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Federal
Subsidized and Unsubsidized Stafford Loans
- These
Federal loans offer a fixed interest
rate at 6.8% for loans disbursed after July 1,
2006. Stafford Loans also have
an
undergraduate aggregate limit of $23,000 for
"dependent" students, a limit of
$46,000 for "independent" students, and
a limit of $138,500 for
Graduate Students. Loan
amounts are based on a student's academic grade
level.
Students have a six month grace
period prior to entering repayment on
Federal Stafford loans. The grace period begins
when the student graduates, drops below six hours
or ceases to be enrolled. The government
pays the interest on Subsidized loans during
this period of time. Unsubsidized loans
will begin accruing interest upon disbursement.
The student
can opt to pay the interest while in school or allow
it to be
capitalized (added to the principle of the loan)
when they enter repayment.
Loan limits for
Federal Subsidized and Unsubsidized Stafford Loans
are as follows:
|
Student
Completed Credit Hours (Undergraduate) |
Maximum
Yearly
Combined Subsidized & Unsubsidized |
| |
Dependent |
Independent |
|
1-31
completed |
$
3,500 |
$
7,500 |
|
32-63
completed |
$
4,500 |
$
8,500 |
|
64+
completed |
$
5,500 |
$
10,500 |
| |
|
Graduate Students |
|
$
20,500 |
Loans that a
student may be eligible for will be made available
in the student's award notification packet.
The student will then be required to complete a
Master Promissory Note
(MPN).
This MPN is only required to be completed once
and is good for 10 years while attending USF.
After the MPN is completed, students will
automatically receive loans they are eligible
for unless they notify the Office of Financial
Aid in writing that they wish to decline all or
a portion of the loan they are eligible for on
their Award Notification.
Federal Parent
PLUS Loan - This loan program is directed to natural,
adoptive, and in some cases step-parents of
dependent undergraduate students. Eligibility
is based on credit, not income or need. Parents
may borrow up to the cost of attendance minus
other financial aid for each student enrolled at
least half-time. Repayment of the Parent PLUS
loan begins between 30 to 60 days after the loan is fully
disbursed. The interest rate is fixed at 8.50%
throughout the life of the loan for loans
disbursed after July 1, 2006. Please see
information below for the application process.*
Federal Graduate
PLUS Loan
– This loan program is for graduate students. The
graduate student borrower must be a U.S. citizen or
permanent resident and must be enrolled at least
half-time. Eligibility is based on credit. Students
may borrow up to the cost of attendance, minus any other
aid received. Applicants must complete a FAFSA and must
have applied for their maximum annual loan eligibility
through the Federal Subsidized and Unsubsidized Stafford
Loan Program before applying for the Graduate PLUS
loan. The loan has a fixed interest rate of 8.50%.
Students may qualify for in-school deferment, though
interest will accrue after full disbursement of the
loan. Repayment will begin upon graduation. Please see
information below for the application process.*
*Application
Process for Federal Parent PLUS Loan and Graduate PLUS
Loan
-
The University of Saint Francis has partnered with
several servicers within the PLUS loan program so that
you can choose the borrower benefits that best fit your
needs. To view your options and apply
click here.
The first time a borrower utilizes the PLUS loan they
must complete a Master Promissory Note (MPN). The MPN
is good for 10 years; therefore future loans for the
same student will not require additional paperwork –
only a credit check is needed. To electronically sign
your Master Promissory Note for the Federal PLUS loan
click here. To complete the credit check for
a subsequent PLUS loan
click
here or call
American Student Assistance (ASA) at 1-800-999-9080 x
5015.
Alternative Private
Student Loans - These
private credit based loans provide students with an
additional way to help cover the cost of education.
Interest rates are based on credit.
Federal
Perkins Loans
- These need-based
loans have a 5% interest rate and an aggregate
limit of $20,000 for bachelor degree seeking
students. Repayment begins nine months from the
date the student graduates, leaves school or drops
below half-time enrollment. Funding is limited.
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