Federal direct lending program
The Federal government guarantees students' access to low-interest student loans to help meet the costs of higher education. Recent legislation has made it mandatory for all schools to convert to a direct lending format for the 2010 academic year. This means that students and parents will borrow their federal loans directly from the U.S. government, instead of using a lender as we have done in the past.
Interst rates for Stafford and Plus loans for the 2010-11 academic year are:
4.5% for Stafford Subsidized Loan
6.8% for Stafford Unsubsidized Loan
7.9% for Parent Plus Loan
Loan Application Procedures
To apply for the Stafford, Parent Plus and Grad Plus loans:
If you choose to take a Stafford student loan or Parent Plus loan, you must first sign a Master Promissory Note online at www.studentloans.gov. Stafford loans are guaranteed to all students who complete a FAFSA, so there is no approval process. But you must sign your MPN and go through Loan Entrance Counseling before you can receive your loan. You will need your Pin Number from your FAFSA in order to sign your Note. Parent Plus loans are subject to credit approval and require that you complete the online application process
Yearly Stafford Student Loan Limits are as follows:
| Freshman | $5500 |
| Sophomore | $6500 |
| Junior | $7500 |
| Senior | $7500 |
In order to better plan and understand your loans, please refer to the loan calculator tool in the link below. This tool will help you understand the impact education loans will have on student and parent borrowers.
see our work
Keep an eye on this space to get to know more of the Art Academy’s faculty, staff, students and alumni or visit our online galleries.