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Office of Financial Aid
 

   
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Phone  850.599.3730
Fax  

Office of Financial Aid
1700 Lee Hall Drive
101 Foote Hilyer Administration Center
Tallahassee, FL 32307
 
 
The Florida A&M University (FAMU) Office of Financial Aid administers several loan programs for students who are U.S. citizens or eligible non-citizens. These are loans that must be repaid and students should only borrow what they need. Additionally, students must meet eligibility requirements of the specific loan program, be in good standing with the University and meet Satisfactory Academic Progress (SAP). All students must complete the general loan requirements before any loans will be disbursed:
The loan process begins with filing a FAFSA www.fafsa.gov. (School Code 001480)
 
Florida A&M University participates in the William D. Ford Federal Direct Loan Program (Direct Loan). The Direct Loan program allows students to borrow funds directly from the U.S. Department of Education. All Federal Stafford and PLUS loans certified by Florida A&M University will be processed as direct loans, including loans for continuing students who previously obtained a loan from a lender via the Federal Family Education Loan Program. There is no longer a need for students to select a lender, as all loans will be directly funded by the U.S. Department of Education.
Following your acceptance of a loan on the Award Notification Letter, you will need to complete the required loan Master Promissory Note (MPN). The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). All student and parent loan borrowers must complete a William D. Ford Direct Loan Program MPN. Failure to complete this requirement will prohibit your loan from disbursing to your student account. Borrowers, who completed a MPN with a previous lending institution, must have a valid MPN on file with the Direct Loan Program before loan funds may be disbursed. The Master Promissory Note is your promise to repay your loan debt and must be completed before any funds can be sent to the school.
All first-time Federal Direct Stafford and Graduate PLUS loan borrowers must complete entrance counseling prior to receiving their first loan disbursement. You may complete this process by following the link on your “TO DO LIST" on iRATTLER or you may click here Entrance Loan Counseling to begin the process.  Entrance counseling takes approximately 20-30 minutes to complete.  Students who previously completed entrance counseling for FAMU are not required to complete entrance counseling for each academic year.

The Office of Financial Aid receives results of entrance counseling from the Department of Education.  Federal Direct Stafford and Graduate PLUS loans will not disburse until entrance counseling has been completed.

All student borrowers are required by Federal Law to complete exit counseling on the web upon graduation, withdrawal, failing to return for a subsequent semester, or enrollment as a less than half-time student. 

Exit counseling takes approximately 30-40 minutes to complete and you may click here Exit Counseling to begin the process.  Failure to complete exit counseling will result in a hold being placed on the student's file.

Student borrowers must complete exit counseling to obtain a degree and/or an official transcript from the Registrar’s Office.
 

Student  Loan History

To view your loan history, visit the National Student Loan Data System (NSLDS) website at www.nslds.ed.gov. The NSLDS is a centralized database that stores information on all federal loans. Students are strongly encouraged to review their loan history before completing the loan application.                           

Federal Stafford Loans Process

Florida A&M University processes all Stafford Loans in the William D. Ford Federal Direct Loan Program.  There is no need for students to select a lender. Students attending Florida A&M University (FAMU) may apply for two types of Federal Stafford student loans; the Federal Subsidized (financial need required) Stafford Loan and the Federal Unsubsidized (financial need not required) Stafford Loan. The Federal Subsidized Stafford Loan is a need based loan which means the interest is paid by the Federal Government while you are enrolled in school as at least a half time student, or during the grace period, or during periods of an authorized deferment. 
The Federal Unsubsidized Stafford Loan is a non-need based loan which means the student is responsible for paying the interest while in school, or during deferment periods, or during the repayment period. The student can elect to pay the interest of the loan while in school or request to have the interest payments postponed while in school. If the student elects to have the interest payments postponed while in school, the interest will be capitalized (added to your principal) once you enter repayment status.   
Both the Subsidized and the Unsubsidized Federal Stafford Loans have a variable interest rate that may adjust each July 1st.
Federal Stafford Loan eligibility is included in students’ financial aid award packages. In order to receive the Federal Stafford Loan, students must accept the award(s) via their iRattler accounts.

To apply for a subsidized or an unsubsidized Stafford Loan you must meet the following requirements:
        File the FAFSA
        Be a U.S. citizen or eligible non-citizen
        Have a high school diploma or equivalent
        Be classified as degree seeking student at FAMU in an eligible program
        Undergraduate/Graduate students must be enrolled for at least half-time (6.0 credit hours) at FAMU at time of disbursement.
        Maintain FAMU’s standards for Satisfactory Academic Progress (SAP)
        Complete verification (if selected)
        Complete the online Entrance Loan Counseling
        Satisfy all selective service requirements

Federal Stafford Loan Step-by-Step Process

1.                 Accept loan via iRattler
2.                 Sign Master Promissory Note  – All students must sign a Master Promissory Note (MPN) for new loans. To complete a MPN, you will be required to use your Department of Education-issued PIN. If you do not have a PIN, you may request one from the official PIN site. To electronically sign your MPN, go to studentloans.gov.
 
3.                 Complete Entrance Loan Counseling (new students only)
Direct PLUS loans are non-need based financial aid offered to the parents of undergraduate students and to students enrolled in degree-seeking graduate/professional programs. PLUS loans allow graduate students and parents of undergraduate students to borrow up to the student’s Cost of Attendance to assist with educational expenses. The amount of a PLUS loan a student or parent may be eligible to receive is included in each student’s initial financial aid package. The PLUS Loan amount is determined by subtracting all other financial aid resources from the student’s Cost of Attendance.
In order to receive a PLUS loan the borrower must receive credit approval from the U.S. Department of Education. Borrowers with an adverse credit history may not be approved for a PLUS loan.   In the case of adverse credit history, the borrower may be able to utilize an endorser with no adverse credit history as a co-borrower.
Graduate/professional students are eligible to apply for a credit based Graduate PLUS Loan through the financial aid office at Florida A&M University. This loan will be offered as an award on your student financial aid Award Notification Letter and is the maximum amount of funds you are eligible to request during that academic period. If you wish to apply for this loan, you must complete the Graduate PLUS Loan Request Form and submit it to the Office of Financial Aid. A credit check will be performed once the form has been submitted. Graduate PLUS Loans will be certified for those borrowers who are credit-approved by the William D. Ford Federal Loan Program.
All Graduate PLUS Loan Borrowers must complete Loan Entrance Counseling before loan funds can be released. Students who previously completed entrance counseling for Florida A&M University are not required to complete new entrance counseling.
To apply for a Graduate PLUS loan you must meet the following requirements:
                    File the FAFSA
                    Complete a Florida A&M University PLUS Loan Request Form
                    Be a U.S. citizen or eligible non-citizen
                    Have a high school diploma or equivalent
                    Be classified as a graduate degree seeking student at FAMU in an eligible program (this includes Law students)
                    Be enrolled as at least a half-time student (6.0 credit hours) at FAMU at time of disbursement
                    Maintain FAMU’s standards for Satisfactory Academic Progress (SAP)
                    Complete verification (if selected).
                    Complete the online Loan Entrance Counseling
                    Satisfy all selective service requirements
                    Meet the credit criteria of the William D. Ford Federal Direct Loan Program

Federal Graduate PLUS Loan Step-by-Step Process

        1.                 Complete and Submit Graduate PLUS Loan Request at studentloans.gov.
 
2.                  Sign Master Promissory NoteAll students must sign a Master Promissory Note (MPN) for new loans. To complete an MPN, you will be required to use your Department of Education-issued PIN. If you do not have a PIN, you may request one from the official PIN site.To electronically sign your MPN go to studentloans.gov.
 
3.                  Complete Graduate PLUS Loan Entrance Counseling (new students only)
Parent Loan for Undergraduate Students (PLUS Loans) are low cost federal loans taken out in the parent’s name for a dependent student.   These loans are used to cover the cost of education expenses that are not satisfied by other aid, i.e., PELL Grants or Stafford Loans. This loan has a variable interest rate (currently 7.9%) that may adjust each July 1st, but cannot exceed 9%. Parents are eligible based on their credit history, not income. Parents must meet the credit criteria of the William D. Ford Federal Student Loan Program to receive the PLUS loan. Additionally, parents must complete the Parent PLUS Loan Request Form and submit it to the Office of Financial Aid to initiate the PLUS loan process. A credit check will be performed once the form has been submitted. 

Parent Loan for Undergraduate Students (PLUS) Eligibility

To apply for a PLUS loan you must be the biological parent; adoptive parent; or step-parent of a dependent undergraduate student who meets the following requirements:
                    File the FAFSA
                    Be a U.S. citizen or eligible non-citizen
                    Have a high school diploma or equivalent
                    Be classified as degree seeking student at FAMU in an eligible program
                    Be enrolled as at least a half-time student (6.0 credit hours) at FAMU at time of disbursement
                    Maintain FAMU’s standards for Satisfactory Academic Progress (SAP)
                    Complete verification (if selected)
                    Satisfy all selective service requirements

Federal Parent PLUS Loan Step-by-Step Process  

1.                1.   Complete and Submit PLUS Loan Request at studentloans.gov.

2.                2.   Sign Master Promissory Note –  All parents will need to sign a new Master Promissory Note (MPN) for new PLUS loans. To complete an MPN, you will be required to use your Department of Education-issued PIN. If you do not have a PIN, you may request one from the official PIN site. To electronically sign your MPN, go to studentloans.gov.

Federal Perkins Loan

Federal Perkins Loan is a low interest federal loan made available to eligible students through Florida A&M University. The loan is awarded to students with exceptional financial need. The student must be enrolled for at least six credit hours to be eligible. The interest rate is 5% and repayment begins nine months after graduation, or at any time the student is no longer enrolled for at least six credit hours. Deferments and cancellation provisions are available.

Alternative Loan 

Alternative loans are private educational loans that are available from private lenders and offer additional financial assistance to students who have exhausted all other sources of funding for their education.

How to apply

Please contact your preferred lender for additional information regarding eligiblity requirements and a loan application. Upon approval by your lender, the Financial Aid Office will be electronically notified and the certification for the loan will be completed.