DIRECT STUDENT LOANS
ELIGIBILITY: Matriculated undergraduates must file the FAFSA to qualify for Direct Student Loans. Undergrads must be enrolled for 6 credits or more per semester to be eligible and must be making satisfactory academic progress towards their degree.
*Non-matriculated students are not eligible for loans.
REQUIREMENTS: First time borrowers are required to complete a Master Promissory Note (MPN) and entrance interview on the Federal website: www.studentloans.gov. Login using your fafsa pin then do the following:
-Complete MASTER PROMISSORY NOTE for Subsidized/Unsubsidized loan. (prom notes are then valid for 10 yrs.)
-Complete ENTRANCE COUNSELING.
Yearly Amounts for Dependent Undergraduates
- 0-29 credits: $5500 (no more than $3500 of this amt may be subsidized)
- 30-59 credits: $6500 (no more than $4500 of this amt may be subsidized)
- 60+ credits: $7500 (no more than $5500 of this amt may be subsidized)
- Aggregate total of $31000 (no more than $23000 of this amt may be sub)
Independent Undergrads (or dependent students w/a Parent PLUS denial)
- 0-29 credits: $9500 (no more than $3500 of this amt may be sub)
- 30-59 credits: $10500 (no more than $4500 of this amt may be sub)
- 60+ credits: $12500 (no more than $5500 of this amt may be sub)
- Aggregate total of $57500 (no more than $23000 of this amt may be sub)
LOAN FEES & RATES:
- Subsidized Loans for 2014/15: fixed at 4.66% interest w/ 1.073% origination fee. The Subsidized Loan rate for 2015/16 has lowered a bit to 4.29% interest w/ 1.073% origination fee (effective July 1st, 2015).
- Unsubsidized Loans for 2014/15: fixed at 4.66% interest w/ 1.073% origination fee. The Unsubsidized Loan rate for 2015/16 has lowered a bit to 4.29% interest w/ 1.073% origination fee (effective July 1st, 2015).
REPAYMENT: Repayment begins 6 months after the student graduates or falls below half-time. Standard repayment is ten years. IMPORTANT- If you have any questions about federal loan repayment do not hesitate to contact your servicer. They have been contracted by the Department of Education to help you! You can ask them questions about the varying payment plans, interest, etc. Also, if you are having a hard time making your payments after graduation you'll want to contact them to discuss it. There may be options for you so that you can avoid ruining your credit with late or skipped loan payments!
Do you know who your loan servicers are? If not, then follow these simple instructions to find out...
1. Go to www.nslds.ed.gov
2. Select "Financial Aid Review."
3. Read the privacy statement. You must accept these terms to use NSLDS.
4. Login with your SSN, DOB, FSA User ID etc..
5. Each of your federal loans will display on NSLDS. View the loan details of each and scroll to the bottom to find your Current ED Servicer for each loan. If your loans were all taken out recently, they should all be with the same servicer. If you have old loans and new loans then you may have more than one servicer.
6. Now that you know who your servicer is you should create a login on their website so you can track your loans. Examples of servicers include Great Lakes, Sallie Mae, FedLoan, etc...
For more information on repayment and repayment plans, please visit the Federal Student Aid site.
ELIGIBILITY: Perkins is a need-based Federal loan program which is awarded to students demonstrating exceptional financial need. Perkins funding is limited, so file your FAFSA early to qualify. Undergrads must be enrolled in at least 6 credits per semester to be eligible and must be making satisfactory academic progress towards their degree.
REQUIREMENTS: First time Perkins borrowers need to complete an entrance interview and MPN online.
-Click "Access and sign your electronic documents".
-Click "Complete your entrance interview and sign your promissory note"
LOAN AMOUNTS: Perkins loan amounts vary from $100-$4000 per year.
LOAN FEES & RATES: There are no fees. The interest rate is 5% and the loan is subsidized. Interest will not accrue while the student is attending school at least half-time, and will also not accrue during the 9 month grace period either.
REPAYMENT: If you're attending school at least half time, you have a nine month grace period after you graduate, leave school, or drop below half-time status before you must begin repayment. Questions can be directed to the Student Loan Service Center at (518) 525-2626.