Student loans are a burden but a necessity for many students in financing their education if they do not receive federal or state grants and/or scholarships. You may be unaware of many facts about financial aid and student loans. So take the time to gather some important information to ensure you start out on the right path.
- Read about the various options on financing your education at: www.studentaid.gov
- Apply for Financial Aid starting January 1st by completing the Free Application for Federal Student Aid (FAFSA) at: www.fafsa.ed.gov
- FAMU priority deadline for filing a FAFSA is March 1st.
- If you are accepting a Student Loan, please complete your online Master Promissory Note(MPN) and Entrance Counseling at: www.studentloans.gov
Please be aware of the following:
- If you withdraw from school, you still have to pay back your loan.
- If you can't find a job, you are still responsible to pay back your loan.
- If you don't pay your student loan, there are consequences:
- Damage to your credit rating.
- Garnishment of your wages.
- Withholding of your tax refunds.
- Loss of eligibility for future federal and state financial aid.
Important Direct Loan Information: Maximum time period to receive Direct Subsidized Loans for First-Time Borrowers on or after July 1, 2013 (Click here for PDF)
150% Loan Limit for Direct Subsidized Loans
Subloans For Direct Subsidized Loans with a first disbursement date on/after July 1, 2012 and before July 1, 2014, you are responsible for paying the interest that accrues during the grace period.
If you can't pay, find a solution that works best for you.
Take any of these steps in order to avoid, delinquency, default or bankruptcy!
- Change your Monthly Loan Due Date.
- Reduce Monthly Payments by changing your payment plan (see back for repayment plan options).
- Postpone payments through a deferment or forbearance.
- Loan Consolidation—combine all loans into one monthly payment (see back for repayment plan options).
- Loan Discharge, Loan Forgiveness/Cancellation, or Public Service Loan Forgiveness Program.
- With each loan disbursement, you received a loan disclosure statement from your lender / servicer which listed your interest rate, estimated total interest costs and total indebtedness.
- You are entitled to receive a repayment schedule before your payment is due.
- If your loan is sold or transferred, you will be notified in writing and given the name, address and phone number of the new holder.
- Once repayment begins, if you have difficulty making payments, you may request a deferment or forbearance.
- Once you have signed your student loan promissory note and endorsed your check or accepted your EFT funds, you have made a legal agreement to adhere to certain responsibilities which begin while you are still in school.
- You need to inform the holder of the loan if any of the following changes:
- Address, phone number
- Transfer to another school
- Leave of absence or withdrawal from school