MEDAILLE COLLEGE | Graduate Catalog | 2011–2012
FEDERAL STAFFORD LOAN PROGRAM The Free Application for Federal Student Aid (FAFSA) is available from the Financial Aid Office, or online at http:// www.fafsa.ed.gov/. The Federal Stafford Loan Program is a need-based program which allows students to borrow from participating lenders. The maximum loan eligibility per academic year is $8,500 for graduate students. The maximum that may be borrowed as a graduate student is $65,500 which includes Federal Stafford loans borrowed for undergraduate study. The interest rate is an annual fixed rate at 6.8 %. Repayment begins six months after the student either leaves school or drops below half-time enrollment. There is no interest paid or accrued while the student is enrolled at least half-time. The loan must be repaid within 10 years, exclusive of deferment periods. Apply by submitting the Financial Aid Application (http://www.fafsa.ed.gov/FAFSA). Students must maintain Satisfactory Progress to receive this loan. (See section in this catalog entitled “Satisfactory Progress.”) The Direct Loan Unsubsidized Federal Stafford Loan Program is available, regardless of family income, to students who do not qualify for the regular subsidized Stafford Loan or who are not eligible for the maximum subsidized Stafford Loan. The combined Subsidized and Unsubsidized Stafford annual loan limit is $20,500. The combined aggregate limit is $138,000, which includes loan amounts borrowed for undergraduate study. The terms and conditions of the subsidized and unsubsidized loans are generally the same, except that borrowers are responsible for the payment of the interest that accrues on unsubsidized loans while they are in school. The term unsubsidized means that interest is not paid for you by the federal government while you are in school. The interest rate is a fixed rate at 6.8 %. Apply by submitting the Financial Aid Application (http://www.fafsa.ed.gov/FAFSA). Students must maintain Satisfactory Progress to receive this loan.
FINANCIAL NEED Financial need is determined by using the Family Contribution as determined by the FAFSA and subtracting it from the cost of attendance. Cost of Attendance - Family Contribution = FINANCIAL NEED
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