Lenders
Factors
to consider when choosing a lender............
Stafford
Loans - Students will be notified by the
University of their financial aid award package. At that
time, students are required to select a lender. Most lenders
utilize our electronic processing procedures to speed
the delivery of loan proceeds. We recommend keeping all
of your Stafford loans with one lender for convenience.
This will avoid confusion of having to make payments to
several different lenders once in repayment. Beginning
fall 2007 the Stafford limit will be $20,500 per academic
year ($8500 subsidized and $12,000 unsubsidized) with
a fixed 6.8% interest rate and a 6 month grace period.
Grad
Plus Loans - Federal credit-based loans are
for students who require education funding up to the Cost
of Education (COE), minus any other financial aid. Students
must apply through Loans
by Web. Do Not Apply Through the Lender. Once credit
approved, the lender will notify the school for certification.
Here
are a few facts about the Grad PLUS Loan:
Fixed
8.5% interest rate for the life of the loan.
No loan limits - borrow up to the full cost of education
annually minus any other financial aid received.
Minimal credit requirements. Approval is not based on
income, financial need or a debt-to-income ratio. Borrowers
may be up to 180 days late on payments on their primary
mortgage or medical bills and still qualify for these
federal loans. Previously, no bill could be more than
90 days past due to meet the federal government’s
basic credit test.
No payments required while in school Student will go
into repayment once they drop below ½ time (6
hours) or upon graduation.
Deferment and forbearance options are available during
periods of financial difficulty or bar study.
Flexible repayment options including Level, Extended,
Graduated and Income Sensitive plans.
Bar Loans
- Credit based private loans available to law students
who are in their final year of study and need resources
to finance expenses associated with studying for the Bar
examination. Processing fees may be deducted at disbursement
and a supplemental guarantee fee may be charged at repayment.
Disbursement(s) is (are) made payable to the graduate
at their requested mailing address.
Currently we are not recommending any lenders.
revised 5/07
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