Student loans are the type of financial aid that must be repaid. For this reason, loans are considered to be a ‘self-help’ form of assistance.
Borrowing is a serious financial obligation. Therefore, before applying for a student loan, be sure to seek other forms of financial aid funds that do not have to be paid back – such as grants and scholarships.
Federal Direct Subsidized Student Loan
Direct Subsidized Loans are for students who have financial need. With a subsidized Stafford Loan, the federal government will pay the interest while you’re enrolled at least half-time, during your grace period, and during deferment periods. The amount of a subsidized loan cannot exceed a student’s financial need.
This loan is subject to verified financial need and not to exceed educational costs. Repayment begins six months after you graduate, leave school, or drop below half-time enrollment, with a fixed interest rate of 3.4% percent for loans disbursed after July 1, 2011.
Federal Direct Unsubsidized Student Loan
Direct Unsubsidized loans do not require students to have financial need. With an unsubsidized Loan, you are responsible for paying the interest during all periods, starting from the date the loan is first disbursed. Information regarding repayment can be obtained from the Financial Aid Office.
Dependent students are only eligible for Unsubsidized loans if they are not eligible for Subsidized or are not eligible for the maximum Subsidized loan. Repayment begins six months after you graduate, leave school, or drop below half-time enrollment, with a fixed interest rate of 6.8% percent for loans disbursed after July 1, 2006.
Federal Direct Parent Loans for Undergraduate Students
Parents of dependent students can borrow from the PLUS loan program. They require that the applicant not have an adverse credit history and have an interest rate fixed at 7.9%. Repayment begins on the date the loan is fully disbursed. If a parent is borrowing on behalf of a dependent undergraduate student, the student and parent must meet the general eligibility requirements for federal student aid.
Beginning With the 2012-2013 Aid Year
Title IV funds will be disbursed to students' accounts based on attending hours. This means that until all classes have started for the semester (for ex. a mini semester class that starts later in the term) all funds will not disburse. A portion of the funds will remain in a memo'd status until the official start date has passed for that class(es).
- Students must apply for financial aid using the FAFSA application at www.fafsa.gov and complete their financial aid file prior to applying for a student loan
- Degree seeking
- Must be meeting SAP standards
- Enrollment in a minimum of 6 credit/load hours at Lake-Sumter State College.
*NOTE: First-time borrowers must complete entrance counseling at www.studentloans.gov (submit copy of confirmation page) prior to filling out a Direct Loan Request Form.
All students will need to go to www.studentloans.gov to complete the Electronic Master Promissory Note (EMPN) before coming in to fill out a Direct Loan Request Form (please bring a copy of the confirmation email). In addition, Loan Request Forms must be turned in to the Financial Aid Office by the posted deadline in the semester you are applying for.
Fax copies will not be accepted.
Please read the following:
Read and follow all directions before logging out
Look for the heading that says Manage My Direct Loan
Step 1. Click green Sign-in button
- Sign-in by entering your SS#, Last 2 characters of Last Name
- Date of Birth (mm/dd/yy)
- Pin (the same pin used to sign your FAFSA)
Note: Your name, address, and email address must match what the PIN website has on file for you.
Step 2. Click the Sign In button – this will take you to the Welcome page of Studentloans.gov
- On the right-hand side of this screen enter your email address in the personal information box.
- Click , Complete Master Promissory Note
- Go to the next page and select Subsidized/Unsubsidized.
- Complete requested information for the Master Promissory Note
- Click, Continue
- Enter all information on the Master Promissory Note
- Then Click, Continue and verify that all information is correct
- Click, Sign
- You will receive a confirmation email (you must submit a copy of the confirmation email prior to filling out the Direct Loan Request Form)
*Please note: The Master Promissory Note (MPN) is only good for one year from the date it is completed.
Important Loan Information
Loan Application Dates 2012-2013
July 09, 2012 - August 27, 2012
November 5, 2012- January 14, 2013
April 2, 2013 - April 29, 2013
Loan Periods for 2012-2013
8/12 – 12/12
1/13 – 4/13
5/13 – 8/13
Fall & Spring
08/12 – 4/13
Spring & Summer
1/13 – 8/13
Freshman – students who have earned up to 29 credits of college work.
Sophomore – students who have earned 30 or more credits of college work.
Status will be determined at the time of processing based on information available on the system.