Federal legislation calls for all students that have gotten a subsidized, unsubsidized, or PLUS loan beneath the Direct Loan Program to perform online exit guidance each time the pupil:
Exit guidance can be used to share with the debtor about how to repay student that is federal and just how to prevent defaulting on financing. To exit that is complete, check in to . Select “Complete guidance” when you look at the left navigation bar, and then select “Exit Counseling” under “Choose Counseling Type.” choose the school(s) you wish to notify of one’s guidance conclusion.
Please be aware the after information regarding your student loan(s):
- have actually questions regarding your loan
- are experiencing difficulty making your monthly loan payments
- keep college
- fall below half-time enrollment status
- replace your title, target, or telephone number
- like to alter payment plans
- In the event that you return to school at minimum half-time prior to the end regarding the 6-month grade duration or deferment, your loan(s) will come back to an “in-school” status or deferment. You may then qualify for a complete grace that is 6-month or deferment whenever you leave college or fall below half-time enrollment once more.
- You won’t be re-eligible for federal and/or state educational funding (including Federal Direct student education loans and Federal Direct Parent PLUS Loans) until you are making satisfactory educational progress, or re-gained eligibility by moving credits in and/or creating any necessary credits, or achieving the necessary grade point average that is cumulative. Please direct questions regarding school funding eligibility towards the scholar Financial Services workplace at 814-393-2315.
You really must have 24 brand new credits each educational 12 months to be given a PHEAA State give.
Federal Direct Subsidized Loans
The interest subsidy during the six-month grace period is eliminated for students who fall below half-time status for new Subsidized loans.
A Federal Direct Subsidized Loan is a decreased interest need-based loan designed to students enrolled at least half-time that have finished the FAFSA for the appropriate educational 12 months. The authorities will pay loan interest although the pupil is in college, and loan payment begins half a year following the student graduates or falls below half-time enrollment. Qualified pupils will also be immediately considered for the Federal Direct Unsubsidized Loan (described below).
Elimination of Loan Interest Subsidy: Effective July 1, 2012 the Subsidized Loan isn’t any longer offered to graduate and expert pupils for loan durations starting on or after July 1, 2012. The graduate loan system becomes totally unsubsidized, meaning that the lent amount will accrue interest while the student is with in college. The yearly and borrowing that is aggregate aren’t impacted (the absolute most a pupil can borrow into the Direct Loan system will stay at $20,500 per scholastic 12 months), and all pupils are immediately assessed for loan eligibility.
Elimination of Grace Period Interest Subsidy: Effective July 1, 2012, for brand new Subsidized Loans, the attention subsidy throughout the six-month grace duration is eradicated for pupils whom fall below half-time status.
Federal Direct Unsubsidized Loans
Eligible students that have finished the FAFSA when it comes to appropriate year that is academic immediately assessed when it comes to Unsubsidized Loan.
You may be eligible for additional unsubsidized loan amounts if you are a dependent student whose parent was DENIED a Parent PLUS Loan (described below. The additional unsubsidized loan is $4,000 for Freshman and Sophomores. For Juniors & Seniors the extra unsubsidized loan is $5,000. Please contact the working office of school funding therefore we possibly may recommend these quantities. Documentation of rejected PLUS Loan could be needed.