FEDERAL STUDENT LOANS (2014-2015) - Lamar University
ELIGIBILITY:
FEDERAL STUDENT LOANS (2014-2015)
U.S. citizen or permanent resident Enrolled at least half time in a qualified program Not in default on any prior federal student loans Not previously convicted of a drug offense while receiving federal financial aid Registered for Selective Service (if applicable)
Note: Total aid, including student loans, cannot exceed the school's total cost of attendance (tuition and fees, room and board, transportation, personal and miscellaneous expenses).
TYPES OF LOANS ELIGIBILITY:
Direct Loans
Direct Subsidized
o Undergraduate students o Need-based o No credit check required o No interest for borrower while enrolled at least half
time and for six months after o Required monthly payments begin six months after
leaving school o Only available for 150% of the published length of
the student's program
Direct Unsubsidized
o Undergraduate students o Graduate students o Not need-based o No credit check required o Interest is charged for the life of the loan o Required monthly payments begin six
months after leaving school
PLUS Loans
Parent PLUS o Parents of dependent, undergraduate students o Parents must be U.S. citizens or permanent
residents o Parents are responsible for all principal and interest o Not need-based o Credit check required (credit requirement can be
met by a cosigner) o Interest is charged for the life of the loan
Grad PLUS o Graduate students o Not need-based o Credit check required (credit requirement
can be met by a cosigner) o Interest is charged for the life of the loan
LOAN LIMITS: Annual
Year
1st year 2nd year 3rd year & beyond Graduate or Professional
Direct Loans
Dependent Students
Total
Allowable
Subsidized from
Total
$5,500
$3,500
$6,500
$4,500
$7,500
$5,500
Independent Students*
Total
Allowable
Subsidized
from Total
$9,500
$3,500
$10,500
$4,500
$12,500
$5,500
N/A
N/A
$20,500
N/A
studentaid.
Aggregate
Undergraduate Graduate or Professional
$31,000 N/A
$23,000 N/A
$57,500 $138,500**
$23,000 N/A
*Dependent undergraduate students, whose parents are unable to obtain PLUS loans, qualify for independent student limits.
**Aggregate totals for graduation or professional students includes undergraduate borrowing.
Annual Aggregate
PLUS Loans Total Cost of Attendance (COA) ? other financial aid None
INTEREST RATES:
Loan Type Direct Subsidized Direct Unsubsidized Direct Unsubsidized Parent PLUS Grad PLUS
Borrower Type
Undergraduate Undergraduate Graduate or Professional Parent of Undergraduate Graduate or Professional
Rate
4.66% 4.66% 6.21% 7.21% 7.21%
All of the above interest rates are fixed for the life of the loan.
FEES:
Direct Subsidized Direct Unsubsidized Parent PLUS Grad PLUS
Loan Type
Fee 1.072% 1.072% 4.288% 4.288%
DURING REPAYMENT:
What Rate Reduction
Deferment
Repayment Plans
Loan Forgiveness
Consolidation
Why/For Whom Automatic Electronic Payments Unemployment or Economic Hardship Income-Driven
Public Service/Teachers
Direct Borrowers
Details Borrowers can receive a 0.25% interest rate reduction if they sign up for auto debit payments online
Payments may be deferred up to 3 years (Interest will continue to accrue for PLUS, and Unsubsidized Direct Loans)
There are 3 plans for borrowers who have relatively high debt compared to their income: Income-Based Repayment, Pay As You Earn, and Income-Contingent Repayment. After 10 years of qualifying payments and employment, Public Service Loan Forgiveness is available for Direct Loans. The Teacher Loan Forgiveness Program is available for Direct Loans. All borrowers can convert their Direct Loans into a Direct Consolidation Loan (with no fee). The payment periods vary from 10 to 30 years, depending on the borrower's total debt.
studentaid.
studentaid.
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