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Loan Application Procedures

Federal School code: 003724

FOR ALL STUDENT STAFFORD LOAN BORROWERS:
(New & Returning – even if you previously borrowed)
To apply for Stafford Loans you must
 
      1. Go to www.studentloans.gov 
      2. Sign-In using your FAFSA pin # 
      3. Complete Entrance Counseling (ALL students must do this step for 2010-11) 
      4. Click on “Submit a Master Promissory Note” and follow all on-line instructions

FOR GRADUATE STUDENT GRADPLUS BORROWERS:
To apply for GradPlus Loans you must
 
      1. Go to www.studentloans.gov 
      2. Sign in using your FAFSA pin # 
      3. Complete Entrance Counseling (ALL students must do this step for 2010-11) 
      4. Click on “Request PLUS Loan” (on left sidebar)
      5. Complete the Master Promissory Note

FOR ALL PARENT PLUS LOAN BORROWERS:
To apply for Parent Plus Loans you must
 
      1. Go to www.studentloans.gov 
      2. Sign in with the pin# you used to sign your students’ FAFSA 
      3. Click on “Start the PLUS Application Process” and follow online instructions including completing the Master Promissory Note

Important Points

The information below is provided as you consider the loan portions of your financial aid award. If you decide you wish to decline or lower the loans listed, please cross through them on the award letter and return it to our office within 2 weeks of the date of disbursement.

FEDERAL DIRECT STAFFORD LOANS are the most common source of educational loan funds. There are two types: Subsidized and Unsubsidized. Subsidized loans are need-based. The federal government pays the interest on the Subsidized Stafford Loans while the student is in school. The Unsubsidized Stafford Loan is not need-based and the student is responsible for the interest on the loan as soon as it is taken out. The interest rate for undergraduate Subsidized Stafford Loans is 4.5%. The interest rate for Unsubsidized Stafford Loans and Graduate Subsidized Stafford loans is 6.8%. Repayment begins 6 months after the student either graduates or drops below half-time. The school determines the amount of your eligibility and it is shown on your financial aid award letter.

FEDERAL PARENT PLUS LOANS and GRAD PLUS LOANS are low interest education loans for either parents of undergraduate, dependent students or graduate students themselves. These loans can be used to help pay up to the entire cost of education including tuition, fees, room/board and books. The PLUS loan is not based on income or assets, however to qualify you must pass a credit check. The federal interest rate for both types of PLUS loans is 7.9%. Repayment can be deferred until 6 months after student either graduates or drops below half-time. At Marymount, a FAFSA is required in order to apply for a PLUS loan.