Federal Loans

 

Many students find they must supplement the resources they have to meet the expenses associated with a quality college education through taking advantage of low-interest educational loans.  Students may borrow funds under the Federal Direct Stafford Loan Program even if they have not established a credit record.  Repayment on the Federal Stafford Loan is deferred as long as the student is enrolled in college at least half-time.  The  FAFSA  (Free Application for Federal Student Aid) is required for all students wishing to apply for a federal loan.

Federal Direct Stafford (Student) Loan

The Federal Direct Stafford Loan enables students who are enrolled at least half-time and degree seeking to borrow low-interest loans.  Payment on these loans begins six months after graduation or after a student is no longer enrolled at least half-time.

 Federal Stafford Loan Limits

Dependent Student
Freshman (0-30 credit hours earned) Up to $5,500 a year ($3,500 subsidized)
Sophomore (31-60 credit hours earned) Up to $6,500 a year ($4,500 subsidized)
Junior (61-90 credit hours earned) Up to $7,500 a year ($5,500 subsidized)
Senior (at least 91 credit hours earned) Up to $7,500 a year ($5,500 subsidized)

 Aggregate Lifetime Limit

$31,000 as a dependent undergraduate student (only $23,000 of this amount may be in subsidized loans)

* Loan limits cannot exceed Cost of Attendance (COA) as calculated by CSU.

 

Independent Student

Freshman (0-30 credit hours earned) Up to $9,500 a year ($3,500 subsidized)
Sophomore (31-60 credit hours earned) Up to $10,500 a year ($4,500 subsidized)
Junior (61-90 credit hours earned) Up to $12,500 a year ($5,500 subsidized)
Senior (at least 91 credit hours earned) Up to $12,500 a year ($5,500 subsidized)
Graduate Student    Up to $20,500 a year not eligible for subsidized

 Aggregate Lifetime Limit

$57,500 as an independent undergraduate student (only $23,000 of this amount may be in subsidized loans)

$138,500 for graduate students (includes loans for undergraduate students)

* Loan limits cannot exceed Cost of Attendance (COA) as calculated by CSU.                      

 

There are two types of Federal Direct Stafford Loans

Federal Subsidized Stafford Loan

The Federal Subsidized Stafford loan is a loan for students with financial need, as determined by the results of the  FAFSAstudent status and other financial aid (such as grants, scholarships) that you receive.  The loan is in the student’s name and has a fixed interest rate of 3.86 percent.  The interest rate does not accrue while the student is enrolled at least half-time (undergraduate student = 6 credit hours; graduate student= 3 credit hours).  An origination fee of 1.072 percent will be deducted by the U.S. Department of Education prior to disbursement of the Subsidized Stafford Loan.  There is a six-month grace period after the student graduates or ceases to be enrolled at least half-time before repayment on the loan begins.

Federal Unsubsidized Stafford Loan

The Federal Unsubsidized Stafford loan is a loan in the student’s name and has a fixed interest rate of 6.8 percent. The interest rate does accrue while the student is enrolled.  The student must be enrolled at least half-time (undergraduate student = 6 credit hours; graduate student = 3 credit hours).  An origination fee of 1.072 percent will be deducted by the U.S. Department of Education prior to disbursement of the Unsubsidized Stafford Loan.  There is a six-month grace period after the student graduates or ceases to be enrolled at least half-time before repayment on the loan begins.

Students must file the  FAFSA  (Free Application for Federal Student Aid) each academic year to be eligible to apply for the Stafford Loan. Master Promissory Note (MPN) and Entrance Counseling are required.These documents can be completed by linking from the highlighted documents above orvisiting www.studentloans.gov.

The promissory note is a legal, binding document whereby you agree to repay the loan.

  • Changing Loan Amounts

You are encouraged to only borrow the funds needed to pursue your education.  If the loan approval is more than you desire, you may reduce the amount by filling out the Award Update Form located under the documents tab in your Financial Aid LIVE account.   Should you have further questions you may contact the Financial Aid Office at 843-863-7050 or 1-800-947-7474, or email financialaid@csuniv.edu.

 Federal Perkins Loan

The Perkins Loan is a fixed rate loan at 5 percent interest.  Undergraduate students are awarded this loan based on financial need and eligibility.  Funding is extremely limited, so the loan is not guaranteed to be renewed each year.  Students must earn a 2.0 GPA to be considered.  There is a nine-month grace period after the student graduates or ceases to be enrolled at least half-time (6 credit hours) before repayment begins.

Students must complete the  FAFSA  (Free Application for Federal Student Aid) to be considered.  Based on eligibility and availability of funds the student will be awarded the Federal Perkins Loan on his/her financial aid Award Letter.  The student must complete a Perkins Loan Master Promissory Note and Perkins Loan Entrance Counseling before funds can be disbursed to the student’s account.  Instructions for completing these documents will be on the student’s financial aid Award Letter and My Financial Aid (CSU’s Online Financial Aid portal).  The promissory note is a legal, binding document whereby you agree to repay the loan.

  • Changing Loan Amounts

You are encouraged to only borrow the funds needed to pursue your education.  If the loan approval is more than you desire, you may reduce the amount by filling out the Award Update Form located under the documents tab in your Financial Aid LIVE account.   Should you have further questions you may contact the Financial Aid Office at 843-863-7050 or 1-800-947-7474, or email financialaid@csuniv.edu.

 Federal Direct Graduate (Plus) Loan

The Federal Direct Graduate PLUS Loan allows graduate and professional degree students to borrow under the PLUS Loan Program up to their Cost of Attendance (COA) minus any financial aid the student may receive during the loan period.  The Graduate PLUS Loan is a loan in the parent’s name.  The Graduate PLUS Loan has a fixed interest rate of 6.41 percent.  Interest begins to accumulate when the first disbursements are made.  Before applying for the Graduate PLUS Loan, the student must have applied for his/her annual loan maximum eligibility under the Direct Federal Subsidized and Unsubsidized Stafford Loan Program.  An origination fee, up to 4.288 percent, will be deducted by the U.S. Department of Education prior to disbursement of the Graduate PLUS Loan.  Generally, repayment of Federal Direct Graduate PLUS Loans begins 60 days after the final disbursement for the school year in which it was awarded. Credit approval is valid for 90 days.  Your credit is evaluated every time you request a new loan.  There are flexible repayment options available by contacting the  Direct Loan Servicing Center  at 1-800-848-0979. The graduate student must be enrolled at least half-time (3 credit hours) and must also be degree seeking in order for the parent to be eligible to apply for the PLUS Loan.

Students must file the  FAFSA  (Free Application for Federal Student Aid) each academic year to be eligible for the parent to apply for the Federal PLUS (Parent) Loan.  Master Promissory Note (MPN) required. The MPN can be completed by linking from the highlighted document above or by going to the following website: www.studentloans.gov. The promissory note is a legal, binding document whereby you agree to repay the loan.

  • Changing Loan Amounts

You are encouraged to borrow only the funds needed to pursue your education.  If the loan approval is more than you desire, you may reduce the amount by filling out the Award Update Form located under the documents tab in your Financial Aid LIVE account.   Should you have further questions you may contact the Financial Aid Office at 843-863-7050 or 1-800-947-7474 or email  financialaid@csuniv.edu.

Students can view their total amount of federal loans borrowed at:http://www.nslds.ed.gov/nslds_SA/

 

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