2015-2016 - page 23

EASTERN IDAHO TECHNICAL COLLEGE_ ___________________________________________________________ 2015-2016
22
Unsubsidized Loan (FDUL):
Interest will accrue while you
are in school. To be awarded this loan a student must:
• Complete the FAFSA
• Be enrolled at least half-time (6 credits)
• Accept on WebAdvisor
Parent Plus Loan (PLUS):
Interest will accrue while student is
in school. To be awarded this loan a student must:
• Complete the FAFSA
• Be a dependent student
• Parent must pass credit check
Most students begin repayment six months after leaving college
or when they drop below half-time status (6 credits). Under
some conditions repayment may be deferred.
How much can I borrow?
Depending on your year of study,
the federal government limits the amount you can borrow. These
amounts are the maximum; your amount may vary depending on
financial need and other types of aid awarded.
Subsidized and Unsubsidized Direct Loans for Independent
Students
Freshman year up to $9,500
Sophomore year up to $10,500
Freshman year
$9,500 if you’re a first-year student enrolled in a program of
study that is at least a full academic year. No more than $3,500
of this amount may be in subsidized loans.
Sophomore year
$10,500 if you’ve completed your first year of study and the
remainder of your program is at least a full academic year. No
more than $4,500 of this amount may be in subsidized loans.
Subsidized and Unsubsidized Direct Loans for Dependent
Students
Freshman year up to $5,500
Sophomore year up to $6,500
Freshman year
$5,500 if you’re a first-year student enrolled in a program of
study that is at least a full academic year. No more than $3,500
of this amount may be in subsidized loans.
Sophomore year
$6,500 if you’ve completed your first year of study and the
remainder of your program is at least a full academic year. No
more than $4,500 of this amount may be in subsidized loans.
For dependent students, Direct Loan limits include unsubsidized
and subsidized amounts borrowed in the same year. (See
Aggregate maximum).
equivalent) to 12 semesters (or its equivalent). The calculation of
the duration of a student’s eligibility will include
all
years of the
student’s receipt of Pell grant funding. If a student has received
the equivalent of 12 full-time semester of Pell, he/she will no
longer be eligible for Pell funding. For more information on Pell
Grant Lifetime Eligibility, visit:
.
TYPES OF FINANCIAL AID
Federal Pell Grants:
Federal Pell Grants provide direct grants
from the government to the undergraduate student
for educational expenses. Grants range in size from $400 to a
maximum of $5,730 per year and amounts are subject to change.
Federal Supplemental Educational Opportunity Grant
(FSEOG):
The FSEOG is a program designed to assist students
who have exceptionally high financial need. The College uses
the FAFSA to determine who is eligible and how much each
grant will be. Students with Pell Grant eligibility and low
Estimated Family Contribution (EFC) will be given priority.
Work-Study:
Federal and Atwell Parry Work-Study are awarded
to students who demonstrate financial need and want to work
while attending college. The work-study program provides
on-campus jobs for students and allows you to earn up to a
specific dollar award. You will earn at least federal minimum
wage and be paid by the hour. You may work up to
20 hours per week.
Federal Direct Student Loan Program (FDSLP):
This is a low interest loan to help you pay for educational
expenses. The interest rate is fixed and has been set by the
federal government. The U.S. Government is the lender. Direct
loan eligibility is determined by your year of study, federal
limits, financial need, and other types of aid awarded.
Borrowers must do the following to receive their student loans:
• Complete a FAFSA
• Accept loan on Web Advisor
• Complete Entrance Loan Counseling
• Complete Master Promissory Note (MPN)
New borrowers on or after July 1, 2013 can only receive
subsidized loans for 150% of the published time of the academic
program they are enrolled in. Transfer students’ loan eligibility
may be affected.
Types of loans:
Subsidized (FDSL), Unsubsidized (FDUL), and
Parent Plus Loan.
Additional unsubsidized loans may be available to students
whose parent cannot qualify for Parent Plus Loans or for
independent students requesting an additional loan.
Subsidized Loan (FDSL):
The government pays the interest
while you are in school. To be awarded this loan a student must:
• Complete the FAFSA
• Be enrolled at least half-time (6 credits)
• Demonstrate financial need
1...,13,14,15,16,17,18,19,20,21,22 24,25,26,27,28,29,30,31,32,33,...91
Powered by FlippingBook