Federal Direct Student Loan Program/Graduate PLUS Loan Program
Beginning in the summer 2009 semester, St. John Fisher College will be participating in the William D. Ford Federal Direct Student Loan Program and Graduate PLUS Loan Program. The lender of these loans is the federal government and repayment is made directly to the U.S. Department of Education.
Federal Direct Student Loan Program
Application Form
Students must file the Free Application for Federal Student Aid (FAFSA) to be eligible for federal loans.
Requirements
Borrowers must be U.S. citizens or eligible non-citizens, must be enrolled in at least half-time (6 credit hours) during a semester, accepted in a degree-seeking program at St. John Fisher College and maintaining satisfactory academic progress for financial aid eligibility.
Federal Direct Subsidized Student Loan
The Federal Direct Subsidized Student Loan is a need based federal student loan. Federal Direct Subsidized Student Loans disbursed after 7/1/08 have a fixed interest rate of 6.8%. The interest rate will not change throughout the life of the loan. There is no interest charged on your Federal Direct Subsidized Student Loan as long as you maintain half-time enrollment. A 2% origination fee is charged and a 1.5% fee rebate is offered through June 30, 2009 to all borrowers in anticipation of on time payment. A 1.5% origination fee is charged and a 1% fee rebate is offered on loans disbursed on or after July 1, 2009 to all borrowers in anticipation of on time payment.
Federal Direct Unsubsidized Student Loan
The Federal Direct Unsubsidized Student Loan is a non-need based federal student loan. Federal Direct Unsubsidized Student Loans disbursed after 7/1/08 have a fixed interest rate of 6.8%. The interest rate will not change throughout the life of the loan. Interest begins accruing on the Federal Direct Unsubsidized Student Loan once the loan is disbursed. Interest payments can be made or the interest will accrue and be capitalized. A 2% origination fee is charged and a 1.5% fee rebate is offered through June 30, 2009 to all borrowers in anticipation of on time payment. A 1.5% origination fee is charged and a 1% fee rebate is offered on loans disbursed on or after July 1, 2009 to all borrowers in anticipation of on time payment.
Additional Information
The loan can be repaid fully or in part at any time without penalty. In the event that you die or suffer permanent and total disability, the loan is forgiven.
Maximum Annual Limits for Federal Direct Subsidized and Unsubsidized Student Loans
|
Loans for Graduate Independent Students (Federal Direct Student Loans) |
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|
Amount you are eligible to borrow each academic year |
Maximum Subsidized Loan |
Additional Unsubsidized Loan |
Total Loan (combined subsidized and unsubsidized) |
|
Graduate and Professional Students |
$8,500 |
$12,000 |
$20,500 |
|
Health Professional (Pharmacy) |
$8,500 |
$24,500 |
$33,000 |
Maximum Lifetime Limits for Federal Direct Subsidized and Unsubsidized Student Loans
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Maximum Lifetime Loan Amounts (Federal Direct Student Loans) |
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|
Student Level |
Maximum Subsidized and Unsubsidized |
Maximum Subsidized |
|
|
Graduate and Professional Students |
$138,500 |
$65,500 |
|
|
Health Professional (Pharmacy) |
$224,000 |
$65,500 |
|
- Graduate and Professional Students: The career amount maximum is $138,500 ($65,500 maximum in subsidized).
How to Apply
- Complete the Free Application for Federal Student Aid (FAFSA).
- Accept the Federal Direct Student Loan offer on Fish 'R' Net.
- Complete Loan Entrance Counseling. Select Stafford Loan - Tutorial and Quiz Session.*
*NOTE: If accepting the Federal Direct Student Loan (subsidized and/or unsubsidized) AND the Federal Direct Graduate PLUS Loan, select Combination - Stafford and PLUS Loans - Tutorial and Quiz Session. - Using your FAFSA PIN, complete New Master Promissory Note (MPN) for Student Loans and select Subsidized/Unsubsidized. Please allow 2-3 weeks processing time.
Federal Direct Graduate PLUS Loan Program
Application Form
Students must file the Free Application for Federal Student Aid (FAFSA) to be eligible for federal loans. Students also must have applied for their annual loan maximum eligibility under the Federal Direct Student Loan Program before applying for a Federal Direct Graduate PLUS loan.
Amounts
There are no set annual or aggregate limits. You may borrow up to your full cost of attendance, minus any other financial aid you receive (including Direct Subsidized Student Loans, Direct Unsubsidized Student Loans, and scholarships).
Requirements
Borrowers must be U.S. citizens or eligible non-citizens, must be enrolled in at least half-time (6 credit hours) during a semester, accepted in a degree-seeking program at St. John Fisher College and maintaining satisfactory academic progress for financial aid eligibility in a graduate or professional program. Loan approval is subject to credit criteria established by the U.S. Department of Education and a credit report will be obtained from a national credit bureau.
Interest Rate and Repayment
Federal Direct Graduate PLUS Loans have a fixed interest rate of 7.9%. This interest rate will not change throughout the life of your loan. A 4% origination fee is charged; a 1.5% fee rebate is offered to all borrowers in anticipation of on time payment. Repayment begins on the date of the last disbursement of the loan and the first payment is due within 60 days after the date the loan is fully disbursed. A Graduate PLUS borrower may receive a deferment while enrolled at least half-time (6 credit hours) at an eligible school by contacting the Direct Loan Servicing Center at 1-800-848-0979 or visit their website at www.dl.ed.gov. Upon dropping to less than half-time enrollment status, the borrower is not entitled to a grace period on his or her Graduate PLUS Loan.
How to Apply
- Complete the Free Application for Federal Student Aid (FAFSA).
- Accept the Federal Direct Student Loan offer on Fish 'R' Net.
- Complete Loan Entrance Counseling. Select Combination - Stafford and PLUS Loans - Tutorial and Quiz Session.
- Using your FAFSA PIN, complete New Master Promissory Note (MPN) for Student Loans and select Graduate PLUS. Please allow 2-3 weeks processing time.
For More Information
- Questions and Answers about the Federal Direct Loan Program
- The William D. Ford Federal Direct Loan Program
Direct Loan Servicing Center
Borrower Services Department
P.O. Box 5609
Greenville, TX 75403-5609
Toll free: 1-800-848-0979
http://www.dl.ed.gov
Payment Address:
U.S. Department of Education
Direct Loan Payment Center
P.O. Box 530260
Atlanta, GA 30353-0260
Direct Loan Consolidation:
U.S. Department of Education
Consolidation Department
Loan Consolidation Center
P.O. Box 242800
Louisville, KY 40224-2800
Toll free: 1-800-557-7392
http://loanconsolidation.ed.gov