Eligibility Requirement: Available for undergraduate students enrolled at least half-time, this program:
Must be enrolled at least half-time Must be meeting Satisfactory Academic Progress (SAP) Repayment begins when you graduate or cease to be enrolled at least half-time for a period of at least six months’ 10-year repayment Interest is paid by the federal government while in school and during deferment. There is an Eligibility Period which will limit the number of years a student can receive subsidized loan funds. The limit will only be enforced for NEW borrowers on or after 7/1/13. A student will only be able to receive up to 150% of subsidized loan funds for the published time of a program (ie, associate degree 3 years, bachelor’s degree 6 years). Once the student reaches the maximum number of years of receiving subsidized loan funds, the student may only borrow unsubsidized loans and interest will begin to accrue on the student’s outstanding subsidized loan. FSA will track, calculate and inform students and institutions
Interest Rates: The interest rate for loans disbursed July 1, 2020 – July 1, 2021, is 2.75%. Origination Fees:
The origination fee for loans disbursed between Oct. 1, 2020 – Oct. 1, 2021, is 1.057%. How to Apply: File a Free Application for Federal Student Aid (FAFSA) and meet general FAFSA requirements. Complete a Master Promissory Note. Login at studentloans.gov to complete the Entrance Counseling. Deadline: For 2020-21 processed in dated order through May 8, 2021.