#federal student loan rates
Federal Direct Student Loans
Interest rates are set every July 1st for the following year. Currently, a 1.073% origination fee is deducted from the amount borrowed before the money is sent to the school.
Vocational Nursing students are awarded as a certificate/first year programs at freshmen loan levels.
Upon receipt of the appropriate application materials, the Financial Aid Office will determine your eligibility and originate your loan. If you have previously borrowed a Direct Loan and signed a Master Promissory Note. then you will not need to sign another Note. You will use your FAFSA PIN to sign into www.studentloans.gov
New borrowers must sign a Master Promissory Note. First time borrowers must also complete Loan Entrance Counseling. Both may be completed at www.studentloans.gov
Beginning July 1, 2013, a new borrower may receive Federal Direct Subsidized loans for up to 150 percent of the published length of the borrower’s educational program. Should a borrower exceed this period, he or she is no longer eligible for Federal Direct Subsidized Loans. The borrower also becomes responsible for accruing interest during all periods as of the date the borrower exceeds the 150 percent limit.
The Standard Repayment Plan allows for a repayment period of 10 years. Alternative repayment plans allowing for a longer repayment period are available. Students are encouraged to utilize their $ALT membership to research the best loan repayment options for their situation.
Students can track actual and potential loan debt with the federal loan calculator which allows you to calculate your monthly payments based on your current and future loan debt.
SALT is a program provided by Schreiner University for students, alumni, and employees. $ALT provides financial literacy programs, scholarship searches, and live financial counselors to answer loan consolidation options and answer other questions.
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.