|
Scholarships & Financial Aid |
|||||||||||||||||||||||||||||
Student Loans
The federal Stafford Loan program allows eligible students to borrow up to $31,000 during their undergraduate education. Annual levels may not exceed the following: First year: $3,500 For first-time borrowers, the Stafford Loan requires an additional form, the Master Promissory Note (MPN) which is available through Susquehanna. For an understanding of how lenders are selected for recommendation to SU students and their families, please see our institutional statement on this subject. The completed Stafford loan MPN is returned directly to Susquehanna's Financial Aid Office, where we will certify your ability to borrow. The entire process takes up to four weeks. Repayment begins six months after you graduate, withdraw, or are no longer enrolled half-time. As of July 1, 2008 the current interest rate is fixed at 6.0 percent for Subsidized Stafford Loans. The chart below indicates the additional interest rate reductions to the subsidized Federal Stafford Loan Program. Click here for a Stafford Loan sample repayment chart. The College Cost Reduction and Access Act of 2007 reduced the interest rates on subsidized Stafford loans for undergraduate students starting July 1, 2008. These reductions are available only to undergraduate students, not graduate students, and only for subsidized Stafford loans, not unsubsidized Stafford loans. The interest rates are illustrated in the following table.
Susquehanna University Recommended Lenders for 2008-2009.
$2,000 Additional Unsubsidized Stafford Loan available to all students.
The federal Perkins Loan provides for loans ranging from $1,000 to $4,000 per year. Repayment of the loan at 5 percent interest begins nine months after you leave Susquehanna. Repayment can be deferred for students who attend graduate school, enter military service, or enroll in the Peace Corps or AmeriCorps. At Susquehanna, this program is used to supplement the Stafford Loan for some students, usually limited to the first and second years of study. Unsubsidized Stafford Loan. If you are not eligible for the federally-subsidized, need-based Stafford Loan, you may be eligible to borrow up to the Stafford annual maximums ($3,500 for first-year students, $4,500 for sophomores, and $5,500 for juniors and seniors) from this program. The interest rate on the borrowed amount is the same as for the Stafford Loan. There is no payment due on the principal until six months after the borrower is no longer enrolled at least half-time. However, borrowers are obligated to make quarterly interest payments (or to have them added to the principal) throughout the in-school period. You apply by completing the standard need-based aid application process and a Stafford Loan Master Promissory Note (MPN). Alternative loan options. There are a variety of private loans for education which are available to Susquehanna students. You and your family are always best-advised to pursue federal education loans first (Stafford and PLUS) since they carry lower, and often tax-deductible, interest. However, for families who wish to handle additional borrowing through one of these programs, our staff is available to help you sort through the options and evaluate which loan may make sense for your particular situation. Since these loans are non-federal, there is no cap on their interest rates (currently ranging from 7.5% upward) which are subject to change quarterly, or occasionally, monthly. For information and/or application material, please contact our office. Your Credit Score. The importance of good credit--and how to keep it in good shape. Stafford Exit Counseling PowerPoint presentation. This important information is presented to all students leaving SU who borrowed through the Stafford Loan Program. It gives detail concerning repayment, deferment and forebearance options. Student Loan Rebates-- Minimize the cost of Stafford Loan repayment. Through purchase rebate programs like UPromise, American Education Services (AES) offers borrowers the opportunity to link these rebates to their loans to accelerate repayment. Check it out! |
||||||||||||||||||||||||||||||
