Federal Direct Student Loans for Graduate Students
Stevenson University participates in the Federal Direct Student Loan Program. These unsubsidized low-interest student loans are available as long as you enroll at least half-time. Graduate students need at least 3 credits or more per semester. The terms and conditions of all loans are explained in the Master Promissory Note that all borrowers must complete and sign. Instructions for completing the Master Promissory Note are included in the Financial Aid Award Guide.
A loan must be repaid. Therefore, when deciding whether to borrow, you should examine your need for assistance and your future ability to repay. Generally, you will have from 10 to 25 years to repay your loan, depending on the repayment plan you choose. Your monthly payment amount will be based on how much you borrowed and how long you take to repay.
Graduate Student Loan Limits
$20,500 in unsubsidized
|Maximum total debt from subsidized and unsubsidized loans when you graduate||$138,500 (maximum $65,000 subsidized)|
Interest Rate for Graduate Direct Loans
Congress has passed and the President has signed the Bipartisan Student Loan Certainty Act of 2013, which ties federal student loan interest rates to financial markets. Under this Act interest rates will be determined each spring for new loans being made for the next award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.
The 2016-2017 interest rate for the Graduate or Professional Direct unsubsidized loan is 5.31 percent. The interest rate for 2017-2018 is 6.0 per cent.
Loan Origination Fees
The Federal Direct Loan Program is authorized to charge an origination fee for each loan. The fee is a percentage of your total amount borrowed and is deducted from your loan before the loan disbursement is sent to Stevenson University. The loan amount you actually receive will be less than the amount you have to repay.
The loan fee for loans disbursed on or after October 1, 2016 and before October 1, 2017 is 1.069 percent. Loan origination fees are changed on October 1 of each year.
Master Promissory Note and Entrance Counseling
First-time borrowers at Stevenson University of Federal Direct Loans are required to complete entrance counseling and Master promissory Note (MPN) before the Financial Aid Office can process their loan. The purpose of the entrance counseling is to ensure that you understand your rights and responsibilities as a new loan borrower and that you understand the regulations governing each loan program, such as interest rates, grace, deferment/forbearance options, prepayment, consolidation, and other general repayment obligations. You are also informed of the consequences of not repaying your student loans (default) and of various repayment strategies.
All student loan borrowers are required to complete exit counseling before graduating or withdrawing from Stevenson University or ceasing to enroll at least half-time.
The online session covers all subjects that were covered in the entrance counseling, with an emphasis on repayment strategies.
For more complete information on the Direct Loan Program, visit the federal web site, studentaid.ed.gov/sa/.
Funds will post to your student account after the financial aid census date. The census date typically marks the end of the add/drop period for the semester. This is the date we take a "snapshot" of all students' enrollment to establish the "official enrollment" for reporting purposes and financial aid eligibility. The classes for which you are registered as of the census date determine the amount of financial aid you will receive.
Because all of Stevenson's graduate programs operate on the accelerated, 8-week module schedule, the disbursement of your funds may not occur at the same time as other students on the traditional 16-week schedule.
Satisfactory Academic Progress
To be eligible for receiving or continuing to receive financial aid, you must enroll in a graduate degree program and:
- Maintain a 3.0 minimum cumulative GPA, and
- Earn your degree within the first 54 attempted credits based on a maximum time frame of 150%. All semesters and credit hours attempted including all repeated courses, failed courses, withdrawals, courses taken from a change in major, and transfer credits will count as credit hours attempted toward the maximum time frame. View the complete Satisfactory Academic Progress policy.
FSA Student Loan Ombudsman
Students or Parents receiving Direct Student Loans or Plus Loans should be aware that if they are in a dispute about a federal student loan, they can contact the Federal Student Aid Ombudsman Group as a last resort.
If you've completed the steps to resolve your loan dispute and you still are not satisfied, you may need to contact the Federal Student Aid (FSA) Ombudsman Group of the U.S. Department of Education (ED). The Ombudsman Group is a neutral, informal, and confidential resource to help resolve disputes about your federal student loans.
Contact the Ombudsman Group as a last resort. Make every effort to resolve your student loan problems before contacting the Ombudsman Group.
The FSA Student Loan Ombudsman Group may be contacted via their website, or one of the following alternate ways:
FSA Ombudsman Group
P.O. Box 1843
Monticello, KY 42633