Student Loans | Educational Borrowing | Student Financial Services | Student Affairs | Offices

Student Loans | Educational Borrowing | Student Financial Services | Student Affairs | Offices

Stafford loan recipients borrow immediately from the federal authorities. For undergraduates (enrolled in at the least 6 credit hours) Stafford loans are both sponsored – which means no curiosity is charged earlier than starting reimbursement, or unsubsidized – when curiosity begins accruing upon loan disbursement. FAFSA outcomes and the quantity of different monetary support obtained are the 2 elements that decide whether or not the Stafford loan is sponsored. Therefore, modifications in your monetary help or monetary want can have an effect on the character of your loan. All Stafford loans for graduate students (enrolled in at the least 4 credit hours) are unsubsidized. Stafford loan reimbursement begins six months after graduating or dropping beneath half time enrollment. While enrolled in faculty at the least half time there isn’t a reimbursement obligation. Once reimbursement begins the rate of interest on undergraduate sponsored Stafford loans varies relying on the date of preliminary disbursement:

July 1, 2013 – June 30, 2014 3.86%
July 1, 2014 – June 30, 2015 4.66%
July 1, 2015 – June 30, 2016 4.29%
July 1, 2016 – June 30, 2017 3.76%
July 1, 2017 – June 30, 2018 4.45%
July 1, 2018 – June 30, 2019 5.05%
July 1, 2019 – June 30, 2020 4.45%
July 1, 2021 – June 30, 2022 3.73%

Undergraduate unsubsidized Stafford loans have a set rate of interest of three.73% and all graduate-level Stafford loans have a set rate of interest of 5.28%.

Stafford Loan quantities are $5,500 the freshmen yr, $6,500 the sophomore yr, and $7,500 for the junior and senior years. Additional unsubsidized loans of as much as $5,000 can be found to undergraduates who meet the FAFSA situations of unbiased standing or dependent students whose dad and mom are denied a PLUS Loan. Graduate students can borrow as much as $20,500 per yr in unsubsidized loans. The federal authorities deducts 1.057% from the Stafford loan earlier than it’s disbursed. This “origination” charge helps cowl the price of administering this system.

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Effective July 1, 2013, for first-time debtors, Direct Loan subsidy ends if they’re nonetheless in an undergraduate program of research that exceeds 150% of this system’s typical size. Once that restrict has been reached, the borrower will start to incur curiosity prices on excellent sponsored loans if the borrower is enrolled at the least half time in a program (together with preparatory coursework) that will in any other case qualify the borrower for a Direct Subsidized Loan.

There are three circumstances by which a borrower turns into accountable for accruing curiosity on excellent Direct Subsidized Loans obtained for the present program and, with sure exceptions, excellent sponsored loans obtained for earlier applications:

  • A borrower who has no remaining eligibility interval for sponsored loans continues enrollment in this system for which the borrower obtained the loans.
  • A borrower who has no remaining eligibility interval for sponsored loans for a program and, after withdrawing or transferring, enrolls in a unique program that is the same as or shorter in size than the prior program.
  • In sure circumstances, a borrower who beforehand obtained sponsored loans and who nonetheless has some remaining eligibility interval for that program withdraws or transfers from that program to a program of a shorter period that the prior program. If the enrollment in one other program ends in the sum of the borrower’s sponsored utilization durations equaling or exceeding the brand new program’s most eligibility interval, the borrower has no remaining eligibility interval and is accountable for accruing curiosity.

Under these circumstances, attendance in an eligible undergraduate program causes a borrower to develop into accountable for accruing curiosity even when the borrower doesn’t request or obtain a brand new loan.

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Entrance Counseling and Electronic Master Promissory Note

The first time a student receives a Stafford loan (sponsored or unsubsidized) whereas at Bradley University the student borrower (not father or mother) should full each Entrance Counseling and signal a Master Promissory Note (MPN).

New first-year students, new switch students and persevering with students who’re new debtors will obtain a notification to their Bradley e-mail account when to finish the Entrance Counseling and Master Promissory Note.

After you’ve gotten been notified by Bradley University to take action, please go to the Studentaid.gov web site to finish each the Entrance Counseling and Master Promissory Note. In the Manage My Direct Loan menu field “Sign In” utilizing your Federal Student Aid ID (identical FSA ID used to signal your FAFSA). From this web page you’ll be able to full each the Entrance Counseling and Master Promissory Note on your Stafford loan.

During Entrance Counseling you’ll be taught in regards to the Stafford loan program and reply questions over the data learn. Please print a duplicate of your outcomes on your data. You can obtain further Stafford loans underneath your Master Promissory Note for as much as 10 years when you proceed to attend college. Your Master Promissory Note would require two references from totally different households (father or mother/guardian must be the primary reference). Please print a duplicate of the Master Promissory Note on your data.

If a paper copy of the Master Promissory Note is most popular, please contact the Office of Financial Assistance at (309) 677-3088 or by e-mail at [email protected] and one shall be supplied to you.

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Students who’ve used a Stafford loan in earlier years and have already signed a Master Promissory Note don’t must do anything to finish the loan course of.

Any questions concerning Entrance Counseling and Master Promissory Note must be directed to the Student Loans Office at (309) 677-2616.

Exit Counseling

Federal Regulations require all students who’ve been the recipient of a Stafford loan to finish Exit Counseling on the time the student drops beneath half-time standing, leaves college or graduates. Exit Counseling have to be accomplished even in case you are transferring to a different college or occurring to graduate college.

The student borrower should full Exit Counseling. On-line Exit Counseling could be accomplished on the Studentaid.gov web site. You will want your FSA ID (identical FSA ID used to signal the FAFSA) to finish the Exit Counseling. Please select Bradley University (G01641) as the college to obtain your accomplished Exit Counseling. The Exit Counseling will present the full quantity borrowed, rate of interest, fee plan choices, and data on loan consolidation, deferment and forbearance. Any questions concerning Exit Counseling must be directed to the Student Loan Office at (309) 677-2616.