Federal Stafford Direct Loan Application
The loan amounts shown below reflect the maximum amount that you may borrow for an academic year:
|Grade Level||Cumulative Credits||Maximum Annual Loan Limits|
|Freshman||0-29||$3,500 + $2,000 totaling $5,500*||$3,500 + $6,000 totaling $9,500**|
|Sophomore||30-59||$4,500 + $2,000 totaling $6,500*||$4,500 + $6,000 totaling $10,500**|
* The Annual Undergraduate Loan Limits above include the recent $2,000 loan limit increase. This amount is all Unsubsidized dollars regardless of need or PLUS activity not to exceed cost attendance as determined by the school.
** The additional $6,000 (previously set at $4,000) amount under the independent column will be funded out of the Unsubsidized Stafford Loan program. This means that the borrower will be responsible for the interest while he/she is enrolled.
Darton State College Loan Facts:
- Understand that this request can be for two types of loans for which you may be eligible:
Subsidized Federal Stafford Loan: This loan is available to students with financial need as determined by the results of the FAFSA. The government pays the interest while the student remains enrolled at least half time.
Unsubsidized Federal Stafford Loan: This loan is a non-need based loan. The borrower is responsible for interest that accrues from the date the loan is disbursed.
- Levels: Students may borrow up to grade level maximum, or up to the Cost of Attendance, whichever is lower. Remember, you might receive less than the maximum if you receive other types of financial aid.
- Entrance Loan Counseling: Beginning Fall 2010 all students, regardless if previous borrowers, will be required to complete entrance counseling EVERY year.
- Master Promissory Note: Also beginning Fall 2010, all students will be required to complete a new Master Promissory Note with the William D. Ford Direct Loan program. Failure to do so will result in NOT receiving a Stafford loan. THERE ARE NO EXCEPTIONS!
- 6 Hours: Students are federally required to remain enrolled in 6 credit hours and have no excessive absences in order to receive their loan once it has been disbursed to the school.
- First time loan recipients at Darton State College are required to be enrolled and attend 30 days of school before loans will disburse to student accounts.
- Single semester loans (i.e., fall only, spring only) – will disburse in two separate payments. If not a first time borrower, these loans will disburse one half at the beginning of the semester the second half at mid-term.