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 Loan Options

2007-2008 Academic Year Information
Schreiner University works with the following loan programs:

• Federal - Subsidized Stafford Loans
• Federal - Stafford Unsubsidized Loan for Dependent Students
• Federal - Stafford Unsubsidized Student Loan for Independent Students
• Federal - Parent PLUS Loan - Partnership with Parents Subsidized
• State of Texas - B-On-Time Loan & College Access Loan (CAL)
• Alternative Loan Programs
 

Federal Loans:


Subsidized Stafford Loans


This is a need based loan program that provides low interest loans to students who are attending Schreiner at least half-time. If you are eligible for a Stafford Subsidized loan, the federal government pays the interest on the loan while you are enrolled in school at least half-time (6+ credit hours per semester). Annual loan limits are:

$3,500 – First Year Students (0-29 credit hours completed & accepted by Registrar)
$4,500 – Second Year Students (30-59 credit hours completed & accepted by Registrar)
$5,500 – Third & Fourth Year Students (+60 credit hours completed & accepted by Registrar)
$8,500 – Graduate & Professional Students


Stafford Unsubsidized Loan for Dependent Students

This is non-need based program that provides low-interest loans to students who are attending Schreiner at least half-time. This loan is available to dependent students who do not demonstrate financial need. The student is responsible for the interest that accrues on the Stafford Unsubsidized loan during in-school and deferment periods. Loan limits have been increased to $2000 per academic year – in addition to year specific loan limits.

PLEASE NOTE: ADDITIONAL UNSUBSIDIZED LOAN MONEY MAY BE AVAILABLE TO DEPENDENT STUDENTS IF THE PARENT HAS APPLIED FOR AND BEEN DENIED A PARENT PLUS LOAN.


Stafford Unsubsidized Student Loan for Independent Students

This loan is available to independent undergraduate and graduate students.

The annual loan limits are:
$4,000 -- First & Second Year Undergraduates
$5,000 -- Third & Fourth Year Undergraduates
$7,000 -- Students with undergraduate degrees who are enrolled in courses that will prepare them to enter a graduate program, as well as students enrolled in coursework for professional certification or employment as a teacher.
$12,000 -- Graduate students


Apply for a Stafford Loan:

View the Stafford, Plus and Alternative Lender List Guidelines @
http://www.selectyourlender.com/schreiner


Step 1. Complete a FAFSA at:  http://www.fafsa.ed.gov

Step 2. Review your award letter from the Office of Financial Aid. Determine your cost using the award letter insert. Once you’ve determined how much of the offered loan you need to pay your expenses, continue to step 3.

Step 3. Accept and Complete Your Stafford Student Loan Application at: https://lbw.tgslc.org/LBW/start.do

The subsidized and unsubsidized Stafford loan interest rates are at a fixed rate of 6.8% as of July1, 2006. Repayment of principal and interest begins six months after the student ceases the course of study or six months after the borrower ceases at least half-time enrollment. The borrower will be assessed a small guarantee fee. Maximum subsidized loan debt is $23,000 for undergraduates and $65,500 for graduate or professional study.

LOANS BY WEB INSTRUCTION SHEET»»
 

Plus Loan Programs

Parent PLUS Loan - Partnership with Parents Subsidized Loan

We encourage all parents to apply - APPROVED APPLICANTS ARE NOT REQUIRED TO ACCEPT A PLUS LOAN BUT AN UNSUBSIDIZED STAFFORD LOAN WILL NOT BE AWARDED WITHOUT A DENIAL ON FILE.

This loan is a Parent PLUS loan that Schreiner offers to parents of our dependent freshmen undergraduate students (not admitted on probation).
It is also available to parents of dependent continuing students upon request.

Schreiner will subsidize the interest of the principal borrowed each year up to $15,000 per year for a maximum of 45 months In addition; this loan program offers a fixed payment plan to help even out the monthly payments into equal installments while the student is in school. Federal Plus loans are not need based.

These loans allow creditworthy parents of dependent undergraduate students to borrow up to the cost of education minus other aid. Borrowers are assessed a small guarantee fee. The interest rate is set at 8.5%.


Apply for the Partnership with Parents Loan Now!
 
Federal PLUS Loan for Parents


Parents not interested in using the PWP Plus lender, may apply for a PLUS loan.

Application/Promissory Note available directly from the lending institution. See PLUS lenders listed below, or contact your lender of choice directly for pre-application process.

Wells Fargo:
https://www.wellsfargo.com/student/loans/parent/plus

Bank of America:

GradPlus Loan for Graduate Students

Please contact the Office of Financial Aid for additional information: finaid@schreiner.edu
 
State of Texas Loan Programs


College Access Loan (CAL)

For details concerning this loan program, please view the CAL Fact Sheet:

http://www.hhloans.com/borrowers/calfactsheet.cfm


Funds are limited – Contact the Office of Financial Aid for more information.


To Apply:


B On Time Loan Funds are limited and eligible students will be notified by the Office of Financial Aid.

Alternative/Private Loan Programs   (Non-Federal/State Programs)


There are several alternative loan programs available for students who need additional money to pay for educational expenses, or if you aren't eligible for Federal Stafford Loans. Interest rates and fees are tiered based on you and/or your co-borrower's credit history.

http://www.selectyourlender.com/base/School.aspx


The Office of Financial Aid at Schreiner University is committed to assisting students in obtaining the best financial aid award possible. However, it is the student’s responsibility to comply with all requirements necessary to complete the financial aid process. In addition, the Office of Financial Aid is not responsible for the student's financial obligations to Schreiner University. Each student must verify their account balance and make arrangements for any amounts not covered by financial aid.


Managing or Repaying Your Student Loans

For Students who are planning to graduate, transfer, drop below half time enrollment, or withdraw -

The link below will provide you with detailed information concerning:

· Mapping-Your-Future Exit Counseling
· Managing Your Student Loan Repayment
· Repayment Calculator
· Managing Credit and Debt
· Handling Default
· Consolidation Issues- Customer Service Representatives and Consolidation Calculator options
· Teacher Loan Forgiveness Program
· Forbearance and Deferment Information
· Student Access to the National Student Loan Data System

http://www.tgslc.org/borrowers/index.cfm

 

 

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