Loans
6/18/12
12-13
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FEDERAL DIRECT STAFFORD LOAN POLICY FALL/WINTER 2012-13
To minimize student debt, Federal Direct Stafford Loans can only be used to pay for direct educational expenses such as tuition, fees, books and transportation. Loan funds cannot be used to pay credit card bills for personal purchases, child support payments, car payments or other non-educational costs. There are, however, alternative loans available from private lenders to assist with living expenses. If you are awarded a Direct Stafford Loan, you must also complete:
• •
Master Promissory Note (MPN) Go to studentloans.gov Entrance loan counseling (First-time borrowers only) Go to studentloans.gov
OTHER IMPORTANT INFORMATION
MINIMUM REQUIREMENTS
• •
•
Be enrolled for at least 6 credit hours Have a cumulative grade point average of 2.0 or better Meet the current Macomb Community College Satisfactory Academic Progress Policy
LOAN LIMIT AMOUNTS
Minimum • Minimum loan amount is $500 per academic year ($250 per semester) Maximum - including loans borrowed at other colleges • If you have less than 32 credit hours (including transfer credits from another college) you cannot exceed $7,000 in total loans and are limited to $3,500 per academic year ($1,750 per semester) • If you have 32 credit hours or more (including transfer credits from another college) you cannot exceed $14,000 in total loans and are limited to $4,500 per academic year ($2,250 per semester)
LOAN REQUESTS WILL BE DENIED OR NOT PAID TO STUDENT
•
• •
If you have a loan that is in default If you have an accumulated loan debt of $14,000 or more, including loans borrowed at colleges other than Macomb If the semester is over
FAILURE TO PAY YOUR LOAN WILL
• •
Jeopardize your future eligibility for financial aid Negatively impact your credit worthiness for any future borrowing, including car loans, home mortgages or other consumer loans
Students denied a Federal Stafford Loan based on
12-13
FMC12LRQ
FEDERAL DIRECT STAFFORD LOAN POLICY FALL/WINTER 2012-13
To minimize student debt, Federal Direct Stafford Loans can only be used to pay for direct educational expenses such as tuition, fees, books and transportation. Loan funds cannot be used to pay credit card bills for personal purchases, child support payments, car payments or other non-educational costs. There are, however, alternative loans available from private lenders to assist with living expenses. If you are awarded a Direct Stafford Loan, you must also complete:
• •
Master Promissory Note (MPN) Go to studentloans.gov Entrance loan counseling (First-time borrowers only) Go to studentloans.gov
OTHER IMPORTANT INFORMATION
MINIMUM REQUIREMENTS
• •
•
Be enrolled for at least 6 credit hours Have a cumulative grade point average of 2.0 or better Meet the current Macomb Community College Satisfactory Academic Progress Policy
LOAN LIMIT AMOUNTS
Minimum • Minimum loan amount is $500 per academic year ($250 per semester) Maximum - including loans borrowed at other colleges • If you have less than 32 credit hours (including transfer credits from another college) you cannot exceed $7,000 in total loans and are limited to $3,500 per academic year ($1,750 per semester) • If you have 32 credit hours or more (including transfer credits from another college) you cannot exceed $14,000 in total loans and are limited to $4,500 per academic year ($2,250 per semester)
LOAN REQUESTS WILL BE DENIED OR NOT PAID TO STUDENT
•
• •
If you have a loan that is in default If you have an accumulated loan debt of $14,000 or more, including loans borrowed at colleges other than Macomb If the semester is over
FAILURE TO PAY YOUR LOAN WILL
• •
Jeopardize your future eligibility for financial aid Negatively impact your credit worthiness for any future borrowing, including car loans, home mortgages or other consumer loans
Students denied a Federal Stafford Loan based on