| Federal Student Loans |
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Marygrove College participates in the FFELP/Stafford Loan Program. FFELP/Stafford Loans are federally guaranteed student loans available through private lenders. There are two basic types of federal student loans: Subsidized and unsubsidized loans.
Subsidized loans are awarded to student based on financial need. The interest is paid by the government until six months after the student ceases to be enrolled at least half-time.
Unsubsidized loans are awarded to students regardless of need. The student is responsible for the interest while enrolled and any unpaid interest is capitalized to the loan once the student ceases to be enrolled at least half time.
Both loan programs are guaranteed by the federal government. There is also a limit on the amount a student can borrow. Students must do Entrance Loan Counseling and sign a Master Promissory Note (MPN) before the loan will disburse to the student’s account.
Students are able to select from a number of reputable FFELP/Stafford Lenders. If you are having trouble locating a lender, please contact the Enrollment Center.
Limits are placed on student borrowing based on a number of factors including grade level, financial need, independent/ dependent student status, cost of attendance (COA) and remaining aggregate loan limits.
Dependent student annual loan limits are as follows:
- Freshmen (0-31 credits): $3,500
- Sophomores (32-63 credits): $4,500
- Juniors and Seniors (64+ credits): $5,500
- Graduate Students: $8,500
Independent students and students whose parents are denied the PLUS Loan are eligible for an additional unsubsidized loan in the amounts listed per academic year:
- Freshmen and Sophomores: $4,000
- Juniors and Seniors: $5,000
- Graduate students: $12,000
Aggregate Loan Limits (includes subsidized and unsubsidized federal student loans combined):
- Undergraduate Students: $46,000
- Graduate Student: $138,500 (undergraduate and graduate level loans combined)
There is no aggregate loan limits for PLUS and Grad PLUS loans.
Need to find out how much you’ve borrowed? www.NSLDS.ed.gov shows all student and parent loans as well as federal grant information from all schools attended.last updated 4/08