Manual 21110330

Manual 21110330
 Federal Direct Unsubsidized Stafford Loan
2015-16
Fact Sheet & Loan Request
The Federal Direct Stafford Loan is a low-interest loan available for students for postsecondary educational
expenses. The current interest rate is 5.84%. Most matriculated students are eligible for a Federal Direct
Stafford Loan for the 2015-2016 academic year. The loan is made directly to the student, however the funds
will first disburse to the student’s Boston University account. The student is responsible for repayment.
Federal Direct Unsubsidized Loan
You will be charged interest at 5.84% while you are in school. Interest accrues and must be paid by the
borrower or capitalized during periods of in-school enrollment and/or deferment.
Who is eligible to apply?
SED Graduate Students are eligible to participate in the Direct Loan Program if they: (1) are U.S. citizens or
permanent residents, (2) are enrolled in a degree program, (3) are registered for at least 6 credit hours per
semester which are accepted towards the degree program.
How much may I borrow?
SED Graduate Students who meet eligibility requirements and who enroll full-time for the 2015-2016
academic year may borrow up to $20,500 through the Federal Direct Stafford Loan Program for the
academic year minus any amount that was requested during the summer term. Students who enroll in at
least half-time (6 credits) may borrow up to their cost of attendance, but not exceeding $20,500 per
academic year, minus any amount that was requested during the summer term. Federal Financial aid may
not be used for coursework that is not required by a student’s degree program.
Origination Fee: Consistent with federal regulations, Federal Direct Stafford Loans have an origination fee
that will be deducted from the loan amount; therefore the amount disbursed to your account will be less
than your loan amount you requested. For loans that originate between 10/1/15 and before 10/1/16 the rate
is 1.068%.
When does repayment begin?
The repayment period for the Direct Unsubsidized Loan begins six-months after you graduate, leave school,
or drop below half-time enrollment. This is your six-month grace period. During this period, you’ll receive
repayment information from your loan servicer, and you’ll be notified of your first payment due date.
When will the loan funds be available?
Once your loan has been approved by the Direct Loan Center, funds will be credited to your account
electronically within three to five business days; this will occur about a week before classes start (prior to
this, your loans will appear on your account as pending status). Disbursement will occur no earlier than 10
days before the start of the semester. For first time borrowers, funds cannot be disbursed until the Entrance
Counseling and Promissory Note requirements have been fulfilled. Students must then request a refund
through the Student Link. Refund requests will be reviewed and the funds released beginning the first day of
classes for a given semester.
Please view the official federal aid website for more information on the Stafford Loan program:
https://studentaid.ed.gov
2015-2016 DIRECT UNSUBSIDIZED STAFFORD LOAN REQUEST
Please PRINT and COMPLETE the Loan Request form below and submit to the
SED Graduate Student Services, 2 Silber Way, Room 127, Boston, MA 02215.
Forms may also be emailed to [email protected]
Please call 617-353-4237 with questions
____________________
_____________________
________________________
Student Name: Last
First
Current Phone Number
____________________
_____________________
________________________
BU Identification Number
Expected Graduation Date
E-mail Address
Default Certification: If you are in default on any loan received under the Direct Loan, the Federal Family Education Loan or the
Federal Perkins Loan Programs (including the National Direct Student Loans), you may not be eligible to receive a Direct
Unsubsidized Loan unless you have made satisfactory repayment arrangements with the loan holder to repay the amount owed.
Check the box below to certify that you meet this requirement.
I am not in default on a loan received under the programs listed above, or if I am in default, I have made satisfactory
arrangements with the loan holder to repay the amount owed.
Total loan amount you are requesting for the 2015-2016 academic year to the extent you are eligible:
$ _________________.
(max $20,500)
This amount is for the entire academic year. Loan requests are equally disbursed among all semesters in which a student is
attending and eligible, unless otherwise specified. Please note that there is an origination fee of 1.068% that will be deducted from
the loan amount prior to the loan disbursing to your student account.
In order for your loans to be processed, you must provide BU Financial Assistance with the following
information:
•
•
Number of credits:
Fall 2015 ________ Spring 2016 ________
Any Funds anticipated for 2015-16 from a source other than this loan:
Source _______________________
Amount $ ________________
Source _______________________
Amount $ ________________
By my signature below I acknowledge that the above information is true and correct. I am aware that this only an application for a
loan. I must sign and complete a Master Promissory note, and complete entrance counseling if I am required to do so. I
understand that I must notify Boston University Financial Assistance regarding any and all changes to the above information. I
understand that changing my enrollment may reduce or eliminate my eligibility for a Stafford Loan. All charges on my student
account not covered by financial aid are my responsibility.
______________________________________________________________
Signature
________________
Date
FOR OFFICE USE ONLY: ______ FA File Year (TR14) __FAFSA (FN23) __ ENTRN (FN23) __ RG53 (# of credits) __ FNA5 __ FN14 (IRS Code) __ FNA3 ___________ Date Applied (LAP) ___________ App. Semester ___________ App. Year ___________ Date Awarded (LRE) ___________ Date Cancelled Status: ☐ Applied ☐ Awarded ☐ Ineligible ☐ Cancelled 
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