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Federal Direct Student Stafford Loan InformationA Federal Direct Stafford Loan is a loan for students to help them pay for their educational expenses. The student borrower is responsible for repaying the loan. To apply for a Stafford loan, the applicant must be a United States citizen or eligible non-citizen, not in default on a federal student loan, be meeting the school's Satisfactory Academic Progress Standards, be enrolled in at least six credit hours and sixteen weeks during the semester and be otherwise eligible for federal aid. The student is not required to have approved credit. The lender is the U.S. Department of Education.
Loan LimitsThe Federal Government sets the amounts a student can borrow each year. The total amount a student can borrow is based on class level. There are also aggregate limits based on dependency status and type of degree the student is seeking.
Students who have demonstrated financial need can receive a subsidy on a portion of their Stafford loans. Listed below are the loan limits based on dependency status and class level. The first amount is the maximum a student can receive in a Subsidized Stafford Loan (i.e. dependent freshmen $3500). The second amount is what must be unsubsidized, even if the student has a financial need (i.e. dependent freshmen $2000). Students who do not have a demonstrated need can still receive the total amount of the loan, they just cannot receive the subsidy (i.e. dependent freshmen $5500).
Direct Subsidized Stafford Loan: This is a need based student loan in which the government pays the interest while students are enrolled in the university at least half-time. Students must be enrolled in a minimum of six hours in full session courses or enrolled in session one AND session two evening courses. The interest rate for this portion of the loan is a fixed 4.5%.Direct Unsubsidized Stafford Loan: This is a non-need based student loan in which the interest accrues while students are in school. The interest arte for this portion of the loan is a fixed 6.8%.
How to Apply for a Direct Stafford Loan
Additional Federal Disbursements Rules
One Semester Loans: According to Federal regulations, loans that cover one semester must be issued in two disbursements, one at the beginning of the term and the second halfway through the term.Multiple Semester Loans: According to Federal regulations, loans for multiple semesters must be disbursed in equal amounts.Falling Below Half-Time Enrollment: If the student withdraws or drops below half-time enrollment, loan disbursements may be subject to proration or cancellation. If the student ceases attendance, whether through graduation or withdrawal, the student must complete exit counseling at http://www.reinhardt.edu/current-students/financial/forms-and-applications1.html.
Repayment for the Federal Direct Stafford Loan begins six months after the student graduates or drops below half-time enrollment. Several repayment plans are available.
Stafford Loan Borrower Certification: By submitting this form, I certify that I have completed loan entrance counseling. I further certify that I have read and understand the information included with the application regarding the Federal student loan process at Reinhardt University. I authorize Reinhardt University to apply Stafford loan proceeds via electronic funds transfer to my account. I understand that my Federal Stafford loan constitutes a debt that will enter repayment upon the expiration of my grace period, six months after I graduate, withdraw, or otherwise drop below half-time status. To be eligible for my loan disbursement, I must be registered for at leas six credit hours for sixteen weeks each semester.
BORROWER'S RIGHT TO CANCEL:You have the right to cancel all or part of your Federal Stafford Loan. You must submit a loan cancellation request to the Financial Aid Office within 14 days of the disbursement or before the first day of class, whichever is latest, so that no interest will be charged and loan fees will be canceled. You may request a loan cancellation by submitting a letter with an original signature via mail, fax, in person, or by sending an email to your Financial Aid Counselor.*Please understand that by canceling all or a portion of your loan disbursement, you will be responsible for any outstanding balances owed to the university.
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Due to Title IV Federal regulations, Reinhardt University must obtain your consent to apply any portion of your Title IV awards from Direct Federal Stafford Loans, PELL Grant, ACG, Smart Grant, or FSEOG to any charges other than tuition, room and board, or required fees.
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