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Federal Direct Unsubsidized Loan2018-19Fact Sheet & Loan RequestThe Federal Direct Unsubsidized Loan is a low-interest loan available for students for postsecondary educational expenses. The current interest rate is 6.6%. Most matriculated students are eligible for a Federal Direct Unsubsidized Loan for the 2018-19 academic year. The loan is made directly to the student; however, the funds will first disburse to the student’s Boston University account and pay for University charges. The student is responsible for repayment. Federal Direct Unsubsidized LoanYou will be charged interest at 6.6% while you are in school. Interest accrues and must be paid by the borrower or capitalized during periods of in-school enrollment and/or deferment. Who is eligible to apply?Wheelock Graduate Students are eligible to participate in the Direct Loan Program if they are: U.S. citizens, permanent residents, or eligible non-citizenenrolled in a degree program,registered for at least 6 credit hours per semester (half-time) which are accepted towards the degree program.maintain satisfactory academic progress at Boston UniversityHow much may I borrow?The maximum Federal Direct Unsubsidized Loan amount for graduate students for the 2018-2019 academic year is $20,500 minus any amount that was requested during the summer term. The maximum cumulative Federal Direct Loan amount is $138,500, including any amount borrowed for undergraduate study.Federal Financial aid may not be used for coursework that is not required by a student’s degree program.What is the Origination Fee?Consistent with federal regulations, Federal Direct Unsubsidized Loans have an origination fee that will be deducted from the loan amount; therefore, the amount disbursed to your account will be less than your loan amount you requested. For loans that originate between 10/1/17 and before 10/1/18 the rate is 1.066%. For loans that originate between 10/1/18 and before 10/1/19 the rate is 1.062%.When do I apply? We recommend that you submit your loan application early. Loan eligibility cannot be determined until you are registered. It is important that your request be submitted as soon as possible after registering for your classes.How do I apply?Complete the Free Application for Federal Student Aid (FAFSA). The FAFSA can be completed online at . Please list “Boston University” using Federal School Code Number 002130 as a recipient of your FAFSA data. Federal Student Aid Programs will process your FAFSA and forward your data to Boston University. After your FAFSA has been processed, you will receive a Student Aid Report (SAR) from the Department of Education. You should review this report for additional information regarding your aid eligibility, and make any corrections if necessary.Students must complete the Direct Unsubsidized Loan Request Form at least three weeks before the end of the academic period. Federal legislation prohibits Boston University from certifying a federal loan after the academic period has ended. If this is the first time borrowing a loan for this current degree, Entrance Counseling must be completed. The requirement can be completed online at . Entrance counseling must be completed before loan funds can be disbursed to Boston University.If this is the first time borrowing a loan for this current degree, a Master Promissory Note (MPN) must be signed. All other borrowers will not need to complete a Federal Direct Master Promissory Note. The borrower can complete the promissory note online at using the FSA ID, which is made up of a username and password. If you do not already have a FSA ID, you can create one when logging in to .When does repayment begin? The repayment period for the Direct Unsubsidized Loan begins six-months after you graduate, leave school, or drop below half-time enrollment (6 credits a semester). This is your six-month grace period. During this period, you’ll receive repayment information from your loan servicer, and you’ll be notified of your first payment due date. During this time and any time after the loan disburses you can pay on the interest.When will the loan funds be available?Once your loan has been approved by the Direct Loan Center, funds will be credited to your account electronically within three to five business days; this will occur about a week before classes start (prior to this, your loans will appear on your account as pending status). Disbursement will occur no earlier than 10 days before the start of the semester. Students must then request a refund through the Student Link. Refund requests will be reviewed and the funds released beginning the first day of classes for a given semester.Please view the official federal aid website for more information on the Direct Unsubsidized Loan program: DIRECT UNSUBSIDIZED LOAN REQUESTPlease PRINT and COMPLETE the Loan Request form below and submit to the Wheelock Student Services, 2 Silber Way, Room 124, Boston, MA 02215 or email to sedaid@bu.edu_______________________________________________________________________Student Name: LastFirstBU Identification Number __________________________________________________E-mail Address Exp. Graduation DateDefault Certification: If you are in default on any loan received under the Direct Loan, the Federal Family Education Loan or the Federal Perkins Loan Programs (including the National Direct Student Loans), you may not be eligible to receive a Direct Unsubsidized Loan unless you have made satisfactory repayment arrangements with the loan holder to repay the amount owed. Check the box below to certify that you meet this requirement. I am not in default on a loan received under the programs listed above, or if I am in default, I have made satisfactory arrangements with the loan holder to repay the amount owed.Prior to June 1, 2018 I was a student at Wheelock College YES NO Loan amount received for the Summer 2018 terms: $ _________________.Total loan amount you are requesting for the 2018-19 academic year to the extent that you are eligible: $ _________________. (max $20,500)This amount is for the entire academic year. Loan requests are equally disbursed among all semesters in which a student is attending and eligible, unless otherwise specified. Please note that there is an origination fee (see the first page of the fact sheet) that will be deducted from the loan amount prior to the loan disbursing to your student account.Requesting a loan for only one semester do to enrollment changes: YES NO In order for your loans to be processed, you must provide Wheelock Student Services the following information. If courses in your program are split into two 7-week sessions per semester (i.e. many online programs) please fill out the number of credits in each session. Otherwise, please use the total field.Number of credits:Fall 1 2018 ________ Fall 2 2018 _________ Total Fall 2018 _________Spring 1 2019 ______ Spring 2 2019 ______ Total Spring 2019 _______Any student aid (i.e., tuition reimbursement, scholarship, etc.) anticipated for 2018-19 from a source other than this loan:Source _______________________Amount $ ________________Source _______________________Amount $ ________________By my signature below I acknowledge that the above information is true and correct. I am aware that this only an application for a loan. I understand that I must notify Boston University SED Financial Assistance regarding any and all changes to the above information. I understand that changing my enrollment (dropping/changing classes, etc.) may reduce or eliminate my eligibility for a Direct Loan. All charges on my student account not covered by financial aid are my responsibility._________________________________________________________________________Student’s Handwritten Signature RequiredDateFOR OFFICE USE ONLY: ____Degree ____Campus ____FA File Year (TR14) ____FAFSA (FN23) ____ ENTRN (FN23) ____ Balnc (FN23)____RG53 (# of credits) ____Notes (FN26) ____ SAP (TR14) ____FNA5 ____FN14 (IRS Code) ____ FNA3 ___________ Date Applied (LAP) ___________ App. Semester ___________ App. Year___________ Date Awarded (LRE) ___________ Date CancelledStatus: ? Applied ? Awarded ? Ineligible ? Cancelled FOR OFFICE USE ONLY: ____Degree ____Campus ____FA File Year (TR14) ____FAFSA (FN23) ____ ENTRN (FN23) ____ Balnc (FN23)____RG53 (# of credits) ____Notes (FN26) ____ SAP (TR14) ____FNA5 ____FN14 (IRS Code) ____ FNA3 ___________ Date Applied (LAP) ___________ App. Semester ___________ App. Year___________ Date Awarded (LRE) ___________ Date CancelledStatus: ? Applied ? Awarded ? Ineligible ? Cancelled ................
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