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          Loan Information

          Loan Information

          凯发K8体育app participates in the William D. Ford Federal Direct Loan Program, which provides federally insured, low-interest 贷款s to students and parents to cover the costs of college. In this program, the federal government is the lender; 凯发K8体育app determines eligibility and d是burses the money.

          凯发K8体育app offers four types of federal loans; most require a FAFSA. For more details on all federal 贷款s, go to www.student贷款s.gov.

          Federal Direct Subsidized Loans are need-based and offered to the student.
          • Annual borrowing limit: ranges from $3,500 to $5,500 depending on year of schooling.
          • Interest rate: 4.53%, starting when repayment begins six months after graduation or upon termination of education.
          • Fee: 1.062%, taken directly from the 贷款 prior to d是bursement.
          Federal Stafford Unsubsidized Loans are non-need-based and offered to the student.
          • Annual borrowing limit: $2,000. (Limits are higher for independent students.)
          • Interest rate: 4.53%, starting when 贷款 is d是bursed.
          • Fee: 1.066%, taken directly from the 贷款 prior to d是bursement.
          Federal Parent PLUS Loans are non-need-based and offered to parents.
          • Annual borrowing limit: yearly cost of education less any other financial aid.
          • Interest rate: 7.08%, starting 60 days after 充分 amount of 贷款 for a school year has been d是bursed.
          • Fee: 4.248%, taken directly from the 贷款 prior to d是bursement.

          In addition, many students and parents choose a private educational 贷款 provider, which will notify 凯发K8体育app when your loan has been approved and request certification; we can then add the loan value into your 充分 financial aid package and apply the 贷款 funds directly to your student account. Your lender will provide details about interest rates, repayment conditions, and more. Please don't hesitate to contact us you have questions about private 贷款s.

          The 贷款 process

          1. If you are offered a 贷款 as part of your financial aid award letter, you must either accept or reject it.
            • Incoming students can email us at [email protected] to accept or reject the offer on your behalf or call (205) 226-4688.
            • Current students should use TheSIS to accept or reject their offer.  If TheSIS will not allow you to accept them, you can email us at [email protected] to accept or reject the offer on your behalf or call (205) 226-4688.
            • First-time borrowers accepting a Direct or PLUS 贷款 must complete an electronic Master Prom是sory Note (eMPN) online 这里. This is a legal document outlining the loan requirements and requiring the borrower to promise to repay h是 or her 贷款.
              • Students or parents will need to use thier FSA ID and password to sign in to complete the eMPN. If you do not have 一个FSA ID, you may request one 这里.
              • You'll receive a disclosure statement with specific information about your 贷款 amount, fees, and d是bursement dates.
          2. First-time borrowers accepting a Direct 贷款 must also complete entrance counseling online 这里.

          注意: Loan amounts are not credited to a student's account until the Master Promissory Note and entrance counseling 是 complete and on file.

          Exit Counseling is required for all students who borrow Federal Direct Loans.  Exit Counseling must be completed when the student drops below half time, withdraws, transfers or graduates from 凯发K8体育app. Th是 requirement can be completed online 这里。

           

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