Direct Loan Application Guidelines 2015/2016 POSTGRADUATE STUDENTS

Transcription

1 Direct Loan Application Guidelines 2015/2016 POSTGRADUATE STUDENTS University of Dublin, Trinity College is approved by the US Department of Education to certify loans under the William D. Ford Direct Loan Program. Under this Program, eligible students can obtain Subsidized & Unsubsidized Direct loans and also Direct PLUS loans* Step 1 FAFSA / SAR To being the Federal Aid process, you must log onto the FAFSA (Free Application for Student Aid) and make an online application. Once you have completed your online application, you will receive confirmation from FAFSA in a few days. FAFSA will you a Student Aid Report (SAR) which you then to the Financial Aid Officer along with other documents required (see Step 2) PLEASE NOTE THE STUDENT AID REPORT (SAR) IS NOT SENT DIRECTLY TO TRINITY COLLEGE FROM FAFSA. Step 2 Documents Required New Entrants commencing in 2015/2016 Academic Year. The following documents must be sent to the Financial Aid Officer; (1) Student Aid Report. Website (2) Official Offer letter/acceptance to Trinity College or screen dump of acceptance screen. (3) Copy of current passport. (4) Copy of official undergraduate transcripts or copy of official undergraduate degree from previous university. Please note that unofficial copies of Transcripts or Diploma s will not be accepted. (5) confirmation that you have completed an MPN for a Federal Direct Unsubsidized loan and if applicable confirmation that a Grad Plus application and MPN has been completed (see Step 3) * Our eligibility to provide US Financial Aid is subject to approval from the US Department of Education and this approval can be revoked/terminated by the US DoE should Trinity College not satisfy audit requirements. Page 1 of 8

2 (6) Confirmation that you have completed Entrance counselling (see Step 4) All above documents should be sent to Valerie Farmer by . The address is If you are unable to send the documents by , please mail to: Valerie Farmer, Financial Aid Officer, Academic Registry, Watts Building, Trinity College, Dublin 2. The contact telephone number for Valerie is Continuing US students who have had previous US Federal loans administered through Trinity College are only required to submit (1) & (5) above. If your passport has expired recently then a copy of your new passport will be required. Step 3 Master Promissory Notes The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of your loan(s). MPN s for both Federal Unsubsidized loans and Graduate Plus loans are completed on All MPN s issued in respect of studies at a foreign school are valid for 1 year. New MPN s are required to be completed for every year of study at a foreign school. When completing your MPN you must select the school at which you will be studying. The school code for Trinity College Dublin is G06842 What to do next? a) Complete a Federal Unsubsidized MPN if you wish to borrow funds of up to $ b) Complete a Federal Unsubsidized MPN and a Grad Plus application and Graduate Plus MPN if you wish to borrow funds in excess of the $ When applying for a PLUS loan, a credit check will be carried out on the individual requesting the loan. No PLUS loan can be certified until this is completed. To initiate the credit check you must select: Complete PLUS Request Process If you have an adverse credit history, you may still receive a Direct PLUS Loan. You can obtain an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay the loan. Page 2 of 8

3 Step 4 Entrance Counselling This helps you to understand your responsibilities regarding your loan and is a federal requirement. All students attending Trinity College for the first time in academic year 2015/2016 must complete entrance counseling. If you are applying for both Federal Direct Unsubsidized loans and Graduate Plus loans you must complete entrance counseling for both. Entrance Counseling can be completed at the following website: If you fail to complete online Entrance Counseling, it may delay the payment of your loans. Step 5 Loan Entitlements On receipt of the required documents, the Financial Aid Officer will then calculate your Financial Aid package and you a Cost of Attendance along with Loan Declaration Form (see sample below). When you decide how much you wish to borrow, you then complete the Loan Declaration form and to [email protected] Please note that you cannot borrow funds in excess of the Cost of Attendance as this is the maximum limit set for the 2015/2016 academic year. If you are in receipt of an outside Scholarship/Grant or a Trinity College award, you must notify the Financial Aid Officer in advance by . Any payments from grants/scholarships or awards will be noted on your Cost of Attendance and will reduce your financial need. If you fail to declare this information, the Financial Aid Officer will reduce any further disbursements of funds due to you. On receipt of the Loan Declaration form, the Financial Aid Officer will then create your loans on the U.S Department of Education s Common Origination Disbursement system (COD) Step 6 Loan Approval All loans will be originated by Trinity College Dublin with the US Department of Education. Page 3 of 8

4 Step 7 Disbursements Federal loans are released in 2 disbursements and disbursements coincide with the start of the 2 teaching terms in the 2015/2016 academic year. In 2015/2016 loans will be disbursed in 2 payments, September & January. You will receive notification by from the US to state that your loans have been disbursed. Please note that this is not the date that the funds are received by Trinity, this is the date the funds are released from the US. It takes approximately working days for the loan funds to be received and processed. When the 1 st disbursement of loan funds is received, it is applied to your tuition. Half of your tuition fees plus any charges are deducted from the 1 st disbursement. If there is a surplus of funds, a refund will be issued to you in the form of a euro cheque and you will be notified by by the Financial Aid Officer. The refund cheque is then collected from the Academic Registry. You then lodge the cheque to your bank account. If you have paid your fees in full, then a full refund will be issued for the euro value of the US funds in the form of a euro cheque. US$ cheques will not be available under the Direct Loan program. If your borrowings are insufficient to cover your tuition fees, the excess should be paid by you immediately after the 2 nd disbursement is received in January Satisfactory Academic Progress Students who are in receipt of Direct Loan Federal Funds from the US Department of Education must comply with Satisfactory Academic Progress Regulations to maintain their eligibility to receive loan funds. A copy of the Satisfactory Academic Progress regulations will be provided to all students prior to the start of term Page 4 of 8

5 Direct Loan Annual Loan Limits 2015/2016 Dependent Undergraduates Subsidized Unsubsidized Combined (Max) First year $3,500 $2,000 $5,500 Second year $4,500 $2,000 $6,500 Third year & beyond $5,500 $2,000 $7,500 Independent Undergraduates & Subsidized Unsubsidized Combined (Max) dependent students whose parents cannot borrow PLUS loan First year $3,500 $6,000 $9,500 Second year $4,500 $6,000 $10,500 Third year & beyond $5,500 $7,000 $12,500 Graduate & Professional Students Subsidized Unsubsidized All years $0.00 $20,500 Aggregate Limits for Stafford Loans Subsidized Total (Subsidized & Unsubsidized) Dependent Undergraduates $23,000 $31,000 Independent Undergraduates & dependent students whose parents cannot borrow PLUS loan $23,000 $57,500 Graduate & Professional Students $65,500 (Up to 06/30/2012) $138,500 *From 01 July 2012, graduate and professional students are no longer eligible to receive subsidized loans. If you are a graduate or professional student, you may still qualify for up to $20,500 in unsubsidized loans each year. Page 5 of 8

6 SAMPLE COST OF ATTENDANCE AWARD YEAR 2015/2016 STUDENT NAME STUDENT NUMBER COURSE MEDICINE SSN EGD COST OF ATTENDANCE 2015/2016 SCHOOL COSTS EURO USD $ Tuition 31, $40,300 Books 1, $1,430 Supplies 1, $1,950 LIVING EXPENSES Rent 11, $14,300 Utilities 3, $4,940 Food 4, $6,110 Misc/Personal 4, $6,110 TRANSPORTATION Airlines 2, $3,640 Commuting 1, $1,300 TOTAL 61, $80, COA FOR 2015/2016 Average rate used $1.30/ 1 Page 6 of 8

7 EFC 0 EFA USD $ Total Cost of Ed $80, Scholarship Federal Subs $0.00 Other Federa Unsubs $20, Total EFA $0.00 Total $59, EFA DIRECT LOAN USD $ Grad Plus $0.00 LIMITS: Subsidized Total $59, Unsubsidized $20, *THE COST OF ATTENDANCE IS CALCULATED ON AN ANNUAL BASIS. COSTS OF ATTENDANCE VARY FROM STUDENT TO STUDENT DEPENDENT ON THEIR ANNUAL TUITION FEES. Page 7 of 8

8 SAMPLE LOAN DECLARATION Dear Student, Based on the information received the following are the limits for the various loans currently available to you. To enable us to certify your loans for 2015/2016 academic year, please complete the following; 1. Enter the amounts you wish to borrow in the column marked 'Requested Loan Amounts' 2. Sign the form at the bottom 3. Return this form to the Fees Office by ing to Student Name: Student Number: Course: LOAN TYPE xxxxxxx xxxxxxx MEDICINE MAX LOAN AMOUNT REQUESTED LOAN AMOUNT Stafford Subsidized $0.00 Stafford Unsubsidized $ $ Graduate Plus/Parent Plus $ $. Total/Cost of Attendance $ $ Signed: Dated: Page 8 of 8