FISHER COLLEGE

Office of Financial Aid

Loans

Federal Stafford Student Loans

This loan may be subsidized, unsubsidized, or a combination of both. With a subsidized loan, which is awarded based on financial need, the federal government pays interest that accrues while you are in school. The unsubsidized loan is not based on need; interest that accrues while in school must either be paid monthly or deferred and capitalized (added to the original loan balance). The Financial Aid Office strongly advises students to repay the unsubsidized loan interest while in school. Loan eligibility is determined by the Financial Aid Office, but loans made for the 2012-2013 academic year are made by the U.S. Department of Education and funded by the U.S. Treasury.

The maximum annual Subsidized loan limits are based upon your year of enrollment. Freshmen are eligible for $3,500; sophomores, $4,500; and, juniors, and seniors, $5,500. Subsidized Loans have a 3.4% interest rate for 2012-2013 and Unsubsidized Loan interest rates for 2012-2013 are 6.8%. Loan funds are disbursed directly to Fisher College in equal amounts over each term of enrollment for the academic year. There is a six-month grace period prior to repayment following graduation, withdrawal, or a drop below half-time status. See the Repayment page for additional information on repayment options. In order to receive the Stafford Loan, students need to complete a Master Promissory Note and Entrance Interview. The Master Promissory Note is a legal document where the borrower agrees to repay the loan while the Entrance Interview explains the borrower's rights and responsibilities with the loan. In order to complete these two documents, you will need the following items:

-30 minutes to complete each document as they must each be completed in one sitting.

-Federal Student Aid PIN

-The school's name.

-Your personal information, including your name, address, and telephone number.

-Reference information for two people you have known for at least two years. The first reference should be a parent or a legal guardian. You'll need their name, address, and telephone number.

If you have all this information, please visit www.studentloans.gov and click on the green "Sign In" button on the top left and log in. From here, click on "Complete Entrance Counseling" and follow the directions to complete your Entrance Counseling. Also on this screen, click on "Complete Master Promissory Note" then "Subsidized/Unsubsidized" and follow the directions to complete your Master Promissory Note.

Federal Perkins Loans

These federal loan program carry a 5% interest rate during repayment. You must demonstrate financial need and meet Fisher College's priority filing date for consideration, as funds are limited. Based on the higher cost of attendance and corresponding higher financial need, priority for Perkins Loans are given to Fisher College Day Students. Fisher College serves as the lender, and the loan is made with government funds. Repayment is made to Fisher College.

For Perkins Loans, there is a nine-month grace period prior to repayment following graduation, withdrawal, or a drop below half-time status. Repayment on the loan is for a period of up to ten years with a minimum $50 monthly payment. The loan may be prepaid at any time without penalty.

Students who are offered the Federal Perkins Loan must complete a Perkins Loan Entrance Counseling Session. Graduating or Withdrawn students must complete a Perkins Loan Exit Counseling Session. Both Entrance and Exit Counseling Sessions are federally required documents.

Federal Direct PLUS

The Federal Direct PLUS Loan is for parents of eligible dependent undergraduate students. The borrower and the student must be U.S. citizens or permanent residents. It currently has a fixed rate of 7.90% for the life of the loan. Borrowers must pass a PLUS Loan credit check and must not have adverse credit history.

Repayment begins 60 days after the loan is fully disbursed, and extends up to 10 years.

Application requests are submitted to the Financial Aid Office. Applications can be sent to: Fax - 617-236-4440
Mail - Attn: Financial Aid Office
118 Beacon Street Boston, MA 02116
Email (if document is scanned and e-mailed) - financialaid@fisher.edu

We require that a valid FAFSA must be on file and verification is complete before we can process the loan application. If a parent is denied a Federal PLUS loan due to credit reasons, the parent may appeal the denial with the Direct Loan Origination Center or reapply with a credit-worthy endorser. The Direct Loan Origination Center may be reached at (800)-557-7394. If no appeal is filed, the student will be eligible for an additional $4,000 of Unsubsidized Stafford Loan.

Parents can choose to defer payments on a PLUS loan until 6 months after the date the student ceases to be enrolled at least half time. The interest that accrues on the loan while it is in deferment can either be paid by the parent borrower monthly or quarterly, or can be capitalized quarterly. To request a deferment, call the Direct Loan Servicing Center at (800)-848-0979. Deferments will not be approved until after the first loan disbursement has been made.

Complete this application for Undergraduate Day students enrolled for the 2012-2013 academic year.

In order for first-time parent borrowers to receive PLUS Loan funds, the online PLUS Loan Master Promissory Note (MPN) must be completed. The PLUS Loan MPN can be completed at the www.studentloans.gov. Click on the green “Sign In” button on the top left and log in. From here, click on “Complete Master Promissory Note” then “Parent PLUS” and follow the directions to complete your Master Promissory Note. Parent borrowers do not need to complete a Federal Entrance Interview.

Loan Deferment

If you cannot afford to make the monthly payment on your Federal Loans, you may be eligible for a deferment. This option lets you postpone making monthly payments on the principal and sometimes the interest. You qualify for deferment if you are attending a postsecondary school at least half time, unable to find full-time employment (up to three years), studying in an approved graduate fellowship or rehabilitation training program for the disabled, or experiencing economic hardship (up to three years). Contact your lender for additional information on loan deferment.

Check Loan Status/Amounts

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. To check your loan status please visit www.nslds.ed.gov.