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Federal Direct Stafford Loans – Department of Education Title IVThe interest rate is fixed at 6.8 percent. An origination fee of 1 percent is charged and deducted from the loan proceeds. Additional details are provided below:
Federal Perkins Loan – Department of Education Title IVPerkins monies are contingent on the availability of funds and the demonstration of need according to federal regulations and University guidelines. The interest rate is 5 percent. The cumulative amount is $60,000 (including undergraduate loans).Federal Direct GradPLUS Loan – Department of Education Title IVThe Federal GradPLUS loan program was made available July 1, 2006. Congress extended the undergrad PLUS (parent) loan to allow graduate students to borrow on their own signature up to the cost of attendance (less the amount of Unsub Stafford loan and other aid). A credit check is required. The interest rate is fixed at 7.9 percent; requires the borrower to pay a 4 percent origination fee which is deducted from the loan proceeds. The GradPLUS enters repayment immediately after it is fully disbursed, at which time it is placed in an in-school deferment while the student continues in school. The loan enters a six-month post-enrollment deferment at the time the student is no longer enrolled. The same deferment and forbearance options apply as with Stafford Loans.For more information regarding federal student loans, go to: http://studentaid.ed.gov/PORTALSWebapp/students/english/funding.jsp
Application information will be e-mailed to the student who has paid their intial admissions fees in the Spring. This will provide instructions needed to complete the online Application for Financial Aid.
Once the student has submitted the required documents and completed forms as listed on the Application for Financial Aid, the Financial Aid Office determines his or her aid eligibility. An Aid Award Offer is then sent to the student to notify him or her of eligibility for the following programs:
The calculation to determine financial aid eligibility is: Cost of Attendance (KCUMB Student Budget) minus Outside Resources (scholarships, etc) equals Eligibility.
Each student must complete an online Entrance Counseling Session at https://studentloans.gov/myDirectLoan/index.action prior to the release of these funds. Each student must also complete a Direct Stafford loan Master Promissory Note (MPN) and a Direct GradPlus loan MPN online at https://studentloans.gov in order to receive funds from these programs.
Student loans are dibursed in two equlal disbursements, with the first at the beginning of the academic year, and the second at the midpoint of the academic year. The student must successfully complete the first half of the academic year with the minimum 2.5 GPA in order to qualify for their second disbursement.
The student will receive a Disbursement Schedule at the beginning of the academic year to aid in budgeting their student loan funds. Direct loan funds are received into the University's bank account by electronic funds transfer from the U.S. Treasury. The funds are posted to the student's tuition account by the Business Office for the amount due at that time and the remainder is refunded to the student for other educational and living expenses. This process may take up to 14 days.
If a review of student financial information reveals discrepancies or shows conflicting information, no federal, state or other financial aid will be released until the discrepancy or conflicting information is resolved. The following guidelines concerning discrepancies are in effect:
Student Portal to Federal Student Aid: www.studentloans.gov
Federal Title IV (Dept of Education) Loan History: www.nslds.ed.gov The Federal Student Aid Ombudsman Group: www.ombudsman.ed.gov/ This website offers a resource where individuals can turn after trying other ways to resolve a federal student aid dispute. Assistance request are generated from phone calls, letters and e-mails, and are classified as either general assistance or research problem assistance. In the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress established an Ombudsman for private student loans within the Consumer Financial Protection Bureau to assist borrowers with private student loan complaints. This means a single federal agency is now responsible for watching out for all students and families who choose to borrow private student loans.Federal Student Aid on the Web: www.studentaid.ed.gov Glossary of Federal Student Aid Terms: www.studentaid.ed.gov/PORTALSWebApp/students/english/Glossary.jsp A Guide to Financial Aid: www.finaid.org/ Free Scholarship Searches:
FTC Scholarship Scams: www.ftc.gov/bcp/edu/microsites/scholarship/
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