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.
If a student breaks enrollment (is not enrolled for one or more terms) the grace period will start during the time that the student is not enrolled. Students should be aware that if they are not enrolled each term they can potentially exhaust the grace period allowed. In this case, loans will become due upon graduation or separation from the college.
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.
*Based on the higher cost of attendance and corresponding higher financial need, priority for Perkins Loans are give nto Fisher College Day Students.