A variety of education loans programs are available
to college students, including Federal Stafford Loans as
well as non-federal, alternative loans offered
by various banks and lending groups.
To be considered for Federal Stafford Loans, a student
must first complete the Free Application
for Federal Student Aid. After our office has received
the FAFSA results and confirmed a student's Stafford eligibility,
we will mail a financing packet that includes the necessary
paperwork for securing the loan.
Included in the packet will be a promissory note on which
the student will specify a lender to fund the loan. St.
Edward's maintains a list of
Stafford lenders which provide a high level of customer
service and offer competitive repayment benefits for responsible
borrowers. In addition to the promissory note, all new
Stafford loan borrowers at the university must also complete
a Entrance
Loan Counseling session, as required per federal law.
This online session familiarizes students with the terms
and conditions of the Stafford loan program, as well as
their rights and responsibilities as loan borrrowers. |
| FEDERAL STAFFORD LOANS |
Two classifications of Stafford Loans exist: subsidized
and unsubsidized.
- Subsidized Stafford Loans are need-based. The federal
government will pay interest on the loan while the student
is enrolled in a degree-seeking program at least half-time
and during the grace period before repayment begins.
- Unsubsidized Stafford Loans are available to students
who do not qualify for subsidized loans. With an unsubsidized
loan, the borrower is responsible for the interest which
accrues during periods of enrollment as well as repayment.
|
| STAFFORD LOAN ENTRANCE
COUNSELING
FOR NEW BORROWERS |
lf you are a new Stafford loan borrower, you can fulfill
this requirement by completing the On-Line
Stafford Loan Entrance Counseling Session sponsored
by Mapping Your Future, Inc., which will notify our office
by e-mail
once you have successfully completed the session. |
| STAFFORD LOAN EXIT COUNSELING
FOR GRADUATING BORROWERS |
| If you are a Stafford loan borrower who
will be graduating at the end of the semester, you should
complete the On-Line
Stafford Loan Exit Counseling Session sponsored by
Mapping Your Future, Inc. Our office will be notified
by e-mail
once you have completed the session.
Please note that your diploma will not be released until
an exit loan session has been completed.
|
| ALTERNATIVE
LENDING OPTIONS |
| St. Edward's maintains information on a number of alternative
loan programs. Generally, these loans are deferrable while
the student is enrolled in school at least part-time. Additionally,
these loans do not require a student to complete a need
analysis document (the Free Application for Federal Student
Aid), although they do require the completion of a loan
application/promissory note.
To apply for one of the following loans please go online
or call the toll free number associated with the loan. Please
DO NOT return any paper work
associated with these loans to the Student Financial Services
Office. If you need to turn in documents such as a signed
application submit them DIRECTLY
to the lender. We can not be held
responsible for alternative loan documents turned in to
our office! For more information regarding these
various alternative loan programs please contact our Alternative
Loan Coordinator at
512-233-1616 or follow the links below:
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