Loan Information Page

Federal Direct Subsidized Loan

  • Awarded to eligible students on the basis of documented financial need.
  • These loans do not accrue interest during eligible in-school and grace periods.
  • In most cases payments are not required as long as the student is enrolled at least half time.
  • Maintain Satisfactory Academic Progress
  • Not exceed annual or lifetime aggregate loan limits
  • Effective July 1, 2012, this loan will no longer be available to graduate students.


How to Apply for Direct Subsidized Loan

  1. Complete the 2014-2015 FAFSA
  2. 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.
  3. If you are a first time borrower, you will also have to complete the Direct Loan Entrance Counseling.

 

Loan Limits and Interest Rates

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Federal Direct Unsubsidized Loan

  • Not limited to students with documented financial need.
  • Interest begins to accrue when funds are disbursed.
  • Maintain Satisfactory Academic Progress
  • Not exceed annual or lifetime aggregate loan limits
  • Repayment of principal and interest may be deferred until the student no longer meets enrollment requirements.


How to Apply for Direct Unsubsidized Loans

  1. Complete the 2014-2015 FAFSA
  2. 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.
  3. If you are a first time borrower, you will also have to complete the Direct Loan Entrance Counseling

Loan Limits and Interest Rates

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Federal Perkins Loans

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.

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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 and 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

  1. Have student complete the 2012-2013 FAFSA
  2. 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.)
  3. 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

 

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