Federal Direct Loans
Federal Direct Loans are available to students who filed a FAFSA and are enrolled at least half-time. Borrowing amounts are as follows:
|Juniors and Seniors||$5,500||$2,000||$5,000|
Direct Subsidized Federal Loans are based on financial need. The federal government pays the interest on subsidized loans for students that are enrolled at least half-time.
Direct Unsubsidized Federal Loans are not based on financial need. Interest on unsubsidized loans will accrue while you are in school. Students may pay the interest on these loans quarterly while in school or choose to defer interest payments as long as they are enrolled at least half-time.
Complete Federal Direct Loan entrance counseling and electronically sign your Loan Master Promissory Note (MPN) at www.studentloans.gov.
Direct Loan Interest Rates
Federal Direct loans disbursed on or after July 1, 2015 and before July 1, 2016:
Direct Subsidized Loans – 4.29%
Direct Unsubsidized Loans: Undergraduate– 4.29% / Graduate– 5.84%
Direct Parent/Graduate PLUS Loans – 6.84%
Direct Loan Origination Fees
Federal Direct Subsidized and Unsubsidized loans disbursed:
Prior to October 1, 2015- 1.073
On or after October 1, 2015- 1.068%
Federal Direct Parent/Graduate PLUS loans disbursed:
Prior to October 1, 2015- 4.292%
On or after October 1, 2015- 4.272%
Federal Direct Loan Borrower Rights & Responsibilities
Below is a summary of your rights and responsibilities as a borrower of a Direct Loan. More specific rights and responsibilities for your loan was provided to you with a copy of your promissory note and can be requested by sending us an email or calling us.
I understand that I have a right to the following:
- written information on my loan obligations and information on my rights and responsibilities as a borrower
- a grace period and an explanation of what this means
- a disclosure statement, received before I begin to repay my loan, that includes information about interest rates, fees, the balance I owe, and the number of payments
- deferment of repayment for certain defined periods, if I qualify and if I request it
- forbearance, if I qualify and if I request it
- prepayment of my loan in whole or in part any time without an early-repayment penalty
- a copy of my promissory note either before or at the time my loan is disbursed
- documentation that my loan(s) are paid in full
I understand I am responsible for:
- attending Exit Counseling before I leave school or drop below half-time enrollment
- repaying my loan even if I do not complete my academic program (under certain circumstances), I am dissatisfied with the education I received, or I am unable to find employment after I graduate
- notifying my school and the Direct Loan Servicing Center if I:
- move/change my address
- change my name
- withdraw from school or drop below half-time enrollment
- transfer to another school
- fail to enroll or re-enroll in school for the period for which the loan was intended
- change my expected date of graduation
- making monthly payments on my loan(s) after I leave school, unless I have a deferment or a forbearance
- notifying the U.S. Department of Education's Direct Loan Servicing Center of anything that might alter my eligibility for an existing deferment
- attending classes and making satisfactory academic progress as defined by my school.
I understand that I am receiving a loan from the federal government that must be repaid.
Federal Perkins Loans
Federal Perkins Loans are long-term, low-interest loans made available by the university and the federal government. Simple interest of fve percent (5%) begins to accrue 9 months after you are no longer enrolled at least half-time. If you are a first-time student, you must complete a Perkins Master Promissory Note (MPN) and Entrance Counseling before you can receive Federal Perkins Loan funds.
Complete Perkins Loan entrance counseling and electronically sign your Perkins Loan (MPN).
Federal Perkins Loan Borrower Rights and Responsibilities
You have the right to:
- Written information on your loan obligations and information on your rights and responsibilities as a borrower.
- A grace period and an explanation of what this means.
- A disclosure statement before you begin to repay your loan, which includes information about interest rates, fees, the balance you owe, and the number of payments.
- A deferment of payments for certain defined periods, if you qualify and if you request it.
- A loan forbearance if you qualify and if you request it.
- Prepay your loan in whole or in part at any time without an early-repayment penalty.
- A copy of your promissory note either before or at the time your loan is made.
- Proof of when your loan is paid in full.
You are responsible for:
- Attending exit counseling before you leave school or drop below half-time enrollment.
- Repaying your loan even if you don’t complete your academic program dissatisfied with the education you received, or are unable to find employment after you graduate.
- Notifying your lender(s) if you:
- Move/change your address.
- Change your telephone number.
- Change your name.
- Change or correct your Social Security Number.
- Withdraw from school, or drop below half-time enrollment.
- Transfer to another school.
- Fail to enroll or re-enroll in school for the period for which the loan was intended.
- Change your expected graduation date.
- Making payments on your loan(s) after you leave school, unless you have a deferment or forbearance.
- Notifying your lender(s) of anything that might alter your eligibility for an existing deferment.
- Notifying your lender(s) in a timely manner before the due date of any payment you cannot make.
- Notifying lender if your eligibility for an existing deferment alters.
Texas Lutheran University acts as your lender for your Federal Perkins Loans.
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