Loan Information Page
Federal Direct Subsidized Loan
The Subsidized loan is awarded on the basis of need. No interest is charged before you begin repayment or during any authorized periods of deferment. The federal government pays the interest until the time of repayment.
Eligibility
- Must have a "need" as determined by the FAFSA
- Be enrolled at least half - time at SFASU
- Maintain Satisfactory Academic Progress
- Not exceed annual or lifetime aggregate loan limits
How to Apply for Direct Subsidized Loan
- Complete the 2012-2013 FAFSA
- Once you have accepted your Loan(s), you will need to proceed to the Direct Loans website, StudentLoans.gov, to complete your Master Promissory Note (MPN). You will need your Department of Education issued FAFSA PIN in order to complete and electronically sign your eMPN under the Direct Loan Program. If you have forgotten your PIN please go to www.pin.ed.gov to have your PIN sent to you.
- If you are a first time borrower, you will also have to complete the Direct Loan Entrance Counseling.
Loan Limits and Interest Rates
Federal Direct Unsubsidized Loan
The Unsubsidized loan is not awarded on the basis of need. The student is responsible for any accruing interest during in-school and deferment periods. Interest accruing during those periods may be paid or capitalized as agreed by the borrower and lender.
Eligibility
- Complete the Free Application for Student Financial Aid (FAFSA)
- Be enrolled at least half - time at SFASU
- Maintain Satisfactory Academic Progress
- Not exceed annual or lifetime aggregate loan limits
How to Apply for Direct Unsubsidized Loans
- Complete the 2012-2013 FAFSA
- Once you have accepted your Loan(s), you will need to proceed to the Direct Loans website, StudentLoans.gov, to complete your Master Promissory Note (MPN). You will need your Department of Education issued FAFSA PIN in order to complete and electronically sign your eMPN under the Direct Loan Program. If you have forgotten your PIN please go to www.pin.ed.gov to have your PIN sent to you.
- If you are a first time borrower, you will also have to complete the Direct Loan Entrance Counseling
Loan Limits and Interest Rates
The Federal Perkins Loan is a low interest loan for both undergraduate and graduate students with financial need. The loan is funded by the federal government, but the school acts as the lender.
Eligibility
- Must have a "need" as determined by the FAFSA
- Be enrolled at least half - time at SFASU
- Maintain Satisfactory Academic Progress
Interest Rate
Fixed rate of 5%. Interest will begin to accrue 9 months after you graduate, or drop below half-time enrollment.
Federal Direct Parent Loan (PLUS Loan)
The Federal Direct Parent Loan (PLUS) is available to the parents of dependent, undergraduate students. The parent may only borrow up to the Cost of Attendance (excluding any other financial aid). All funds are received electronically are posted to the student's billing account to pay university authorized tuition and fees.
Eligibility
- Complete the Free Application for Student Financial Aid (FAFSA)
- Student must be attending at least half-time (6 hours).
- Borrower must be the creditworthy parent/step-parent of the student whose information is reported on the FAFSA. (Guardians & grandparents cannot apply.)
- Borrower must be a U.S. citizen, U.S. National, or Permanent Resident of the U.S.
- Borrower cannot be in default on a Federal education loan or owe a repayment of Federal Title IV aid.
- Financial need is not a requirement to obtain a PLUS Loan, but the borrower is responsible for interest that accrues.
How to Apply for the Federal Direct Parent Loan
- Have student complete the 2012-2013 FAFSA
- Complete the PLUS credit application (Due to credit expiration date, it is suggested that parents wait until the Parent Loan is accepted on the student's award page.)
- Complete the electronic Parent PLUS Master Promissory Note (eMPN) on the Department of Education’s website at www.StudentLoans.gov. Important: You will need your Department of Education issued FAFSA PIN # in order to complete and electronically sign your eMPN under the Direct Loan Program. If you have forgotten your PIN please go to www.pin.ed.gov to have your PIN sent to you.
PLUS loans are the financial responsibility of the parents, not the student. If the student agrees to make payments on the PLUS loan but fails to make the payments on time, the parent(s) will be held responsible.
SFA requires the completion of the Free Application for Federal Student Aid for parent PLUS borrowers even if the student is not interested in Federal or State aid. The student must meet certain eligibility criteria (citizenship, selective service, no defaults on previous loans, etc) in order for the parent to be eligible to apply for the PLUS loan. The easiest and fastest way to determine the student’s eligibility is through the FAFSA.
For the summer term, the Parent Loan process is the same as the Fall/Spring. This means that parents must complete a PLUS credit application. If your parent has not previously applied for a Parent Loan, they must also complete a Parent PLUS Master Promissory Note (eMPN) at the Department of Education’s website at www.StudentLoans.gov.
Loan Limits and Interest Rates
The Texas B-On-Time Loan is a no-interest loan for eligible Texas students with the added benefit that, if the borrower meets specified goals, the entire loan amount can be forgiven upon graduation. This loan is funded by the State of Texas, with repayment made to Hinson Hazelwood, the Texas Higher Education Coordinating Board.
Eligibility Requirements
- Must be a Texas resident
- Graduated from public or accredited private high schools in Texas during or after the 2002-2003 academic year
- Or the student is a dependent of military personnel that are entitled to pay resident tuition rates and did not graduate from a high school prior to May 2003
- Or have received an Associates degree from an eligible institution no earlier than May 1, 2005
- Completed the recommended or advanced high school curriculum
- Not earned a bachelor's degree
- Be enrolled full time in an undergraduate degree or certificate program at an eligible institution
- Have completed the FAFSA and be eligible to receive federal financial aid
- Have been certified by the designated school as eligible for Texas B-On-Time Student Loan
For more information about student eligibility for the loan and forgiveness requirements, please visit:
http://www.hhloans.com/borrowers/BOTfactsheet.cfm
NOTE: There is not a separate application for the B-On-Time Loan. Eligibility is based on the FAFSA and availability of institutional funds.