Current Students: Federal Direct Student Loans

Student Loans

Loan money is money for the student’s educational expenses that must be paid back to the lender.

The amount a student is eligible to borrow is determined by grade level and cost of attendance. There is no credit check for this loan. The student is eligible for federal loans as long as they are taking at least 6 credit hours per semester (half-time) and are not in default on a student loan already.

If for any reason a parent is declined on the Federal Parent PLUS loan, then the student would be offered an additional unsubsidized direct student loan in a specific amount listed below.

Federal student loans go into repayment six months after the student has graduated, dropped below half-time enrollment, or withdrawn from the university.

For 2013-2014, Subsidized & Unsubsidized Federal Direct Student loans for Undergraduates have a 3.86% interest rate in repayment. The interest rate on the subsidized loan is paid by the federal government while the student is enrolled at least half time. Students must qualify for this need based loan.  There are origination fees associated with these loans.

For 2013-2014, Unsubsidized Federal Direct Student loans for Graduates have a 5.41% interest rate upon disbursement to the student account.  There are origination fees associated with these loans.

Freshmen (0-29 credit hours) = $5500 yr. (maximum amount of this that can be subsidized is $3500 – federal government is paying the interest while the student is in school). Independent freshmen or freshmen whose parents are denied on the PLUS loan are eligible for an additional $4000 in unsubsidized student loan.

Vocational Nursing students are awarded as a certificate/first year programs at freshmen loan levels.

Sophomores (30-59 credit hours) = $6500 yr. (maximum amount of this that can be subsidized is $4500 – federal government is paying the interest while the student is in school). Independent sophomores or sophomores whose parents are denied on the PLUS loan are eligible for an additional $4000 in unsubsidized student loan.

Juniors and seniors (60-120 credit hours) = $7500 yr. (maximum amount of this that can be subsidized is $5500 – federal government is paying the interest while the student is in school). Independent juniors and seniors or those students whose parents are denied on the PLUS loan are eligible for an additional $5000 in unsubsidized student loan.

Graduate students (Masters in Education or Masters in Business) = $20,500 yr. - or up to cost of attendance. (No subsidized loans offered as of July 1st, 2012)

The federal government offers a loan calculator which allows you to calculate your monthly payments based on your current and future loan debt.

All students getting federal loans must sign a master promissory note (MPN) and complete loan entrance counseling with the federal government before the loan will be processed. This is done at www.studentloans.gov and you need your FAFSA pin to sign in. If you don’t have a FAFSA pin, you can apply for one at www.pin.ed.gov.

The MPN is your agreement with the federal government acknowledging that you are aware that this is a loan that you will pay back. The loan entrance counseling required by federal regulations and notifies you of your rights and responsibilities as a borrower.

SALT is a program offered at Schreiner for our students, alumni, and employees to get financial literacy information and decision-making tools.

Please contact the Financial Aid office with any questions about loans. You can reach us at finaid@schreiner.edu, 1-800-343-4919 or 830-792-7217, or visit us in person in the Welcome Center. Our office is open Monday – Friday from 8am – 5pm.

We are here to help.

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.

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