*Graduate pupils are believed separate and tend to be just qualified to get the Federal Direct Unsubsidized loan.
Application Guidelines for First-time Direct Stafford Loan Borrowers
As a first-time DL debtor, you need to complete the Borrowing Intention Form (BIF – included with all the monetary letter that is award, Entrance Counseling, while the Master Promissory Note (MPN).
You may access the internet Entrance Counseling session and finish the MPN in the StudentLoans.gov. Our workplace will electronically be notified upon conclusion.
Application Guidelines for Active Direct Stafford Loan Borrowers
Being a student that is returning, you need to finish the Borrowing Intention Form (BIF) which is incorporated into your monetary prize package*. Packages for current pupils are going to be ready through the thirty days of June and mailed the week that is first July. You need to record the quantity you desire to borrow against the BIF, indication it, and get back it into the school funding workplace to enable the mortgage become prepared.
*You must register the FAFSA before you decide to will get a monetary honor package. Please contact our workplace if you should be NOT about to file, [email protected], and we’ll prepare an award package that features your merit scholarship just.
The Federal Perkins Loan
The Perkins Loan is just a loan that is need-based to full-time undergraduates. More especially, at LVC these funds are distributed mainly to freshmen showing the best monetary need.
*NEW* As of 2015, the Perkins Loan has been extended through September 30, 2017 december.
- Awarded to pupils showing the maximum monetary need
- Freshmen – $2,000 each year
- Sophomores – $1,500 each year
- Juniors and Seniors – restricted funds are available and awarded to those showing monetaray hardship. Contact the school funding workplace for extra information.
- Because funds are limited, loan bucks are targeted mainly to freshmen and sophomores that are restricted in Direct Stafford Loan borrowing.
General information regarding the Perkins Loan:
- 5.0percent fixed rate of interest
- Nine-month elegance duration ahead of payment
- Eligibility and amounts that are award differ among organizations
If you should be granted both the Federal Direct Stafford Loan and also the Federal Perkins Loan and you also decide which you only have to borrow through one loan system, you have to forfeit the Perkins and borrow the subsidized and unsubsidized Direct Stafford Loan. The Perkins will be re-awarded with other pupils in need of assistance.
First-time Perkins borrowers have to finish entrance counseling and signal the MPN through the first couple of days for the autumn semester. The due date is Sept. 30, 2017. The educational funding workplace will contact qualified pupils regarding doing these needs. Failure to accomplish these demands by Sept. 30, 2017, may bring about the increased loss of loan eligibility.
Current Perkins borrowers don’t need to finish entrance sign or counseling another MPN. Nonetheless, you have to suggest your need to borrow by doing the Borrowing Intentions Form (BIF – as long as Perkins is listed) and going back it towards the school funding workplace by Sept. 30, 2017. The BIF will be included in the financial award package mailed in early July as a reminder. Failure to return the BIF by Sept. 30, 2017, may lead to the increasing loss of loan eligibility.
Student borrowers of Direct Loans or FFEL Program and Perkins loans that are graduating, making college, or dropping below half-time enrollment are needed for legal reasons to exit counseling that is complete. Exit guidance provides information that is important will require while they prepare to settle their federal pupil loan(s). The school funding workplace will provide pupils with a summary of these borrowing history while at Lebanon Valley university. For extra details regarding federal figuratively speaking, pupils could also go to the National scholar Loan information System (NSLDS), that is a central database that homes student loan information that is federal.
During exit guidance, pupils must submit information about the names, details, e-mail details, and cell phone numbers for his or her next of kin, references whom reside in the usa, and their boss or future employer (if known).
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