Financial Aid Office

► NEW STUDENTS ► RETURNING STUDENTS ► INTERNATIONAL STUDENTS

GENERAL LOAN INFORMATION UNDERGRAD & GRADUATE LOANS LAW LOANS

ADDITIONAL FORMS 2007-08 FORMS

DEFERMENTS DISBURSEMENTS RETURN OF AID POLICY

SOURCES OF AID TYPES OF AID INSTITUTIONAL PROGRAMS BRIGHT FUTURE SCHOLARSHIP OTHER SCHOLARSHIP OPTION PRE-PAID TUITION PROGRAM ACG/SMART FIRST GENERATION

GENERAL APPLICATION PROCEDURES NEW STUDENTS RETURNING STUDENTS INTERNATIONAL STUDENTS IMPORTANT APPLICATION TIPS

QUALITATIVE MEASURE OF PROGRESS QUANTITATIVE MEASURE OF PROGRESS APPEAL PROCESS

AWARD DECISIONS ENROLLMENT REQUIREMENTS SATISFACTORY PROGRESS PROFESSIONAL JUDGEMENT DEPENDENCY OVERRIDE ALTERNATIVE ENROLLMENT PROGRAMS

FINANCIAL AID OFFICE SERVICES WHAT IS FINANCIAL AID? BASIC ELIGIBILITY REQUIREMENTS DETERMINING FINANCIAL NEED COST OF ATTENDANCE STUDENTS WITH DISABILITIES

LOAN INFORMATION: GENERAL LOAN INFORMATION

General Loan Information | Undergraduate and Graduate Loans | Law Loans

General Loan Information
Loans are available to students for the Stafford Loan at a 6.8% fixed interest rate and for their parents, the PLUS loan, at a 8.5% fixed rate with the option to defer payment until after graduation. Federal Stafford loans are available to students to help meet the cost of education after grant/scholarship options are exhausted. Loans are considered a form of financial aid. Since the loans are federally guaranteed there are no credit checks. Every student is eligible as long as eligibility criteria is met, you are not in default on a current student loan, or have not exceeded the federal aggregate loan limit.

About our Lender Partners
These are our Lending Partners as selected through a competitive process following a Request For Proposal (RFP) process through the FIU Purchasing and Procurement Office.

We encourage you to research these Lenders when deciding who you will borrow through. The Lenders were selected on the basis of best service in processing, lowest cost and customer service.

If you wish to use a Lender not on our Lending Partner list, through PantherSoft, please complete an Administrative Request with the name of your Lender. In order to expedite the processing of your loan, please request your Lender to submit by mail or by fax a Stafford Loan Certification form to the Financial Aid Office.

Loan Types
Subsidized – is awarded to student’s demonstrating a financial need as determined by the federal processor. Interest payments on this loan is subsidized (you are not charged interest) by the federal government while you are in school or during authorized periods of deferments.

Unsubsidized – a student does not have to demonstrate financial need to receive this loan, however not every student will qualify for this loan. Interest payments on this loan are not subsidized by the government (you must pay). You can make arrangements with your lender to pay while you are in school or you can allow the interest to capitalize, add, to your principal balance.

Note:Students who are dependent cannot be awarded an Unsubsidized Stafford loan until a Federal Parent Loan (PLUS) has been denied by a lender.

Eligibility/Requirements
Recipients of federal loans must meet the following criteria:

U.S. citizen or eligible non-citizen
Admitted to a degree seeking program or an eligible certificate program
Be enrolled at least half time (6 credits) when loan proceeds are received
Complete an entrance counseling seminar (first time borrowers only)

Annual Loan Limit & AggregateLimit Information
There are federal limits on how much a student can borrow during one academic year depending on their grade level. The annual loan amounts are as follows:

Academic Level	Subsidized	Unsubsidized	Aggregate Limits
Freshmen	3,500	4,000*	Undergraduate: Dependent, $23000 Independent, $46000 ($23000 sub and $23000 unsub) Graduate: $138500 ($65500 in subsidized, including undergraduate borrowing)
Sophomore	4,500	4,000*
Junior	5,500	5,000*
Senior	5,500	5,000*
Graduate	8,500	12,000
Law	8,500	12,000
* = dependent students must have a Parent Loan (PLUS) denial before an Unsubsidized Stafford loan can be processed.

Loan Servicing and Guarantee Information
Remember, your loan must be repaid. Your lender may use a third party company, called a servicer, to provide full service of your loan until it is paid in full. If your lender uses a servicer when you call for information, change your address, or check your disbursement status you will speak with the servicer, NOT the lender. The servicer will also receive and apply your payments so be sure to keep them informed of your address!