This loan is administered by banks and other major lending
institutions throughout the country. A processing fee may be
deducted from the loan proceeds. To qualify for a subsidized Federal Stafford Loan, the student must show a
financial need. Students showing no financial need or no
remaining need after other aid sources may qualify to borrow an
unsubsidized Federal Stafford loan. The difference
between a subsidized and an unsubsidized loan is that the federal
government pays the interest on a subsidized loan.
Unsubsidized loans begin accruing interest at the time the loan is
obtained.
Borrowers are required to attend an entrance interview prior to
receiving their first loan and an exit interview upon leaving the
University.
Entrance interviews will be held for new students
during orientation in August or students may complete the entrance
interview online at
www.mapping-your-future.org.
The loan must be disbursed in two equal payments. At least
one-half of the loan period must elapse before the second
installment can be disbursed. Repayment begins six months
after the student is no longer enrolled in at least a half-time
basis.
Loans are set to disburse 3 days
before classes begin.
