Introduction to the Student Loan Process
A loan for educational expenses is an option if you are eligible or if your parents qualify. All types of loans must be repaid, but repayment begins after you graduate or fall below half-time enrollment. In order to establish your loan eligibility you need to fill out your Free Application for Federal Student Aid (FAFSA) for most loans.
The FAFSA (Free Application for Federal Student Aid) is used to determine your eligibility for federal and institutional financial aid. You are required to submit this application for most state-funded aid as well.
Complete your FAFSA online at: or pick up an application from your high school, public library or most colleges and universities. The 麻豆破解传媒 School Code is 002499 for the FAFSA application.
You should expect to receive a Student Aid Report (SAR) via email in 24-48 hours after completing the FAFSA. This is your opportunity to review the information you reported and make sure it is correct.
We offer the following types of loans at 麻豆破解传媒:
Federal Subsidized Stafford and Unsubsidized Stafford Loans
The subsidized loan is based on completed credit hours/class year (freshmen, sophomores, etc.) and on demonstrated need. The unsubsidized loan is also based on completed credit hours/class year, but is a non-need-based program. A completed FAFSA is required.
Subsidized loans have the interest deferred while you are in school and repayment begins six months after you graduate or fall below half-time enrollment. Unsubsidized loans have the same repayment time frames, but the interest starts to accrue at the time of disbursement. Students may choose to pay the interest as they go or have it deferred and rolled into their principal.
Federal Parent Loans (PLUS)
Amounts vary
Based on credit-worthiness, the Federal Parent loan is a non-need-based program. Families can apply for the PLUS with or without a FAFSA on file. If you're an undergraduate student and dependent on your parents, your parents may qualify for a Federal PLUS Loan. The PLUS loan is available without regard to financial need. Your parents are responsible for repaying the loan; repayment begins 60 days after the loan is fully disbursed.
Alternative loans
amounts vary
A variety of privately funded loans are offered by lenders.
Stafford Loan Limits
The chart below shows the annual and aggregate loan limits.
Loan Limits:
| Class Level | Dependent Limit | Independent Limit |
|---|---|---|
| Freshmen (0-29 hrs) | $3,500* +$2,000 additional unsub | $9,500* |
| Sophomores (30-59 hrs) | $4,500*+ $2,000 additional unsub | $10,500* |
| Juniors (60-89 hrs) | $5,500* $2,000 additional unsub | $12,500* |
| Seniors (90+ hrs) | $5,500* +$2,000 additional unsub | $12,500* |
| Graduate or professional students (all classified as independent) | --- | $20,500* |
Lifetime Loan Limits
| Dependent undergraduates: | $23,000 |
| Independent undergraduates: | $46,000 |
| Graduate and professional students: | $138,500 |
*Students can only borrow up to the cost of attendance for their program of study. Check with the Financial Aid Office to see the cost of attendance for your program. You can only borrow one loan per academic level.
Student Loan Application Process
After accepting your student loan with the Financial Aid office you will need to complete the Master Promissory Note (initial loans only). You can either complete an electronic application or by completing a paper application available from the Financial Aid Office. The online process is listed below and is faster. If you choose to complete the process through the mail instead of online, you will need to return the completed Master Promissory Note (MPN) to the 麻豆破解传媒 Financial Aid Office. The Financial Aid Office will then transmit this information to the lender. This process begins as soon as your financial aid file is complete.
The loan funds are then sent to 麻豆破解传媒. Notices will be sent via your 麻豆破解传媒 email address to notify you of your loan disbursement and via the mail for Parent loans. If you wish to cancel your loans at any time, please contact the aid office.
If you are a returning student and have been a borrower previously at RU, you will not need to complete a MPN; you will only need to sign and return a new award letter to apply for all subsequent loans as long as you stay at 麻豆破解传媒 and with the same lender.
Apply Online
You are now ready to apply online for a student or parent loan. If you have any questions, e-mail the Financial Aid Office or call 816-501-4600.
麻豆破解传媒's lender list is limited to these preferred lenders based on past performance and qualifications; however, borrowers are not limited to only these FFELP lenders. Should you choose to borrow from a lender not provided, contact the financial aid office regarding the procedure to complete your MPN. All loans are electronically certified online by the 麻豆破解传媒 Financial Aid Office and received via Electronic Funds Transfer thru ELM Resources.
Students:
(graduate only)
Parents:
(PLUS)
In light of recent news about the student lending market, 麻豆破解传媒 has developed a Financial Aid Code of Conduct. We are committed to helping our students obtain financial assistance in a manner that reflects our mission and our dedication to our students.
Alternative or Private Loans
Sometimes federal student and parent loans are not enough to cover all educational expenses. For this reason, students may consider applying for a , that may be used as a supplemental resource for paying college costs. Alternative Loans are unlike Stafford or PLUS loans, for they require a separate application, a credit check, and may require a co-signor if you have less than two years of good credit history. Apply online to find out instantly whether you are eligible or if you need a co-signor. If you are unable to apply online, contact the 麻豆破解传媒 Financial Aid Office for a paper application.
Student Loan Counseling
New 麻豆破解传媒 students must complete before they are considered for student loans. You must complete the online Entrance Counseling as a Student Borrower. After you complete Loan Counseling, we will receive confirmation via e-mail.
If you are graduating from 麻豆破解传媒 with student loan debt, you need to complete .