Student Financial Services Educational Loan Borrowing

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1 Student Financial Services Educational Loan Borrowing 2 nd Special Interest Session NSO

2 Federal Student Direct Loan Application for federal student direct loans is done by submitting a Free Application for Student Aid. (FAFSA) Funding by the federal government through the William D Ford Federal Stafford Loan Program, administered by UD and awarded to matriculated (degree seeking) students enrolled for at least halftime (6 credit hrs.) Two different types of Federal Student Direct Loans: Unsubsidized Subsidized

3 Federal Subsidized Loan Loan is in the student name. Subsidized Loan is awarded on the basis of financial need. Subsidized Loans-interest does not accrue until after the student graduates. Student is not responsible for payment while they are enrolled at least half-time. (6 credit hours) Interest rate: 6.8%/3.4%

4 Federal Unsubsidized Loan Loan is in the student s name. Unsubsidized loan is not based on need. Unsubsidized Loans-interest starts to accrue as soon as funds have disbursed to their student account. Student is not responsible for payment while they are enrolled at least half-time. (6 credit hours) Interest rate: 6.8%

5 Dependent Classification Federal Stafford Loan Limits Maximum Federal Loan Eligibility Maximum Subsidized Loan based on need Freshman $5500/yr $3500/yr Sophomore $6500/yr $4500/yr Junior $7500/yr $5500/yr Senior $7500/yr $5500/yr

6 Disbursement... MPN Entrance Counseling

7 Federal Direct Parent PLUS Loan Parents with good credit histories can borrow this loan to help pay educational expenses of dependent undergraduate students. Maximum Amount Borrow: Cost of Attendance minus other financial aid, ie. Federal subsidized loan, federal unsubsidized loan, scholarships. Interest rate is fixed 7.9%. Interest accrues when funds disburse to the account. Re-payment can be deferred until after the student graduates. Origination Fee of 4%. Student must be enrolled in a matriculated program (degree seeking) with at least half-time enrollment (6 credit hours)

8 Application is completed online, Parent PLUS Loan Log into website with the following information: Step 1: Use Parent Information

9 Step 2 Step 3

10 Denied Parent PLUS Loan... Credit Worthy Endorser for Loan Do nothing: Student will receive an additional $4000 in the form of an unsubsidized loan for the academic year. Freshman Sophomore Junior Senior $4000/yr. unsubsidized loan $4000/yr. unsubsidized loan $5000/yr. unsubsidized loan $5000/yr. unsubsidized loan

11 Alternative Loans Once you have exhausted your Federal availability for Financial Aid, Alternative Loans are another option to fill in the gap between the offered aid and your total Cost of Attendance. Alternative Loans-Private Student Loans. Can be either in student or parents name. Interest rate can be either fixed or variable. We do have options available for your review. Select Alternative Lenders under the Quick Links tab on our home page. Application Process is with the lender.-not required to use one of lenders presented, for informational purposes.

12 Quick Links: Alternative Lenders

13 Follow Prompts...

14 Options for your review

15 NJ Class Loan If the student is a resident of NJ they may be interested in taking an alternative loan through NJ Class. NJ residents only, NJ Class loan approved school and Requires a FAFSA to be filed. Contact NJ Class Loan for additional information:

16 Student Financial Services is committed to... Provide superior customer service. Apply fairness and equity in all decisions Contact: help Lovett Avenue, Newark, DE Location: Student Services Building

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