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Notice to Student and Parent Borrowers of Federal Direct Loans - Information about your loans will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guarantee agencies, lenders, and schools determined to be authorized users of the data system.

 

Types of loans:

William D. Ford Federal Direct Loan Program

  • Also known as Federal Direct Stafford Loans.
  • Requires repayment over time (with interest) which begins when a student drops below half-time enrollment.
  • Two types of Federal Stafford loans are available to students. Neither requires payment while a student is attending the University at least half time but payments made while attending courses can reduce the amount of interest you'll pay when you enter repayment. See the Department of Education's Repayment Calculator to estimate the length of your loan repayment and how much interest you will pay over time.
    • Subsidized loans: The Federal government pays the interest on these loans while the student is in school, in grace period, and during any deferment periods. Subsidized loans are only available to undergraduates.
    • Unsubsidized loans: Accrue interest throughout the life of the loan for which the student/borrower is responsible. The interest accumulates and is later added to the principal balance of the loan.

Interest Rates on Federal Direct Loans:

2014-2015 Academic Year:
4.66% fixed - Subsidized and Unsubsidized loans for Undergraduate students
6.21% fixed - Unsubsidized loans for Graduate students

Loans disbursed between December 1, 2013 - September 30, 2014 origination fees are 1.072% on subsidized and unsubsidized loans and 4.288% on PLUS loans.

Effective October 1, 2014 origination fees increase due to the sequester to 1.073% on subsidized and undsubsidized loans and 4.292% on PLUS loans. Origination fees are deducted by the federal government prior to disbursement.

William D. Ford Federal Direct Loan Program Eligibility Requirements:

  • Students must be fully admitted into the University by the Admissions Office.
  • Students must be enrolled in a degree-seeking program.
  • Students must be registered at least half time: 6 credits for undergraduates and 4 credits for graduates.
  • Students must be enrolled in courses required for the degree being sought.
  • Students must not have previously reached or exceeded any federal  borrowing limits
  • Students must not have previous federal student loans in default status
  • Students must be making Satisfactory Academic Progress 

Additional information about the William D. Ford Federal Direct Loan Program can be found here.

How to apply for the William D. Ford Federal Direct Loan Program:

FAFSA

As with all federal student aid, students must complete the Free Application for Federal Student Aid (FAFSA).  Once a FAFSA is completed, the school will receive it within 3-5 business days. The federal school code for Metropolitan State University is: 010374.

For more information about applying for financial aid, please visit the Apply for Aid link on the financial aid website.
Once the FAFSA is received, the studentís financial aid will be processed within 4 to 6 weeks, depending on whether or not the Financial Aid Office will require additional information from the student in order to process. After the determination of eligibility is complete, the student is sent an email explaining how to view the Financial Aid Award Letter which will include student loans.  The Financial Aid Award Letter contains instructions on how to accept Federal Direct Loans. All questions about online loan acceptance can be directed to Gateway Student Services Center: 651-793-1300.

Accepting Your Loans:
Loan acceptance or loan requests are done online via student e-services. Students can make an online loan request by following the below instructions:

  • Log in to Student e-Services
  • On the left, click on "Financial Aid" and then "Loans".
  • Follow the on-screen instructions to submit the loan acceptance.
  • In 1-3 business days, the studentís loan status will be updated to "Certified" status.  Loan funds will be applied to the studentís account on the scheduled disbursement date.

Federal Direct PLUS Loans for Parents

Federal Direct PLUS Loan for Parents is a federal loan option for parents of dependent undergraduate students to help pay for school when Federal Direct Loans are not sufficient to cover educational expenses. Independent undergraduates are not eligible for this loan program. It is recommended that a student apply for their annual loan maximum eligibility under the Federal Direct Loan Program before a parent  apply for the Federal Direct PLUS Loan for Parents.

The loan is taken in the parentís name and the parent is responsible for repayment on the loan. The parent will also be required to pass a credit check.
Repayment on the Federal Direct PLUS Loan for Parents begins 60 days after the loan is fully disbursed.

Interest Rates on Federal PLUS Loans for Parents:

2014-2015 Academic Year:
7.21% fixed

There is a 4.288% origination fee on PLUS loans disbursed between December 1, 2013 and September 30, 2014. Effective October 1, 2014 the origination fee is 4.292%. Origination fees are deducted by the federal government prior to loan funds being disbursed to the school.

Federal Direct PLUS Loan for Parents Eligibility Requirements:

  • Students must meet all requirements listed above for the William D. Ford Federal Direct Loan Program eligibility requirements, in addition to:
    • Parent must not be in default on a previous federal student loan.
    • Parent must pass a credit check.
    • Student must be a dependent undergraduate student.
    • Student must have already requested their maximum eligibility under the Federal Direct Loan Program.

How to apply for the Federal Direct PLUS Loan for Parents:

  • Request Parent PLUS Loan & Complete Parent PLUS Loan Master Promissory Note on StudentLoans.gov.
    Visit www.StudentLoans.gov and complete the Parent PLUS Loan Master Promissory Note (MPN). The parent will need to sign into the site using their Federal PIN number, this is the same PIN used to sign the student's FAFSA. Click "Request Direct PLUS Loan". The parent will also need to complete the Parent PLUS Loan MPN.

Additional information about the Federal Direct PLUS Loan for Parents can be found here.  

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Federal Direct PLUS Loans for Graduate Students

Also known and the Graduate PLUS Loan. This loan program is available to graduate students that need funding beyond their Federal Direct loans. This loan program is not available to undergraduate students. It is recommended that a student applyfor their annual loan maximum eligibility under the Federal Direct Loan Program before applying for a Federal Direct Graduate/Professional PLUS loan.  The loan is taken in the studentís name and the student is responsible for repayment on the loan. This loan will also require a credit check.

Repayment on the Federal Direct Graduate/Professional PLUS loan begins 60 days after the loan is fully disbursed.

Interest Rates on Federal Direct Graduate PLUS Loans:

2014-2015 Academic Year:
7.21% fixed

There is a 4.288% origination fee on PLUS loans disbursed between December 1, 2013 and September 30, 2014. Effective October 1, 2014 the origination fee is 4.292%. Origination fees are deducted by the federal government prior to loan funds being disbursed to the school.

Federal Direct Graduate PLUS Loan Eligibility Requirements:
Students must meet all requirements listed above for the William D. Ford Federal Direct Loan Program eligibility requirements, in addition to:

    • Student must pass a credit check.
    • Student must be a graduate student.
    • Student must have already requested their maximum eligibility under the Federal Direct Loan Program.

How to apply for the Federal Direct Graduate PLUS Loan:
Graduate students may apply for a Direct PLUS Loan by completing the steps below:

  • Request Graduate PLUS Loan & Complete Graduate PLUS Loan Master Promissory Note on StudentLoans.gov.
    Visit www.StudentLoans.gov and complete the Graduate PLUS Loan Master Promissory Note (MPN). The student will need to sign in to the site using their Federal PIN number, this is the same PIN used to sign the student's FAFSA. Click "Request Direct PLUS Loan". The student will also need to complete the Graduate PLUS Loan MPN.

Additional information about the Federal Direct Graduate PLUS Loan can be found here.  

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Private Educational Loans

Many banks and credit unions provide educational loan options, commonly referred to as private or alternative loans. These loans may have higher interest rates than federal loans and should only be considered as a borrowing option after all federal loan eligibility has been exhausted.

Eligibility for private loans is based on the credit worthiness of the borrower and/or co-signer. Selecting a lender is the sole right of the student. We provide FASTChoice as a way for you to compare loan options for a number of common lenders and choose the loan that best fits your needs. Metropolitan State University does not endorse any one lender; you may choose any lender you wish that currently offers an educational loan product. The lenders listed on the FASTChoice website are lenders who have most commonly provided private loans to Metropolitan State University students over the past three years. The lender list is updated each spring with the most current information.

Under the Truth in Lending Act rules, private education loans are subject to self certification, three consumer disclosures at specific times in the application process, and a three day delay in disbursement. Due to the number of steps involved in the private loan application process, applicants should allow a minimum of 3 weeks for processing.

This information is intended to be accurate, but the publisher does not assume liability for errors or omissions.

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