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Federal loans are available to students and/or their parents at low interest rates with the option to defer repayment until after graduation or after the student drops below half-time. Federal 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. However if a student drops below half time enrollment, repayment is not defered. 

EFFECTIVE July 1, 2013:

Time Limitation of Direct Subsidized Loan Eligibility for First-Time Borrowers

There is a limit on the maximum period of time (measured in academic years) that a student can receive Direct Subsidized Loans. In general, students may not receive Direct Subsidized Loans for more than 150% of the published length of their program. For more information regarding this 150% limitation on Direct Subsidized Loans please click here.

Loan Types:

Subsidized – The Direct Subsidized Stafford Loan is awarded to only Undergraduate students demonstrating a financial need as determined by the federal processor as a result of your FAFSA application. Your loan eligibility is also based on your academic level (see chart below). Interest 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. You begin repayment six months after you graduate or stop attending at least half-time.

 Unsubsidized -- a student does not have to demonstrate financial need to receive this loan. You may borrow the cost of attendance minus all financial aid awarded and based on your academic level (see chart below). Interest on this loan is not subsidized by the government. You can choose to pay the interest while you are enrolled, or it will accrue and be added to the principal of the loan that you owe. You begin repayment six months after you graduate or stop attending at least half-time.

 

Eligibility/Requirements:

Recipients of federal loans must meet the following criteria:

  • Be a U.S. citizen or eligible non-citizen
  • Admitted to a degree seeking program or an eligible certificate program
  • Be enrolled at least half time (undergraduates = 6+ credits, graduates = 5+ credits, and law = 6+ credits) when loan proceeds are received.
  • Not be in default on a previous student loan or owe a repayment on a previous federal aid award received at any institution.
  • Applicant cannot have an adverse credit history (for Parent and Graduate Plus loans only).
  • Maintain satisfactory academic progress.

 
Before the Federal Direct Loan(s) will disburse to your student account, you must do the following:

  • Accept your "Offered" Award online at the Accept/Decline link on my.fiu.edu
  • If you are a first-time Federal Direct Loan borrower, complete Entrance Counseling for your particular loan type at studentloans.gov.
  • If you are a first-time Federal Direct Loan borrower, complete and submit the electronic Master Promissory Note at studentloans.gov.

*To complete Entrance Counseling and an eMPN, you will need your FSA ID obtained from the U.S. Department of Education. (Your FSA ID is the same username and password you used to complete your Free Application for Federal Student Aid (FAFSA) online. If you did not complete your FAFSA online, do not have a FSA ID, or have misplaced your FSA ID, visit the U.S. Department of Education's FSA ID site.) You will also need your social security number, driver's license, and two references with different U.S. addresses.

 

Parent Plus - PLUS (Parent Loan for Undergraduate Students)

In addition to the Federal Direct Subsidized and Unsubsidized Stafford Loans available to student borrowers, parents of dependent students may borrow additional funds through the Federal Direct PLUS Loan program. The borrower must be a natural parent, adoptive parent, or stepparent (if his/her income and assets are considered in the Expected Family Contribution) of the dependent student. The lender is the U.S. Department of Education rather than a bank or credit union. Parents may borrow any amount up to the cost of education minus any other financial aid their son or daughter may receive. Eligibility will be based upon a satisfactory credit check.
Parents will need to complete the FIU Parent PLUS Loan Application. This application will initiate the loan application process; you will be notified of your PLUS loan eligibility by the Department of Education. Parents will need to contact the Department of Education for payment arrangements, deferments and forbearance options. Loans are not automatically renewed. Parents must reapply annually.

 

Application Process

  • A completed Free Application for Federal Student Aid (FAFSA) must be on file.
  • For additional information on the FIU Federal Plus Direct Loan click here. Submit your completed FIU Direct PLUS Loan Application found in the Student Loans section at Onestop.fiu.edu/forms.  Please keep a copy for your records.
  • Complete an electronic PLUS Master Promissory Note (MPN) for Parents at StudentLoans.gov
  • If your PLUS Loan is approved, you will receive notification from the U.S. Department of Education. The University will disburse the funds to the parent/borrower's address provided on the FIU Federal Direct Loan Application upon receipt of funds. The Office of Student Financials will deduct from your financial aid any and all monies due Florida International University and remit the balance to the borrower.
  • If your PLUS Loan is denied, you will receive notification from the U.S. Department of Education. You will be given the option, at that time, to obtain an endorser (co-signer) or to appeal the credit decision to continue the loan process.
  • If your PLUS loan is approved with an endorser or appeal, you must complete a PLUS Loan counseling at StudentLoans.gov.
  • If you choose not to submit an endorser application, your student can request an additional unsubsidized loan by submitting the Denied PLUS Form available at Onestop.fiu.edu/forms

 

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Federal PLUS for Graduate + Professional Students -- Graduate students are now eligible to borrow under the PLUS loan program up to their cost of attendance minus other estimated financial assistance. Graduate PLUS Loans are awarded to all graduate students who meet the eligibility requirement upon receipt of your financial aid award letter for each academic year. The loan final approval is based on the borrower credit-worthiness and it will require a credit history approval. Interest payments on this loan are not subsidized by the government. You can choose to pay the interest while you are enrolled at least halftime, or it will accrue and be added to the principal of the loan that you owe. You begin repayment six months after you graduate or stop attending at least half-time.

If your PLUS Loan is denied, you will receive notification from the U.S. Department of Education. You will be given the option, at that time, to obtain an endorser (co-signer) or to appeal the credit decision to continue the loan process.

If your PLUS loan is approved with an endorser or appeal, you must complete a PLUS Loan counseling at www.studentloans.gov

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If loan proceeds have been credited to your student account and you would like to CANCEL/RETURN all, or a portion, of the loan(s), you have 14 days from the date of the loan disbursement to inform the Financial Aid Office of this request. You must submit a completed loan adjustment form that is available under the Forms section. If you received your loan disbursement through a paper check, you must first return the un-endorsed and un-cashed paper check to the Student Financials Office, and they will forward the cancellation request to our office once they have canceled and reversed the check. If you received your loan disbursement via direct deposit, please note that if you cancel all or a portion of the loan, any remaining balance due on your account, or and refund you may have received from the proceeds of this loan is your responsibility to repay. Failure to pay any outstanding balance due to the cancellation or reduction of your loan will result in a HOLD as an Outstanding Balance due and you will not be allowed to request an academic transcript or have access to register for any future enrollment.

 

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For undergraduate students; must be repaid to the school that made the loan; 5% interest rate.  Funds are limited. Annual award up to $4,000.00 for undergraduates students.  Eligible students will receive a communication with instructions for completing a Perkins Promissory Note.

For federal information on Perkins Loans, click here.

 

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Interest Rates for New Direct Loans

On July 1st of each year, the interest rate for Stafford and PLUS loans are subject to change. Current fixed rate for Direct Loans are listed below.

Loan Type

Effective Date

07/01/2017-06/30/2018

 Undergraduate Direct Loans 

Subsidized & Unsubsidized

4.45%

Graduate Direct Unsubsidized Loan

6%

Direct Graduate PLUS Loans

7%

Direct Parent PLUS Loans

(Undergraduate Dependent Students)

7%

Understanding Repayment

When it comes to repaying your federal student loan, there is much to consider. Understanding the details of repayment can save you time and money. Utilize the Federal Student Aid website to find out when repayment starts, how to make your payment, repayment plan options, what to do if you have trouble making payments, and more!

http://studentaid.ed.gov/repay-loans/understand/servicers

 

NSLDS Loan History

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.

http://www.nslds.ed.gov/nslds_SA/

 

Direct Consolidation Loan Information

1-800-557-7394/TTy users can call 1-800-557-7395

http://studentaid.ed.gov/repay-loans/consolidation

 

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Alternative loans are non-federal educational loans available from a variety of national lending institutions. An alternative, or private, loan is a loan in the student’s name, however generally requires the signature of a credit worthy co-signer. Minimums and maximums vary from these loan programs, depending on the lender you choose.

The following chart provides an alphabetical list of all current lenders that Florida International University students have used in the past five years. This list is in no way exclusive or exhaustive of all existing lenders. The Office of Financial Aid will honor requests to certify alternative educational loans from any lender, even those that do not appear on the list.

Private loan lenders are required to obtain from borrowers an Applicant Self-Certification form when requesting any private educational loans. Do not submit your self-certification form to the financial aid office, as FIU cannot complete the form for you. Once you have completed the form you will need to submit it to your lender.

Download the Private Education Loan Self-Certification Form

The following sections of the form must be completed with your financial aid information available by logging-in to your account on my.fiu.edu under View Financial Aid link.

1. Log-in to your account at MyFIU.

2. To view the step by step screen shot.

  • Click on “View Financial Aid” in the center of the screen
  • Select the correct Aid Year ex. 2018 in the left hand side of the screen
  • The loan Period is composed of the academic year, the first day of class in the fall term and the last day of classes in the spring term (August to April). The summer term has a separate loan period and its composed of the start and end date of the summer term (May-August).
  • Sign the form and send it to your lender. Always check with your lender for the possibility of signing your application and Self-Certification Form electronically (E-sign) on your lender’s web site.

 

Citizens Bank 
1-800-721-3969
www.citizensone.com/student-loans

PNC Bank
1.800.762.1001
www.pnconcampus.com/

CuStudentLoans
1.888.549.9050
www.custudentloans.org

Regions Bank
Borrower Phone: 800-858-7822
www.regions.com/smart

Discover Student Loans
1.800.student
www.discoverstudentloans.com
 

Sallie Mae
1.855.429.9759
www.salliemae.com

Navy Federal Credit Union
1.888.842.6328
www.navyfederal.org

Sun Trust Bank
1.888.889.5191
http://suntrusteducation.com

New Jersey Class Loans
1.800.792.8670
www.hesaa.org 

Wells Fargo
1.800.378.5526
www.wellsfargo.com/student

*These lenders may have state residency requirements. Please call the respective lender prior to applying.

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In order for loan funds to disburse to your account, you must complete a Federal Direct Loan Master Promissory Note (MPN) online at StudentLoans.gov.  The MPN is a legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees.  There is one MPN for Direct Subsidized/Unsubsidized Loans and a different MPN for Direct PLUS Loans.  To complete an MPN, you will need your FSA ID obtained from the U.S. Department of Education. (Your FSA ID is the same username and password you used to complete your Free Application for Federal Student Aid (FAFSA) online. If you did not complete your FAFSA online, do not have a FSA ID, or have misplaced your FSA ID, visit the U.S. Department of Education's FSA ID site.) You will also need your social security number, driver's license, and two references with different U.S. addresses.
  

First-time borrowers with the William D. Ford Federal Direct Loan program must complete online entrance counseling at StudentLoans.gov. To complete online entrance counseling, you will need your FSA ID obtained from the U.S. Department of Education. (Your FSA ID is the same username and password you used to complete your Free Application for Federal Student Aid (FAFSA) online. If you did not complete a FAFSA online, do not have a FSA ID, or have misplaced your FSA ID, visit the U.S. Department of Education's FSA ID site.)

Upon completion of the session, you will receive a confirmation page, please retain it for your records. The Financial Aid Office will receive confirmation of completion electronically within 48 hours.

Entrance counseling must be completed before your loan will disburse to your account.

  

 


 


 

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Direct Loan Exit Counseling

Exit counseling is required when you graduate, leave school, or drop below half-time enrollment.  Exit counseling provides important information you need to prepare to repay your federal student loan(s). You will need to provide the name, address, email address, and telephone number for your closest living relative, two references who live in the U.S., and current or expected employer (if known).

Log in to StudentLoans.gov using your FSA ID

  • Select "Complete Counseling" on the left-hand navigation bar
  • Select "Exit Counseling" under "Choose Counseling Type"

If you log in, you will be able to:

  • See your federal student loan information available in the National Student Loan Data System (NSLDS)
  • Notify schools of counseling completion
  • View proof of counseling completion

Please Note:

If you have received a loan (Perkins and/or Stafford) during your enrollment at the University, you will be required to complete an "Exit Interview" prior to leaving the University or graduating, whichever comes first. Stafford Loan recipients can fulfill this requirement by completing the Exit Counseling online. Perkins Loan recipients must sign the appropriate Exit Interview materials available only at the Office of Student Financials/Bursar's Office.

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Annual loan limits are determined by class standing (freshman, sophomore, etc.) and dependency status

Below are federal limits that indicate how much a student may borrow during one academic year based on the student grade level. The annual loan amounts are as follows:

 

Loan Borrowing Limits
(Fall & Spring)
Dependent Maximum Subsidized Additional Unsubsidized Combined Sub & Unsub
Freshmen $3,500 $2,000 $5,500
Sophomore $4,500 $2,000 $6,500
Junior/Senior $5,500 $2,000 $7,500
Independent Maximum Subsidized Additional Unsubsidized
Combined Sub & Unsub
Freshmen $3,500 $6,000 $9,500
Sophomore $4,500 $6,000 $10,500
Junior/Senior $5,500 $7,000 $12,500
Graduate N/A $20,500 $20,500

 

 

 

 

 

 

 

 

 

 

 

 

 

The maximum total loan limits you may receive throughout your academic career is known as the aggregate loan limit. A student who exceeds the aggregate loan limit is ineligible to receive any Title IV funding.

Total Aggregate Limits

Maximum Subsidized Additional Unsubsidized Combined
Subsidized & Unsubsidized
Dependent Undergraduate  $23,000  $8,000  $31,000
Independent Undergraduate  $23,000  $34,500  $57,500
Graduate
(includes undergraduate amount)
 $65,500  $73,000  $138,500

 

 

 

 

 

 

 

 

 

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This institutional Tuition only loan is available to degree-seeking students who are enrolled for a minimum of half-time, approximately, *two weeks BEFORE the beginning of the tuition payment deadline for each semester. Short Term Tuition loans are available to students who qualify up until the tuition payment deadline for each semester.

 The Short Term Tuition loan is used only for tuition and is meant to assist in meeting the deadline for fee payment by providing a portion of the cost of tuition based on enrollment. The loan amount is prorated based on the student's enrollment status and grade level, and must be repaid within 45 calendar days of the first day of classes. A $25.00 service fee is added. Students who qualify will have a Short Term Tuition Loan link to accept the conditions of the Short Term Tuition Loan online under the Accept/Decline link on my.fiu.edu

Once a Short Term Tuition Loan Promissory Note has been completed and posted on your Account as a charge, it cannot be canceled or revised.

Athletic and International Students must obtain approval from the Athletic Department or International Student Services.

*View the University’s Academic Calendar for tuition payment deadline dates.

 

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This institutional program is designed to assist degree-seeking students with unforeseen events that are recognized as emergencies. All Emergency Loan Promissory Notes must be accompanied with written documentation of expenses. The maximum loan is $500 per semester and must be repaid within 30 calendar days. There is a $10 service fee.

 

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SMART BORROWING

Student loans consist of money you borrow which must be repaid in order to avoid DEFAULT. For more information please visit: https://studentaid.ed.gov/repay-loans/default#what

 

Before you take out a loan, it’s important to understand that a loan is a legal obligation that you will be responsible for repaying with interest. You may not have to begin repaying your federal student loans right away, but you don’t have to wait to understand your responsibilities as a borrower.

Before making the decision to borrow, make sure you fully understand the implications of borrowing student loans, and borrow only the amount necessary to cover your educational expenses.  Bure sure to read the information available at https://studentaid.ed.gov/types/loans.

If you decided to borrow federal student loans follow these TIPS:

  1. Know what you owe: www.nslds.ed.gov 
  2. Sign up online with your Loan Servicer(s)
  3. Choose the right repayment plan for you: www.studentaid.ed.gov/repay-loans/understand/plans
  4. Keep in touch with your financial aid office and student loan servicer.
  5. Contact FIU's Default Prevention team at defmgmt@fiu.edu

 

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