Federal Loan Opportunities
HOW TO APPLY
Step 1. Complete the
Free Application for Federal Student Aid (FAFSA). The FAFSA is the Department of Education's online application which is required of anyone requesting federal financial aid. Once you have completed this form and indicate that Furman is to receive your FAFSA results, the information will be sent to Furman’s Office of Financial Aid. Furman's Title IV code for the FAFSA is 003434; this code ensures that the FAFSA data are made available to us.
Step 2. Log in to
MyFurman and accept your Federal Direct Loan.
Step 3. If you are a first time Federal Direct Student Loan borrower, complete an online
Entrance Counseling session.
This loan counseling session will take about 30 minutes to complete.
Step 4. Complete the
Master Promissory Note electronically. Your FAFSA Personal Identification Number (PIN) serves as your electronic signature.
For a step-by-step, visual explanation of the MPN/Entrance Counseling Process, please scroll down or
click here.
Annual Loan Limits
|
|
Annual Loan Limits
|
|
Interest Rates
|
| Undergraduate |
|
Subsidized
|
|
Unsubsidized
|
|
Combined
|
|
Subsidized
|
|
Unsubsidized |
| Freshman |
|
$3,500 |
|
$2,000
|
|
$5,500 |
|
3.4% |
|
6.8% |
| Sophomore |
|
$4,500 |
|
$2,000 |
|
$6,500 |
|
3.4% |
|
6.8% |
Junior
|
|
$5,500 |
|
$2,000
|
|
$7,500 |
|
3.4% |
|
6.8% |
| Senior |
|
$5,500 |
|
$2,000 |
|
$7,500 |
|
3.4% |
|
6.8% |
| |
|
|
|
|
|
|
|
|
|
|
| Graduate |
|
$8,500 |
|
$12,000 |
|
$20,500 |
|
n/a |
|
6.8% |
| |
|
|
|
|
|
|
|
|
|
|
Aggregate Loan Limits
|
|
Subsidized
|
|
Unsubsidized
|
|
Combined
|
Undergraduate (Dependent)
|
|
$23,000 |
|
$8,000
|
|
$31,000 |
Undergraduate (Independent with PLUS Loan Denial)
|
|
$23,000 |
|
$34,500
|
|
$57,500 |
| Graduate |
|
$65,500* |
|
$73,000 |
|
$138,500 |
* Includes undergraduate Stafford/Direct Loans
Eligibility: To be eligible for a Federal Direct Student Loan, you must be a U.S. citizen or permanent resident, not have previous defaults on a federal loan, be enrolled or plan to enroll at least half-time, and maintain satisfactory academic progress.
Loan Fees: Both the subsidized and the unsubsidized Direct Loans have a 1% origination fee. The fee is deducted from the loan proceeds at disbursement reducing the actual amount disbursed to a students account.
Grace Period: Federal Direct Loans have a six month grace period. Repayment and, in the case of subsidized loans, interest accrual does not begin until six months after the student graduates, withdraws, or is enrolled less than half-time.
For more information, you can contact the U.S. Department of Education Direct Loan Program Customer Service Center at 1-800-848-0979.
Direct Loan Program Websites:
General Direct Student Loan Information
Master Promissory Note
General Direct PLUS Loan Information
Account Information
Federal Direct PLUS Loan
The Federal Direct PLUS Loan is a low-interest loan used to borrow additional funds up to the total cost of attendance, less other financial aid received. This loan is available to parents of dependent undergraduate students.
In order to qualify for a Federal Direct PLUS Loan, a FAFSA (www.fafsa.ed.gov) must be completed for 2012-2013.
To apply for a Federal Direct PLUS Loan, you may visit
www.studentloans.gov.
Loan Fees: The Federal Direct PLUS Loan has a 4% origination fee. The fee is deducted from the loan proceeds at
disbursement reducing the actual amount disbursed to a students
account.
1. Log into
www.studentloans.gov using your Federal Student Aid PIN. This is the same number that you use to sign the FAFSA. If you do not know your PIN, go to
www.pin.ed.gov to request a duplicate.
2. After you log in, click on "Complete Master Promissory Note" in the middle of the page:
3. Then choose "Subsidized/Unsubsidized":
4. Fill in your personal information and click "Continue":
5. Add your references. Please note that you must list 2 references with DIFFERENT addresses and DIFFERENT phone numbers. One reference may be a parent. Click "Continue":
6. You must read the Terms and Conditions:
You must click on each section (D, E, G) and read separately. After you read through each page, check the box stating you have reviewed the information. Click "Continue":
7. You will now have a chance to look over your personal information, school information and references. If everything is correct, type your name EXACTLY as it appears on your Social Security card and click "Sign":
8. If you have signed it correctly, you will get this message:
9. YOU MUST CLICK ON "REVIEW YOUR MASTER PROMISSORY NOTE" AND VIEW THE FINAL DOCUMENT BEFORE YOU CLICK SUBMIT. YOU CAN ALSO PRINT A COPY FOR YOUR RECORDS AFTER REVIEWING THE INFORMATION. CLOSE OUT OF THE REVIEW SCREEN AND CLICK SUBMIT.
10. You will receive an email from the Department of Education verifying your MPN completion. The Office of Financial Aid will receive notification electronically.
Federal Perkins Loan
The federal Perkins Loan is a low interest, subsidized loan offered to students who demonstrate financial need based on the results of their current FAFSA. A Perkins loan may be offered to students at a 5% interest rate. Payments will begin nine months after graduation or nine months after a student drop below half-time status. Additional information can be found here.