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Federal Direct Graduate PLUS Loan |
- The Free Application for Federal Student Aid (FAFSA)The FAFSA is used to apply for Pell Grants and all other aid. Complete your FAFSA via web at www.fafsa.gov . As the name suggests, no fee is charged to file a FAFSA. Follow the directions carefully to ensure proper and efficient processing. must be completed for Federal Direct PLUS eligibility to be determined.
- You must be enrolled half-timeDuring each term, 6-8 credit hours is considered half-time for undergraduate students. For graduate students, 5 hours is considered half-time. and be admitted into a graduate level program.
- IMPORTANT NOTE: A credit check is conducted by the U.S. Department of Education to establish eligibility and will remain valid for 180 days. You cannot have an adverse credit history.
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The annual limit cannot exceed UNT Cost of Attendance minus the other financial aidMoney provided to the student and the family to help them pay for the student's education. Major forms of financial aid include gift aid (grants and scholarships) and self help aid (loans and work). the student receives. |
The current interest rate is 7.21 percent. All interest rates and fees are valid only from July 1, 2014 through June 30, 2015. |
Between 10 and 25 years to repay, depending on the amount owed and repayment plan selected. |
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Federal Direct PLUS (Parent) Loan |
- The Free Application for Federal Student Aid (FAFSA)The FAFSA is used to apply for Pell Grants and all other aid. Complete your FAFSA via web at www.fafsa.gov . As the name suggests, no fee is charged to file a FAFSA. Follow the directions carefully to ensure proper and efficient processing. must be completed for Federal Direct PLUS eligibility to be determined.
- To apply, the parent borrowerThe person who receives a loan. must log onto StudentLoans.gov to submit the Direct Parent PLUS Request. Detailed instructions for completing the Direct Parent PLUS Request are available here.
- IMPORTANT NOTE: A credit check is conducted by the U.S. Department of Education to establish eligibility and will be valid for 180 days. You cannot have an adverse credit history. .
- Parents (natural, adoptive, or step-parent whose information is on the FAFSA) and their dependentSee Dependency Status. child must be U.S. citizens or eligible noncitizens.
- Students must be enrolled at least half-timeDuring each term, 6-8 credit hours is considered half-time for undergraduate students. For graduate students, 5 hours is considered half-time. each semester.
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The annual limit cannot exceed UNT Cost of Attendance minus the other financial aidMoney provided to the student and the family to help them pay for the student's education. Major forms of financial aid include gift aid (grants and scholarships) and self help aid (loans and work). the student receives. |
Federal Direct PLUS LoansParent Loans for Undergraduate Students (PLUS) are federal loans available to parents of dependent undergraduate students to help finance the child's education. Parents may borrow up to the full cost of their children's education less the amount of any other financial aid received. PLUS Loans may be used to pay the EFC. There is a minimal credit check required for the PLUS loan, so a good credit history is required. Students are advised to check with their local bank to see if they participate in the PLUS loan program. If the application for a PLUS loan is turned down, the student may be eligible to borrow additional money under the Unsubsidized Stafford Loan program. First Disbursed on or after July 1, 2014 and prior to July 1, 2015 fixed rate is 7.21%.
Federal Direct PLUS Loans First Disbursed on or after July 1, 2015 and prior to July 1, 2016 fixed rate is 6.84%.
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Between 10 and 25 years to repay, depending on the amount owed and repayment plan selected. |
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Federal Direct Stafford Subsidized Loan |
- Be enrolled at least half-timeDuring each term, 6-8 credit hours is considered half-time for undergraduate students. For graduate students, 5 hours is considered half-time.
- Meet Satisfactory Academic ProgressA student must maintain Satisfactory Academic Progress to continue to receive financial aid. Students must maintain a certain qualitative standard (i.e. cumulative GPA) in addition to maintaining a quantitative standard (i.e. successfully completing a required number of credit hours). Students must also complete their degree or certificate program within a maximum timeframe, which may vary according to the student’s status and program. If a student does not maintain the required standards, the student may lose their financial aid eligibility.
requirements
- Be registered with the Selective ServiceThe Selective Service Administration executes registration for the military draft. Male students who are US citizens and have reached the age of 18 and were born after December 31, 1959 must be registered with Selective Service to be eligible for federal financial aid. (males only)
- Be a U.S. citizen, national, or eligible non-citizenSomeone who is not a US citizen but is nevertheless eligible for Federal student aid. Eligible non-citizens include US permanent residents who are holders of valid green cards, US nationals, holders of form I-94 who have been granted refugee or asylum status, and certain other non-citizens. Non-citizens who hold a student visa or an exchange visitor visa are not eligible for Federal student aid.
- Have financial need, as determined by the Federal Processer based on the information reported on the FAFSA
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Annual borrowing limits are based on the student's year of study: Dependent undergraduates - First year: $5,500 (no more than $3,500 of this amount may be subsidized)
- Second year: $6,500 (no more than $4,500 of this amount may be subsidized)
- Third year and beyond: $7,500 (no more than $5,500 of this amount may be subsidized)
Independent undergraduates (and dependent undergraduates whose parents are unable to borrow under the PLUS Loan Program) - First year: $9,500 (no more than $3,500 of this amount may be subsidized)
- Second year: $10,500 (no more than $4,500 of this amount may be subsidized)
- Third year and beyond: $12,500 (no more than $5,500 of this amount may be subsidized)
Graduate and professional students - Effective Fall 2012, graduate and professional students are no longer eligible to receive subsidized loans. For more information, you can review the Department of Education's electronic Announcement.
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Federal Direct Student Loans Fixed InterestIn a fixed interest loan, the interest rate stays the same for the life of the loan. Rate for Loans First Disbursed on or after July 1, 2014 and prior to July 1, 2015 is 4.66 percent.
Federal Direct Student Loans Fixed Interest Rate for Loans First Disbursed on or after July 1, 2015 and prior to July 1, 2016 is 4.29% |
Between 10 and 25 years to repay, depending on the amount owed and repayment plan selected. |
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Federal Direct Stafford Unsubsidized Loan |
- Be enrolled at least half-timeDuring each term, 6-8 credit hours is considered half-time for undergraduate students. For graduate students, 5 hours is considered half-time.
- Meet Satisfactory Academic ProgressA student must maintain Satisfactory Academic Progress to continue to receive financial aid. Students must maintain a certain qualitative standard (i.e. cumulative GPA) in addition to maintaining a quantitative standard (i.e. successfully completing a required number of credit hours). Students must also complete their degree or certificate program within a maximum timeframe, which may vary according to the student’s status and program. If a student does not maintain the required standards, the student may lose their financial aid eligibility.
requirements
- Be registered with the Selective ServiceThe Selective Service Administration executes registration for the military draft. Male students who are US citizens and have reached the age of 18 and were born after December 31, 1959 must be registered with Selective Service to be eligible for federal financial aid. (males only)
- Be a U.S. citizen, national, or eligible non-citizenSomeone who is not a US citizen but is nevertheless eligible for Federal student aid. Eligible non-citizens include US permanent residents who are holders of valid green cards, US nationals, holders of form I-94 who have been granted refugee or asylum status, and certain other non-citizens. Non-citizens who hold a student visa or an exchange visitor visa are not eligible for Federal student aid.
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Annual borrowing limits are based on the student's year of study: DependentSee Dependency Status. undergraduates - First year: $5,500 (no more than $3,500 of this amount may be subsidized)
- Second year: $6,500 (no more than $4,500 of this amount may be subsidized)
- Third year and beyond: $7,500 (no more than $5,500 of this amount may be subsidized)
Independent undergraduates (and dependent undergraduates whose parents are unable to borrow under the PLUS LoanA loan is a type of financial aid that must be repaid, with interest. The Federal Student Loan Program is a good method of financing the costs of your college education. These loans are better than most consumer loans because they have lower interest rates. The Federal Loans and Perkins Loans also provide a variety of deferment options and extended repayment terms. Program) - First year: $9,500 (no more than $3,500 of this amount may be subsidized)
- Second year: $10,500 (no more than $4,500 of this amount may be subsidized)
- Third year and beyond: $12,500 (no more than $5,500 of this amount may be subsidized)
Graduate and professional students - For any year of study: $20,500
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Federal Direct Student Loans Interest Rate for unsubsidized loans first disbursed on or after July 1, 2014 and prior to July 1, 2015 is a fixed 4.66% for undergraduate students and a fixed 6.21% for graduate students.
Federal Direct Student Loans Interest Rate for unsubsidized loans first disbursed on or after July 1, 2015 and prior to July 1, 2016 is a fixed 4.29% for undergraduate students and a fixed 5.84% for graduate students. |
Between 10 and 25 years to repay, depending on the amount owed and repayment plan selected. |
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Federal Perkins Loan |
- Must be enrolled half-timeDuring each term, 6-8 credit hours is considered half-time for undergraduate students. For graduate students, 5 hours is considered half-time.
- Fulfill Satisfactory Academic ProgressA student must maintain Satisfactory Academic Progress to continue to receive financial aid. Students must maintain a certain qualitative standard (i.e. cumulative GPA) in addition to maintaining a quantitative standard (i.e. successfully completing a required number of credit hours). Students must also complete their degree or certificate program within a maximum timeframe, which may vary according to the student’s status and program. If a student does not maintain the required standards, the student may lose their financial aid eligibility.
Requirements
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- Undergraduate - up to $5,500 a year
- Graduate - up to $8,000 a year
Cumulative limits for undergraduate loans is $27,500. Cumulative limits for undergraduate and graduate loans combined is $60,000. |
The interest rate is 5 percent. All interest rates and fees are valid only from July 1, 2011 through June 30, 2012. |
It takes up to 10 years to repay, depending on the amount owed. |
