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A loan is financial aid
that requires repayment. All applicants for loans, except parents
applying for PLUS loans, are required to file a Free Application
for Federal Student Aid (FAFSA). Loan eligibility cannot be
determined until the information from the FAFSA is received in our
office from the federal processor, has been reviewed by our office.
Resources for Student Loan Borrowers
Federal Stafford
Student Loan
A Federal Stafford Loan offers freshman students up to $3,500 and
sophomores up to $4,500 per year. Students enrolled in certificate programs will
remain at freshman level for borrowing purposes. THIS IS A LOAN AND MUST BE
REPAID. Interest rates vary annually. If you already have a Stafford Loan,
borrowing a new loan will not affect the rate or terms of your previous loan(s).
You may qualify for a Subsidized and/or an Unsubsidized Stafford Loan up to the
amounts listed above. First-time borrowers will be required to complete online
loan counseling. Instructions for doing this will be included with you award
notification.
Subsidized Stafford Loans
These loans are based on financial need; therefore, some students may not
qualify. With a Subsidized Stafford Loan, no interest accumulates and no
repayment is required as long as the student is enrolled in college at least
half-time. Students have six months after dropping below
half-time status or graduating before repayment begins and interest accrues.
For loans first dispersed on or
after July 1, 2008, the interest rate will be a fixed 6.00%.
Unsubsidized Stafford Loans
Students who do not qualify for Subsidized Stafford Loans may borrow up to the
maximum amounts designated on the award notification through Unsubsidized
Stafford Loans. The interest rate is the same, but interest will accrue and
can be paid by the borrower while he/she is in school and during the grace and
repayment period. Independent students do have the option of borrowing an
additional $4,000 in unsubsidized Stafford Loan Funds. To be considered for
these additional funds, please contact the Financial Aid Office.
For loans first dispersed on or
after July 1, 2008, the interest rate will be a fixed 6.80%.
To determine your eligibility for
these programs, you must apply for federal aid, as outlined on the
Application Process page.
Funds are issued only after tuition and fees have been paid. First-year,
first-time borrowers will not receive Stafford checks
until 30 days after the first day of class.
Credit Records
Student loans can be an excellent way to finance an education and establish a
good credit rating at the same time. When it is time for repayment, always
communicate with your lender when changing your name, address or phone number or
if you have difficulty making payments.
Enrollment required: A minimum of 6 credit hours
Application: Free Application for Federal Student Aid and online
Master Promissory Note
Students borrowing Stafford Loan funds are required to participate
in the following counseling sessions:
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