Student Loans. Introduction Introduction Student Loans Loans are far and away the single largest aid program available to students. In the 2003-2004 academic year, nearly $67 billion was delivered in the form of loans to students.

More information

FAQ s on Direct Lending

FAQ s on Direct Lending FAQ s on Direct Lending Q1: Why is the University of Houston switching to direct loans? A: On Thursday March 30, 2010 President Obama signed the Health Care and Education Reconciliation Act of 2010 (H.R.

More information

Entrance Counseling Guide for Direct Loan Borrowers

Entrance Counseling Guide for Direct Loan Borrowers You are borrowing Direct Subsidized Loans and/or Direct Unsubsidized Loans to help you finance your education. Repaying these loans is a serious responsibility. This guide explains some of the most important

More information

PLUS LOAN FOR PARENTS

PLUS LOAN FOR PARENTS 2015-16 INSTRUCTIONS FEDERAL DIRECT PLUS LOAN FOR PARENTS The Federal Direct PLUS Loan is one option available to help parents pay their child s college costs. Unlike loans in the student s name that are

More information

Loans: Understanding the Basics. NeASFAA Support Professionals Workshop November 1, 2013 Mahoney State Park

Loans: Understanding the Basics. NeASFAA Support Professionals Workshop November 1, 2013 Mahoney State Park Loans: Understanding the Basics NeASFAA Support Professionals Workshop November 1, 2013 Mahoney State Park Objectives Discuss the types of loans and their of their basic terms Review some of the changes

More information

ENTRANCE COUNSELING GUIDE

ENTRANCE COUNSELING GUIDE ENTRANCE COUNSELING GUIDE For Direct Loan Borrowers ENTRANCE COUNSELING GUIDE For Direct Loan Borrowers CONTENTS TYPES OF DIRECT LOANS Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans,

More information

2015-2016 DIRECT LOAN APPLICATION PACKET

2015-2016 DIRECT LOAN APPLICATION PACKET 21193 Malta Rd, Malta IL 60150-9699 815-825-2086, ext. 2240 TTY: 815-825-9106 Fax: 815-825-2968finaid@kishwaukeecollege.edu 2015-2016 DIRECT LOAN APPLICATION PACKET The purpose of the Direct Loan Application

More information

Student Financial Resources and Scholarships (SFRS) 2014-15 Student Loan Automatic Packaging Q & A

Student Financial Resources and Scholarships (SFRS) 2014-15 Student Loan Automatic Packaging Q & A Student Financial Resources and Scholarships (SFRS) 2014-15 Student Loan Automatic Packaging Q & A What is Student Loan Automatic Packaging? Student Loan Automatic Packaging is the process of predetermining

More information

STUDENT LOAN REPAYMENT

STUDENT LOAN REPAYMENT STUDENT LOAN REPAYMENT Chase College of Law Financial Aid Presentation April 14 th, 2011 TOPICS TO BE COVERED General Repayment Information Loan consolidation Repayment Plans Public service loan forgiveness

More information

Federal Direct Loan Terms and Conditions

Federal Direct Loan Terms and Conditions Federal Direct Loan Terms and Conditions GOVERNING LAW The terms of this Master Promissory Note (MPN) will be interpreted in accordance with the Higher Education Act of 1965, as amended (the HEA) (20 U.S.C.

More information

ENTRANCE COUNSELING GUIDE

ENTRANCE COUNSELING GUIDE ENTRANCE COUNSELING GUIDE For Direct Loan Borrowers ENTRANCE COUNSELING GUIDE For Direct Loan Borrowers CONTENTS TYPES OF DIRECT LOANS Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans,

More information

u s s t u e n t loans

u s s t u e n t loans f e d e r a l d i rect u s s t u e n t loans the answers to some common questions regarding federal direct us student loans. Why a Loan? Your education is an investment into every aspect of who you are.

More information

Financial Aid Procedures for New Students and Parents. Welcome Class of 2019

Financial Aid Procedures for New Students and Parents. Welcome Class of 2019 Financial Aid Procedures for New Students and Parents Welcome Class of 2019 General Information for full time Undergraduate Students If you have not already done so, return one signed copy of your Financial

More information

2016-2017 DIRECT LOAN APPLICATION PACKET STEPS TO COMPLETE FOR A DIRECT STUDENT LOAN

2016-2017 DIRECT LOAN APPLICATION PACKET STEPS TO COMPLETE FOR A DIRECT STUDENT LOAN 21193 Malta Rd, Malta IL 60150-9699 815-825-2086, ext. 2240 TTY: 815-825-9106 Fax: 815-825-2968 finaid@kishwaukeecollege.edu 2016-2017 DIRECT LOAN APPLICATION PACKET The purpose of the Direct Loan Application

More information

ENTRANCE COUNSELING GUIDE

ENTRANCE COUNSELING GUIDE ENTRANCE COUNSELING GUIDE For Direct Loan SM Borrowers ENTRANCE COUNSELING GUIDE For Direct Loan SM Borrowers CONTENTS TYPES OF DIRECT LOANS...1 Direct Subsidized Loans, Direct Unsubsidized Loans, Direct

More information

Educational Loan Borrowing

Educational Loan Borrowing Student Financial Services Educational Loan Borrowing 2015-2016 New Student Orientation Federal Direct Loan Application Free Application for Student Aid (FAFSA) yearly: www.fafsa.gov Master Promissory

More information

Financial Aid Student Loan Guide 2013-2014

Financial Aid Student Loan Guide 2013-2014 Financial Aid Student Loan Guide 2013-2014 LA City College Loan Philosophy As low-cost public institutions with limited entrance requirements, we are concerned about our students and believe that it is

More information

Types of student loans.

Types of student loans. Types of student loans. Events like losing a job, getting sick and having financial trouble can create many challenges. In such situations, before you borrow, make sure you know the basic types of student

More information

Educational Loans A Family s Most Important Resource

Educational Loans A Family s Most Important Resource Educational Loans A Family s Most Important Resource Welcome to the Educational Loans section of our Website, and join us for an overview of one topic that most college students have to consider while

More information

Student Financial Services Office Student Step by Step Guide for Direct Loan Processing 2014-2015

Student Financial Services Office Student Step by Step Guide for Direct Loan Processing 2014-2015 Student Financial Services Office Student Step by Step Guide for Direct Loan Processing 2014-2015 2014-2015 Loan Request Deadlines: Fall 2014: Friday, November 21, 2014 Spring 2015: Friday, May 8, 2015

More information

William D. Ford Federal Direct Loan Program STUDENT LOAN PACKET

William D. Ford Federal Direct Loan Program STUDENT LOAN PACKET MTCC Your business tag line here. William D. Ford Federal Direct Loan Program STUDENT LOAN PACKET These steps must be completed for your Student Loan to be disbursed. Please complete Steps 1-6 before you

More information

STUDENT LOANS. Financial Literacy Forum December 2013

STUDENT LOANS. Financial Literacy Forum December 2013 STUDENT LOANS Financial Literacy Forum December 2013 WHAT KINDS OF DIRECT LOANS ARE AVAILABLE? Subsidized Direct Subsidized Stafford Loans are available to undergraduate students with financial need. Interest

More information

AMERICAN UNIVERSITY OF ANTIGUA COLLEGE OF MEDICINE APPROVED TO PARTICIPATE IN WILLIAM D FORD DIRECT LOAN PROGRAM APPROVAL DATE : 10/15/15

AMERICAN UNIVERSITY OF ANTIGUA COLLEGE OF MEDICINE APPROVED TO PARTICIPATE IN WILLIAM D FORD DIRECT LOAN PROGRAM APPROVAL DATE : 10/15/15 AMERICAN UNIVERSITY OF ANTIGUA COLLEGE OF MEDICINE APPROVED TO PARTICIPATE IN WILLIAM D FORD DIRECT LOAN PROGRAM APPROVAL DATE : 10/15/15 Disclaimer 2 This presentation highlights the basics of Title IV

More information

William D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower s Rights and Responsibilities Statement

William D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower s Rights and Responsibilities Statement Important Notice: This Borrower s Rights and Responsibilities Statement provides additional information about the terms and conditions of the loans you receive under the accompanying Master Promissory

More information

2016-2017 Student Guide. Student Financial Assistance

2016-2017 Student Guide. Student Financial Assistance 2016-2017 Student Guide Student Financial Assistance Table of Contents Code of Conduct... 3 Financial Aid Office... 4 Contact Information Financial Aid Officer... 4 How We Determine your Financial Aid...

More information

STUDENT LOANS: AFTER YOU BORROW

STUDENT LOANS: AFTER YOU BORROW STUDENT LOANS: AFTER YOU BORROW Student Loan Basics Nearly Everyone CAN Borrow, however: Loans have to be repaid! Borrow only what you need!! Interest What you are charged for using someone else s money

More information

2015-2016 Application for Financial Aid New York Medical College School of Basic Medical Sciences

2015-2016 Application for Financial Aid New York Medical College School of Basic Medical Sciences 2015-2016 Application for Financial Aid New York Medical College School of Basic Medical Sciences New York Medical College, Office of Student Financial Planning, Room 125 C 40 Sunshine Cottage Road, Administration

More information

A Guide to Sensible Borrowing & Loan Request Form

A Guide to Sensible Borrowing & Loan Request Form stafford loans STAFFORD LOANS 2010-2011 A Guide to Sensible Borrowing & Loan Request Form Pursue all other alternatives first Get the facts about each loan program What are Federal Direct Loans Budget

More information

Federal Direct Unsubsidized Loan Application Procedures

Federal Direct Unsubsidized Loan Application Procedures Federal Loan Programs Students who are matriculated into a degree program at Meadville Lombard are eligible to apply for Federal Financial Aid while they are enrolled at least half time for their degree

More information

The End of Grace. How to Navigate Your Student Loans After You Graduate

The End of Grace. How to Navigate Your Student Loans After You Graduate The End of Grace How to Navigate Your Student Loans After You Graduate Where to find your loans National Student Loan Data System Complete your Financial Aid Review Complete your Exit Counseling www.nslds.ed.gov

More information

William D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower s Rights and Responsibilities Statement

William D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower s Rights and Responsibilities Statement Important Notice: This Borrower s Rights and Responsibilities Statement provides additional information about the terms and conditions of the loans you receive under the accompanying Master Promissory

More information

Answers To Your College Loan Questions

Answers To Your College Loan Questions Answers To Your College Loan Questions 23625 Commerce Park, Suite 200 Beachwood, OH 44122 866-207-5545 2015-2016 Beachwood, OH 44122 866-207-5545 Contents Federal Direct Student and Parent Loan Interest

More information

tudent oans Federal Stafford, PLUS and Grad Plus For Loan Period July 1, 2008-June 30, 2009

tudent oans Federal Stafford, PLUS and Grad Plus For Loan Period July 1, 2008-June 30, 2009 Your guide to tudent oans Federal Stafford, PLUS and Grad Plus For Loan Period July 1, 2008-June 30, 2009 Lender Code: 833506 orrower enefits * 0% Origination Fee for Stafford Loans Allegiance Credit Union

More information

Financial Aid Package

Financial Aid Package Financial Aid Package Understanding Your Financial Aid Graduate Students TABLE OF CONTENTS. Understanding Financial Aid for Graduate Students Page 1. William D. Ford Federal Direct Unsubsidized Loan Page

More information

Financial Aid Guide Adult Online Students Graduate Students 2012/2013. the catholic franciscan learning place

Financial Aid Guide Adult Online Students Graduate Students 2012/2013. the catholic franciscan learning place Financial Aid Guide Adult Online Students Graduate Students 2012/2013 the catholic franciscan learning place BRIAR CLIFF UNIVERSITY 2012/2013 TUITION & FEES COST PER CREDIT Adult Online Degree Completion

More information

You are NOT required to take out Federal Direct Student Loans at Stark State College!

You are NOT required to take out Federal Direct Student Loans at Stark State College! 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.

More information

2011-2012 Federal Direct Loan/Stafford Information & Request Form

2011-2012 Federal Direct Loan/Stafford Information & Request Form 2011-2012 Federal Direct Loan/Stafford Information & Request Form Pursuing other alternatives first Get the facts about each loan program What are Federal Direct Loans? HCC Loan policy student requirements

More information

William D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower s Rights and Responsibilities Statement

William D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower s Rights and Responsibilities Statement Important Notice: This Borrower s Rights and Responsibilities Statement provides additional information about the terms and conditions of the loans you receive under the accompanying Master Promissory

More information

Financial Aid Student Loan Guide 2015-2016

Financial Aid Student Loan Guide 2015-2016 Financial Aid Student Loan Guide 2015-2016 LA City College Loan Philosophy As low-cost public institutions with limited entrance requirements, we are concerned about our students and believe that it is

More information

COUNSELING GUIDE FOR DIRECT LOAN BORROWERS

COUNSELING GUIDE FOR DIRECT LOAN BORROWERS Entrance COUNSELING GUIDE FOR DIRECT LOAN BORROWERS U.S. Department of Education Arne Duncan Secretary Federal Student Aid James W. Runcie Chief Operating Officer December 2013 Revised: July 2014 Online

More information

FINANCIAL AID OVERVIEW. (Graduate Students)

FINANCIAL AID OVERVIEW. (Graduate Students) FINANCIAL AID OVERVIEW (Graduate Students) Financial Aid Office Mission Statement We aim to assist and counsel students and families in identifying the necessary financial resources required to further

More information

EXIT COUNSELING GUIDE FOR BORROWERS OF DIRECT LOANS AND FEDERAL FAMILY EDUCATION PROGRAM LOANS

EXIT COUNSELING GUIDE FOR BORROWERS OF DIRECT LOANS AND FEDERAL FAMILY EDUCATION PROGRAM LOANS EXIT COUNSELING GUIDE FOR BORROWERS OF DIRECT LOANS AND FEDERAL FAMILY EDUCATION PROGRAM LOANS U.S. Department of Education Arne Duncan Secretary Federal Student Aid James W. Runcie Chief Operating Officer

More information

Student Loans Terms To Know

Student Loans Terms To Know Student Loans Terms To Know Borrower The borrower in most cases is the student. The loan is made in the borrower s name and he/she is responsible for paying back the loan(s) including principal plus any

More information

FAQs for Federal Direct Loan

FAQs for Federal Direct Loan FAQs for Federal Direct Loan 1) Why did IIT choose to move to the Federal Direct Loan Program? The Federal Direct Loan Program provides a stable source of student loan funding because the U.S. Department

More information

A Message to Students and Parents About Financing a Clarkson Education

A Message to Students and Parents About Financing a Clarkson Education A Message to Students and Parents About Financing a Clarkson Education We understand that financial aid can be confusing for parents and students. Inside this packet, you will find information to help

More information

EXIT COUNSELING GUIDE FOR BORROWERS OF DIRECT LOANS AND FEDERAL FAMILY EDUCATION PROGRAM LOANS

EXIT COUNSELING GUIDE FOR BORROWERS OF DIRECT LOANS AND FEDERAL FAMILY EDUCATION PROGRAM LOANS EXIT COUNSELING GUIDE FOR BORROWERS OF DIRECT LOANS AND FEDERAL FAMILY EDUCATION PROGRAM LOANS U.S. Department of Education Arne Duncan Secretary Federal Student Aid James W. Runcie Chief Operating Officer

More information

An Introduction to Graduate Financial Aid

An Introduction to Graduate Financial Aid An Introduction to Graduate Financial Aid University of Pittsburgh FAFSA 2014/15 Complete a Free Application for Federal Student Aid (FAFSA) School Code: 008815 Recommended that forms are completed as

More information

ENTRANCE COUNSELING GUIDE

ENTRANCE COUNSELING GUIDE ENTRANCE COUNSELING GUIDE For Direct Loan Borrowers Contents Direct Loan Types 1 Borrow Wisely 2 Borrow Direct Subsidized Loans and Direct Unsubsidized Loans First 2 You Must Repay Your Loans 3 Use of

More information

Summer Financial Aid Information and Application

Summer Financial Aid Information and Application Summer Financial Aid Information and Application Read through the following information to help answer questions regarding your application for summer financial aid. What steps do I need to complete in

More information

The Department of Education (ED) may use a servicer to handle billing and other communications related to your loan.

The Department of Education (ED) may use a servicer to handle billing and other communications related to your loan. Terms and Conditions of Title IV, HEA Loans Under applicable state law, except as preempted by federal law, you may have certain borrower rights, remedies, and defenses in addition to those stated in the

More information

NAVIGATING LOAN REPAYMENT

NAVIGATING LOAN REPAYMENT NAVIGATING LOAN REPAYMENT Navigating Loan Repayment Agenda Federal Loan Exit Counseling Basics of Student Loan Repayment Federal Repayment Plans Other Repayment Considerations Helpful Links Question and

More information

Financial Aid Next Steps Student Financial Services. Special Interest Session 1 2012-2013 NSO Presentation

Financial Aid Next Steps Student Financial Services. Special Interest Session 1 2012-2013 NSO Presentation Financial Aid Next Steps Student Financial Services Special Interest Session 1 2012-2013 NSO Presentation Federal Student Direct Loan Application for federal student direct loans is done by submitting

More information

Grace Period and Repayment Guide for Stafford and Direct Loans

Grace Period and Repayment Guide for Stafford and Direct Loans Grace Period and Repayment Guide for Stafford and Direct Loans Communication is key! This guide session covers loans from the following programs: Federal Family Education Loan Program (FFELP) Federal Stafford

More information

How do you receive financial aid?

How do you receive financial aid? What types of financial aid are available and in what order are they awarded? 1. Scholarships and Fee Waivers 2. Grants 3. Work-Study 4. Student Loans: Subsidized, Unsubsidized, Perkins, Parent PLUS How

More information

MANAGING DEBT, DELINQUENCY AND DEFAULT

MANAGING DEBT, DELINQUENCY AND DEFAULT MANAGING DEBT, DELINQUENCY AND DEFAULT Emory University Candler School of Theology Presenter: David Haygood, Director of Business Development Date: Spring 2016 Topics Preventing Delinquency and Default

More information

The Role of Student Loans in Financial Aid. Loans 101: Understanding the Basics. Objectives. The role of loans in financial aid

The Role of Student Loans in Financial Aid. Loans 101: Understanding the Basics. Objectives. The role of loans in financial aid Loans 101: Understanding the Basics Objectives 1 2 3 4 The role of loans in financial aid Overview of the Title IV Loan Program Repayment options Counseling resources The Role of Student Loans in Financial

More information

2015/2016 THINGS YOU NEED TO KNOW ODP Graduate. The following information should help you as you review your 2015/2016 Financial Aid Offer

2015/2016 THINGS YOU NEED TO KNOW ODP Graduate. The following information should help you as you review your 2015/2016 Financial Aid Offer 2015/2016 THINGS YOU NEED TO KNOW ODP Graduate Financial Aid Online Degree Programs 2130 Fulton Street San Francisco, CA 94117 Tel: 415.422.4531 Fax: 415.422.4534 onlinefinaid@usfca.edu The following information

More information

Applying for Financial Aid and Determining Aid Eligibility

Applying for Financial Aid and Determining Aid Eligibility Applying for Financial Aid and Determining Aid Eligibility Applying for Federal Student Financial Aid To apply for federal financial aid, student and parents (if applicable) are required to complete the

More information

Federal Direct Stafford Loan Request Form for 2015-16

Federal Direct Stafford Loan Request Form for 2015-16 Federal Direct Stafford Loan Request Form for 2015-16 Name: G#: Address: City: State: ZIP: Phone: Email: Stafford Loan Requirements and Acknowledgements We strongly recommend that you borrow loans conservatively

More information

US Student Loan Guide

US Student Loan Guide US Student Loan Guide Below is an outline of how to access US Federal and private loan programs in the United Kingdom. The aid process is similar to applying for aid at a US based institution; however

More information

Student Loans A comprehensive look at student aid and the various repayment options

Student Loans A comprehensive look at student aid and the various repayment options Student Loans A comprehensive look at student aid and the various repayment options How Much Does College Cost? According to the Bureau of Labor Statistics and the US Department of Labor, the average cost

More information

Student Guide. Default Prevention & Management Plan

Student Guide. Default Prevention & Management Plan Student Guide Default Prevention & Management Plan WHAT EVERY STUDENT BORROWER NEEDS TO KNOW. Before you borrow please read this. It does not matter if you have already borrowed on a student loan or if

More information

William D. Ford Federal Direct Loan Program Direct PLUS Loan Borrower s Rights and Responsibilities Statement

William D. Ford Federal Direct Loan Program Direct PLUS Loan Borrower s Rights and Responsibilities Statement Important Notice: This Borrower s Rights and Responsibilities Statement provides additional information about the terms and conditions of the loans you receive under the accompanying Federal Direct PLUS

More information

William D. Ford Federal Parent Loan

William D. Ford Federal Parent Loan NEW YORK CITY COLLEGE OF TECHNOLOGY William D. Ford Federal Parent Loan 2015-2016 Office of Financial Aid Namm G-13 2015-2016 Things you should know before you become a William D. Ford Federal Parent Loan

More information

How to Understand your Student Loans

How to Understand your Student Loans How to Understand your Student Loans How do my student loans work? (edited from Bill Pratt s Extra Credit: The 7 Things Every College Student Needs to Know about Credit, Debt, & Ca$h) 1. Borrow all federal

More information

Terms and Conditions of Title IV, HEA Loans

Terms and Conditions of Title IV, HEA Loans 10.3.4 Federal Direct Subsidized Stafford Loan Program The Federal Subsidized Stafford Loan Program provides low interest deferred payment loans to undergraduate and graduate students who demonstrate financial

More information

FEDERAL LOANS FOR US STUDENTS 2016/2017 2. 1.1. Direct Loan types: 2. 1 Introduction 2. 2 Applying for financial aid 2

FEDERAL LOANS FOR US STUDENTS 2016/2017 2. 1.1. Direct Loan types: 2. 1 Introduction 2. 2 Applying for financial aid 2 Table of Contents FEDERAL LOANS FOR US STUDENTS 2016/2017 2 1 Introduction 2 1.1. Direct Loan types: 2 2 Applying for financial aid 2 3 Financial information; Cost of attendance 3 4 Federal Student Loans

More information

Financial Aid Guide For adult and graduate online students

Financial Aid Guide For adult and graduate online students Financial Aid Guide For adult and graduate online students 2015-2016 Table of Contents 2015-2016 Costs... 2-3 Federal & State Grant Programs... 3 Student Loans and Supplemental Loans... 4 How to Obtain

More information

Widener University School of Law. Exit Interview Counseling Presentation Managing your student loan repayment

Widener University School of Law. Exit Interview Counseling Presentation Managing your student loan repayment Widener University School of Law Exit Interview Counseling Presentation Managing your student loan repayment Types Of Education Debt Three Types Federal Loans Stafford Subsidized/Unsubsidized Federal Direct

More information

Educational Loans A Family s Most Important Resource

Educational Loans A Family s Most Important Resource Educational Loans A Family s Most Important Resource Welcome to the Educational Loans section of our Website, and join us for an overview of one topic that most college students have to consider while

More information

US Loans. Please read these pages carefully with regards to applying for your loan(s). 2014/15

US Loans. Please read these pages carefully with regards to applying for your loan(s). 2014/15 US Loans Please read these pages carefully with regards to applying for your loan(s). 2014/15 London South Bank University participates in the William D. Ford Federal Direct Loan (Direct Loan) Program

More information

DIRECT LOAN Information

DIRECT LOAN Information DIRECT LOAN Information OTC will participate in the Federal Direct Loan Program that allows students to borrow money at a low interest rate for educational expenses. OTC will participate in Subsidized

More information

Direct Loan Basics. Susan Young Director, Financial Aid Bob Jones University

Direct Loan Basics. Susan Young Director, Financial Aid Bob Jones University Direct Loan Basics Susan Young Director, Financial Aid Bob Jones University Agenda Types Eligibility Rates, Fees and Loan Limits Counseling Repayment Types of Direct Loans Subsidized, Unsubsidized, PLUS

More information

Financial Aid Award Notification Guide 2014-2015

Financial Aid Award Notification Guide 2014-2015 Financial Aid Award Notification Guide 2014-2015 A college education is one of the best investments anyone can make, and finding a way to afford it is an important concern for nearly every student. At

More information

Southampton Solent University Guide to US Federal Loans 2015-2016

Southampton Solent University Guide to US Federal Loans 2015-2016 Southampton Solent University Guide to US Federal Loans 2015-2016 Southampton Solent University is certified by the US Department of Education to provide both Federal Direct Loans and private student loans

More information

Scripps College Education

Scripps College Education Financing Your 2015-2016 Scripps College Education Financing Your Scripps College Education 2015-2016 Expenses Tuition and Fees $48,938 Room 8,480 Board 6,628 Books and supplies 800 Personal expenses 1,000

More information

Financial Aid Guide. for adult and graduate online students 2014-2015. the catholic franciscan learning place

Financial Aid Guide. for adult and graduate online students 2014-2015. the catholic franciscan learning place Financial Aid Guide for adult and graduate online students 2014-2015 the catholic franciscan learning place 2014-2015 BCU Financial Aid Booklet 1 Table of Contents 2014-2015 Costs... 2-3 Federal & State

More information

Guidelines and Requirements in Applying for a Federal Direct Stafford Student Loan

Guidelines and Requirements in Applying for a Federal Direct Stafford Student Loan 2014-2015 Guidelines and Requirements in Applying for a Federal Direct Stafford Student Loan Entrance Counseling On Line: Go directly to www.studentloans.gov and use your PIN to sign in. If you need assistance

More information

U.S. Financing Information at

U.S. Financing Information at U.S. Financing Information at Contents Introduction 3 Glossary of Key Terms 4 Available US Loans 9 Eligibility and Assessment 10 Repayment: Options and Obligations 11 Refund and Return to Title IV Policy

More information

Loans 101 2015-16. Maria Rebecchi Assistant Director of Financial Aid

Loans 101 2015-16. Maria Rebecchi Assistant Director of Financial Aid Loans 101 2015-16 Maria Rebecchi Assistant Director of Financial Aid Agenda Introductions A few considerations before you take out a loan Overview of student loans Types, amounts, eligibility, application,

More information

Online MSW Program Financial Aid Information

Online MSW Program Financial Aid Information Online MSW Program Financial Aid Information Students enrolled in the Online MSW Program may apply for the Federal Direct Stafford Loan to cover the cost of their education at Boston University School

More information

2015-2016 Student Guide. Undergraduate Student Financial Assistance

2015-2016 Student Guide. Undergraduate Student Financial Assistance 2015-2016 Student Guide Undergraduate Student Financial Assistance Table of Contents Code of Conduct... 3 Financial Aid Office... 4 Contact Information Financial Aid Officer... 4 How We Determine your

More information

FAFSA (Free Application for Federal Student Aid) 2013-2014 www.fafsa.gov The federal school is: 015230 (Geneva General Hospital)

FAFSA (Free Application for Federal Student Aid) 2013-2014 www.fafsa.gov The federal school is: 015230 (Geneva General Hospital) 2013-2014 Financial Aid Information Finger Lakes Health College of Nursing & Marion S. Whelan School of Practical Nursing At FLHCON, we know that the cost of a college education and the financial assistance

More information

Office of Financial Aid (OFA) Frequently Asked Questions

Office of Financial Aid (OFA) Frequently Asked Questions Office of Financial Aid (OFA) Frequently Asked Questions Who should apply for Financial Aid? The USD OFA recommends that every eligible* student apply for financial aid. Even if you believe you won t qualify

More information

Direct Loan Application Guidelines

Direct Loan Application Guidelines Direct Loan Application Guidelines Step 1 FAFSA / SAR The student must log onto the FAFSA (Free Application for Student Aid) website and make an online application. The FAFSA website address is www.fafsa.ed.gov.

More information

Accepted Student Reception Financial Aid Presentation. March 29, 2015

Accepted Student Reception Financial Aid Presentation. March 29, 2015 Accepted Student Reception Financial Aid Presentation March 29, 2015 Understanding Your Financial Aid Award Letter Screen shot of award letter here Screen shot of award letter here Estimated costs and

More information

Helping Students Repay their Loans: Repayment Plan Overview. Greg Carlo Senior Client Relationship Manager

Helping Students Repay their Loans: Repayment Plan Overview. Greg Carlo Senior Client Relationship Manager Helping Students Repay their Loans: Repayment Plan Overview Greg Carlo Senior Client Relationship Manager Agenda Information you can share with your students Understanding Loan Repayment Top 10 Things

More information

Types of Financial Aid Programs

Types of Financial Aid Programs Students may apply for various need and non-need based programs to assist in paying for the expenses related to attending school. Financial Aid generally consists of a combination of grants and loans which

More information

LOAN REFLECTION. Directions: Complete the handout below individually and share your answers with your small group.

LOAN REFLECTION. Directions: Complete the handout below individually and share your answers with your small group. LOAN REFLECTION Directions: Complete the handout below individually and share your answers with your small group. Have you ever heard the word loan before? In what context? What comes to mind when you

More information

Understanding Your Financial Assistance Award 2014 2015

Understanding Your Financial Assistance Award 2014 2015 Understanding Your Financial Assistance Award 2014 2015 Washington University in St. Louis Student Financial Services By Mail Student Financial Services One Brookings Drive, Campus Box 1041 St. Louis,

More information

fyi Federal loans: The smart way to borrow

fyi Federal loans: The smart way to borrow Federal loans: The smart way to borrow If you don t receive enough free money to pay for college and you aren t able to cover your costs with savings or other resources, consider federal student loans.

More information

St. John s University. Financing Your Legal Education 2016-17

St. John s University. Financing Your Legal Education 2016-17 St. John s University i i i Financing Your Legal Education 2016-17 Content The financial aid process Available financial aid programs What is the Cost of Attendance What are the student loan limits How

More information

FEDERAL DIRECT SUBSIDIZED AND UNSUBSIDIZED LOANS GRADUATE PLUS LOANS INFORMATION, GUIDELINES, AND POLICY

FEDERAL DIRECT SUBSIDIZED AND UNSUBSIDIZED LOANS GRADUATE PLUS LOANS INFORMATION, GUIDELINES, AND POLICY FEDERAL DIRECT SUBSIDIZED AND UNSUBSIDIZED LOANS GRADUATE PLUS LOANS INFORMATION, GUIDELINES, AND POLICY INTRODUCTION While the subject of financial need is quite complex, graduate students should begin

More information

Federal Supplemental Education Opportunity Grant Work Study Federal Work Study (may not be available at all school locations) Loans

Federal Supplemental Education Opportunity Grant Work Study Federal Work Study (may not be available at all school locations) Loans Financial Aid Information Schools recognize that in many instances individuals and their families are not able to meet the entire cost of education. Therefore, the Financial Aid Office will assist students

More information

Financial Aid Information

Financial Aid Information Financial Aid Information Schools recognize that in many instances individuals and their families are not able to meet the entire cost of education. Therefore, the Financial Aid Office will assist students

More information