Loans | The Master's University

Loans | The Master’s University

Questions…

  • Why are loans referred to as “awards”?

  • What are my loan decisions?

  • What is a Federal Stafford Loan?

  • What is the distinction between Subsidized and Unsubsidized Stafford Loans?

  • How do I apply for Stafford Loans?

  • What is Entrance Loan Counseling?

  • What is a Consolidation Loan?

  • What is a Parent PLUS Loan?

  • What if my mother or father is declined for a PLUS Loan?

Can’t discover your query? Email the Financial Aid Office.

Answers…

Why are loans referred to as “awards”?
Although loans have to be repaid, they’re thought of a monetary support award as a result of they’re a part of the William D. Ford Federal Direct Loan Program, one among many applications supplied by the federal authorities to financially help students. The Office of Financial Aid “awards” Stafford loans to students together with every other support they’re eligible to obtain.

What are my loan decisions?
Students will be awarded Federal Stafford Loans. In addition, dad and mom could borrow fastened rate of interest PLUS LOANS (see the “Parent Loans” part above) . Students can also apply for variable rate of interest co-signer PRIVATE LOANS. Contact the Office of Financial Aid at 661-362-2290 or [email protected] to debate these choices.

What is a Federal Stafford Loan?
A Federal Stafford loan is a low-interest charge loan supplied by the Federal Government to students enrolled no less than half-time (6 models). They are supplied as backed or unsubsidized loans as decided by the FAFSA, and students enter re-payment 6 months after they graduate or drop under 6 models.

What is the distinction between Subsidized and Unsubsidized Stafford Loans?
Subsidized loans: Interest accrued is paid by the federal authorities whereas students are enrolled no less than half-time (6 models) and through a 6 month grace interval. Unsubsidized loans: Students are accountable to pay all curiosity accrued for the lifetime of the loan; the curiosity accrued is capitalized at reimbursement (students can select to pay curiosity whereas at school to stop it from capitalizing).

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How do I apply for Stafford Loans?
Loans are robotically supplied to eligible students with their preliminary award. The sort of loan obtained in addition to the quantity of the loan is predicated on grade degree and want, as decided by the FAFSA; no extra request must be made by the student.

What is Entrance Counseling?
Entrance Counseling is a brief on-line tutorial concerning a student’s rights and obligations because it pertains to Stafford loans. It is required by the federal authorities and have to be accomplished earlier than loan funds are positioned on a student’s account. The Online Tutorial typically takes 15-20 minutes to finish.

What is a Consolidation Loan?
A consolidated loan is one which simplifies reimbursement of federal Stafford and/or Perkins loans by combining all of the loans out of your instructional profession into one complete loan. Consolidation will be carried out as soon as, and may have an rate of interest with a weighted common of all of the loans being consolidated.

What is a Parent PLUS Loan?
A Parent PLUS Loan is a low-interest charge loan supplied (pending pre-approval by a significant lender) by the Federal Government to folks of students enrolled no less than half-time (6 models). The quantity borrowed is restricted by a student’s finances and is payable 60 days after final disbursement.

What if my mother or father is declined for a PLUS Loan?
If a mother or father receives a PLUS loan denial, you could be eligible for an extra unsubsidized Stafford Loan. Freshmen and Sophomores are eligible for as much as $4,000; Juniors and Seniors are eligible for as much as $5,000.

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I’ve extra questions. How can I contact you?
If you’ve got questions that weren’t lined above, please be happy to contact us:

The Office of Financial Aid
write [email protected] or name (661)362-2290

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