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Office
of Financial Aid - Loans
In order to borrow loan
funds, the first step is filing your FAFSA and completing
the application process. Once
you receive your award letter, instructions will direct you
to complete a Samford Loan Request Form;
it is required to start the loan borrowing process at Samford
University. Of course, students nor parents are required to
accept the offered loans.
Make sure you mark the
correct term(s) applicable to you and make a Lender
Choice. Once it is complete, send your form(s) to our
office and we will certify your loan for the appropriate amount,
loan period, and lender of your choice. After your loan(s)
is certified, an email notification from our office will be
sent to the student's Samford email account with instructions
to E-Sign Your Master Promissory Note
(MPN). The MPN is a legal binding promissory note between
you and your lender. It is your responsibility to make sure
your loan has a valid MPN on file with the lender.
Loan funds typically disburse
10 calendar days prior to the first day of class for the appropriate
term through a process called EFT (Electronic Funds Transfer).
These funds will then post to the student's account in the
Bursar's Office, but the student must be enrolled at least
half-time and have a valid MPN on file with their lender,
before the funds will post. If there is a credit balance at
that time, a refund check will be processed through the Bursar's
Office, according to their Refund
Schedule. Delays can occur if you have chosen a lender
that does not participate in EFT or electronic loan processing.
For those of you using a SallieMae lender, you can Check
Your Loan Status online, if you wish.
Exit
Counseling is required of any student that drops below
half-time, graduates, withdraws, or loses eligibility for
other reasons. In addition, when you graduate or during the
course of your student-career, you may want to view your Loan
History on NSLDS (National Student Loan Data System),
using your FAFSA PIN.
Below are the different
types of loans available along with interest rates, grace
periods, annual loan amounts and eligibility requirements:
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:
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 |
<72 undergraduate
hrs
|
$7,500 (max
sub $5,500)
|
$12,500 (max
sub $5,500)
|
| Pharmacy |
72+ undergraduate
hrs
|
|
$33,000 (max
sub $8,500)
|
| Pharmacy |
2nd-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%; Federal PLUS Loans = 8.5%;
*Interest
Rates for Federal Stafford Loans first disbursed on or after
July 1, 2008 = 6% (subsidized undergraduate only);
*Interest
Rates for Federal Stafford Loans first disbursed on or after
July 1, 2009 = 5.6% (subsidized undergraduate only);
*Interest
Rates for Federal Stafford Loans first disbursed on or after
July 1, 2010 = 3.4% (subsidized undergraduate only);
**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
EMAIL
ofa@samford.edu WEB
www.samford.edu/admin/finaid
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updated
on
Tuesday, March 10, 2009 6:02 PM
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