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The Financial Aid Process
Student Loans
When Should I Begin This Process?
When My Loan Goes Into Repayment
Student Loan FAQs
When should I apply?
The general rule is, the sooner the better. High school students can apply in the early spring of their senior year.
Where do students apply?
Students apply at the financial aid office at their school. The financial aid officer determines how much and what type of aid students will receive.
How long does it take?
From start to finish, the process can take six weeks to three months, depending upon the level of automation at the school financial aid office and the time of year the student applies.
Can students apply for a federally guaranteed student loan over the Internet?
Yes! The first step in the financial aid process is submitting a FAFSA to the US Department of Education. Students can fill out the FAFSA through the Internet by visiting the US Department of Education. Students can obtain a copy of the FAFSA form at their college financial aid office. Paper processing will take somewhat longer than electronic processing.
What is the interest rate?
Stafford Student Loans have a variable interest rate with a cap of 8.25%. The rate is adjusted annually by the US Department of Education on July 1. The current interest rate through June 30, 1999, is 6.86%. PLUS Loans have a variable interest rate with a cap of 9.0%. The rate is adjusted annually on July 1. The current interest rate through June 30, 1999, is 8.26%.
When are students considered independent of parental support in applying for financial aid?
The students must be 24 years of age in order to be considered independent. The only exceptions are if the student is married, is a graduate or professional student, has legal dependents other than a spouse, is an orphan or ward of the court, or is a veteran of the armed forces.
How will my scholarship affect my ability to get a student loan?
Federal student aid regulations specify that all forms of aid must be reported and included in the calculations that create your statement of need. The scholarship funds will reduce the amount of financial need and may reduce the amount of money that can be borrowed.
Are loan payments deferred?
Stafford Student Loans are deferred until six months after the student leaves school, graduates, or drops below half-time attendance. PLUS Loans are not deferred. They go into repayment 60 days after the final disbursement.
Financial Calculators
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