LOANS
By filing the FAFSA, students who
are enrolled at least half-time will be awarded funds from one or more
of the following loan programs. Students are not required to accept
the offered loans.
If you wish to borrow loan funds,
a Samford Loan Request Form is required
to start the loan process; click here to see Lender
Choice options. After we received and certify your loan, your
lender will notify you and/or your parent to e-sign a Master Promissory
Note (MPN). Once your MPN is e-signed and the student is enrolled, loan
funds will disburse electronically through EFT (Electronic Funds Transfer)
to the student's account in the Bursar's Office no earlier than 10 days
before classes begin for the appropriate term. If there is a credit
balance at that time, a refund check will be handled and processed through
the Bursar's
Office. It is your responsibility to make sure your loan has
a valid MPN on file with the lender. Delays can occur if you have chosen
a lender that does not participate in EFT, as well.
Federal STAFFORD Loans
These are low-interest* student loans that
have a six-month grace period**. Most lenders have an origination
fee of 3%; please check with your lender for rates and fees as this
information can change without our knowledge. Below are the two
types of Stafford Loans and their annual loan limits:
ANNUAL LOAN LIMITS (May include
subsidized and/or unsubsidized funds)
Classification
|
(hours completed)
|
Dependent
|
Independent
|
| Freshman |
(0-31 hours)
|
$5,500 (max
sub $3,500)
|
$ 9,500 (max sub $3,500)
|
| Sophomore |
(32-63 hours)
|
$6,500 (max sub $4,500)
|
$10,500 (max sub $4,500)
|
| Junior/Senior |
(64+ hours)
|
$7,500 (max sub $5,500)
|
$12,500 (max sub $5,500)
|
| Law |
|
|
$20,500 (max sub $8,500)
|
| Nursing |
|
|
$20,500 (max sub $8,500)
|
| Graduate |
|
|
$20,500 (max sub $8,500)
|
| Pharmacy |
(0-95 undergraduate hrs)
|
$7,500 (max sub $5,500)
|
$12,500 (max sub $5,500)
|
| Pharmacy |
(1st-3rd year)
|
|
$33,000 (max sub $8,500)
|
| Pharmacy |
(4th year)
|
|
$37,167 (max sub $8,500)
|
Federal GRAD PLUS Loans
These are new credit-based student loans only
available to graduate students. The Grad PLUS loans accrue interest*
and enter into repayment after graduation or less than 1/2 time status;
if your loan goes into repayment before this time, contact your lender
to request that your loan be deferred. The annual loan limit is equal
to the cost of attendance less any other financial assistance the
student is receiving. Most lenders have an origination fee of 3%;
please check with your lender for rates and fees as this information
can change without our knowledge. A FAFSA is required to be offered
this loan.
Federal HEALTH PROFESSIONS
Loans
These are low-interest (5%), need-based student
loans that have a 12-month grace period**. These loans are available
to a limited number of first-year and fourth-year pharmacy students
who must provide parental information on the FAFSA, complete verification
and meet the FAFSA priority filing date. Click here to download the
verification
worksheet. A FAFSA is required to be offered this loan.
Federal PERKINS Loans
These are low-interest (5%), need-based student
loans that have a nine-month grace period**. These loans are available
to a limited number of students who meet the FAFSA priority filing
date. A FAFSA is required to be offered this loan.
Federal PLUS Loans
These are available to parents of dependent
undergraduate students. PLUS loans accrue interest* and enter into
repayment 60 days after the second loan disbursement. The annual loan
limit is equal to the cost of attendance less any other financial
assistance the student is receiving. Most lenders have an origination
fee of 3%; please check with your lender for rates and fees as this
information can change without our knowledge. A FAFSA is required
to be offered this loan.
The "Ensuring Continued Access to
Student Loans Act of 2008" also allowed for Parents who borrow
on or after July 1, 2008 through the PLUS Loan program, the option
of beginning repayment on the PLUS loan either 60 days after the
loan is fully disbursed or not until six months after the dependent
student on whose behalf the parent borrowed ceases to be enrolled
at least half-time. In essence, this is creating a grace period
for Parent PLUS borrowers much like a Stafford grace period.
Borrowers will still have to pay a monthly
or quarterly interest payment to their lender if they choose to
not begin repayment until after the grace period. Whether borrowers
pay monthly or quarterly interest payments, borrowers must work
this out with their lender.
PRIVATE Loans
These are available to students who need extra
funds to cover the costs associated with their education. Private
loans are also available to students who are not eligible to file
the FAFSA.
*Interest Rates for Federal Stafford
Loans first disbursed on or after July 1, 2006 = 6.8%; subsidized undergraduate
Federal Stafford Loans first disbursed after July 1, 2008 = 6%; Federal
PLUS Loans = 8.5%
**The grace period is the time
from which the student ceases to be enrolled at least half-time, or
graduates, until the time repayment for the student loan begins.
SAMFORD
UNIVERSITY 800 Lakeshore Drive, Birmingham,
AL 35229
TELEPHONE
(800) 888-7245 or (205) 726-2905 FAX (205)
726-2738
HOURS
Monday-Friday, 8:00 am-4:30 pm CST SCHOOL
CODE 001036
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