{"id":78,"date":"2024-04-22T20:48:29","date_gmt":"2024-04-22T20:48:29","guid":{"rendered":"https:\/\/www.mtsu.edu\/financial-aid\/?page_id=78"},"modified":"2026-08-05T09:29:58","modified_gmt":"2026-08-05T14:29:58","slug":"loans","status":"publish","type":"page","link":"https:\/\/www.mtsu.edu\/financial-aid\/loans\/","title":{"rendered":"Loans"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">We know that most families want to maximize the amount of grant and scholarship assistance for which they are eligible each year. However, we also know that many families will still have some level of unmet need even after all grant and scholarship awards have been applied. Student loans provide an opportunity for additional assistance in covering the immediate costs associated with remaining educational expenses.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While no student or family should enter into debt without careful planning, most experts agree that educational loans are what we would call \u201cgood debt.\u201d Much like using a mortgage to buy a home, paying for higher education may be an instance where the leveraging power of a small loan puts you in the best long term overall financial position. The careful use of loan assistance allows you to invest in education now, with the understanding that a degree will likely help to increase overall lifetime earning potential, making repayment in the future possible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is vitally important that you and your family carefully consider the amount of loans that are truly needed to pay for necessary and legitimate educational expenses, and that you not borrow one penny more than is needed. Loans, unlike grants, federal work-study, or scholarships, are borrowed funds that must be repaid. Although payment is usually deferred while you are enrolled at least half-time, failure to pay when the loan is due will damage your credit rating and can carry substantial penalties.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Budgeting is very important when considering how much to borrow, so make sure you and your family have set realistic borrowing levels that will ensure that you will be able to repay your student loans after you graduate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A variety of direct student loans are available through the US Department of Education. These loans carry low interest rates, and allow you to borrow directly from the federal government. In most cases, you will have a single loan servicer for repayment, regardless of whether you received multiple types of direct loans at multiple institutions. It\u2019s important that you and your family carefully review all information related to loan borrowing, and that you make good decisions regarding the type and amounts of loans received.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In general, Federal Direct Student loans are available as a subsidized loan for undergraduate students with demonstrated financial need, or as an unsubsidized loan for undergraduate or graduate students without demonstrated financial need. Federal PLUS loans are low-interest federally funded loans available to the parents of dependent children or to graduate students who qualify through a credit check.<\/p>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-block accordion expandable-group expandable-group-lightblock\" id=\"newExpandable\">\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingnew-changes-to-federal-loan-regulations-effective-july-1-2026\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsenewExpandablenew-changes-to-federal-loan-regulations-effective-july-1-2026\" aria-expanded=\"false\" aria-controls=\"collapsenewExpandablenew-changes-to-federal-loan-regulations-effective-july-1-2026\">**New** Changes to Federal Loan Regulations &#8211; Effective July 1, 2026<\/button><\/h2><div id=\"collapsenewExpandablenew-changes-to-federal-loan-regulations-effective-july-1-2026\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingnew-changes-to-federal-loan-regulations-effective-july-1-2026\" data-bs-parent=\"#newExpandable\"><div class=\"accordion-body\">\n<h2 class=\"wp-block-heading\">One Big Beautiful Bill Act (OBBBA)<\/h2>\n\n\n\n<div class=\"wp-block-mtsu-blocks-alert-box web_alert_group\"><div class=\"web_alert\"><h2 class=\"alert-title\">New Federal Loan Rules effective July 1, 2026<\/h2><p class=\"alert-text\">The following rules will affect all students and parents who are borrowing new Federal Direct Loans.<\/p><\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025. This legislation contains significant changes to the federal student loan programs, most of which become effective for periods of enrollment beginning on or after July 1, 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>These changes include:<\/strong><\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-cover is-light has-custom-content-position is-position-top-center is-style-is-not-full-width\" style=\"min-height:467px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-accent-2-background-color has-background-dim-30 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<h5 class=\"wp-block-heading\">Federal Direct Parent PLUS Loan<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>New <strong>annual<\/strong> limit of $20,000 for all parent borrowers combined, per student<\/li>\n\n\n\n<li>New <strong>aggregate<\/strong> limit of $65,000 per student<\/li>\n\n\n\n<li>May qualify for loan limit exception (see below)<\/li>\n<\/ul>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-cover is-light has-custom-content-position is-position-top-center is-style-is-not-full-width\" style=\"min-height:468px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-accent-5-background-color has-background-dim-20 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">Federal Direct Graduate Loans<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>New <strong>aggregate<\/strong> limit of $100,000 (not including undergraduate student loans)<\/li>\n\n\n\n<li>New <strong>Lifetime<\/strong> Loan Limit of $257,500 (includes all undergraduate, graduate, and Graduate PLUS Loan borrowed)<\/li>\n\n\n\n<li>Eliminates the Graduate PLUS Loan:  May qualify for loan limit exception (see below)<\/li>\n<\/ul>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-cover is-light has-custom-content-position is-position-top-center is-style-is-not-full-width\" style=\"min-height:469px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-mtsublue-background-color has-background-dim-20 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">Schedule of Reduction<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Beginning Fall 2026:  New requirements for institutions to reduce the annual loan limit for all federal student loans if enrolled less than full-time.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Federal student loans will be reduced if the student is not enrolled full-time based on hours enrolled for each term<\/li>\n\n\n\n<li>Undergraduate:       Full-time is defined as 12 eligible hours.<\/li>\n\n\n\n<li>Graduate:                                                     Full-time is defined as 9 hours.<\/li>\n<\/ul>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<h5 class=\"wp-block-heading\">Loan Limits Exception (Legacy\/Grandfathering Rules)<\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">While many of the provisions become effective for periods of enrollment beginning July 1, 2026, the impact of the loan limit changes will be phased in over several years as those provisions allow <strong>limited exceptions<\/strong> for current borrowers to continue borrowing under the current limits. If you are enrolled as of June 30, 2026 and have received a loan for your current program of study as of June 30, 2026, you <span style=\"text-decoration: underline\">may<\/span> qualify for legacy provisions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Students remain eligible for prior loan limits under legacy rules for the lesser of three academic years or the remainder of their expected time to credential, if they also continue the meet the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Must remain in same program of study as of June 30, 2026\n<ul class=\"wp-block-list\">\n<li>For <strong>Undergraduate students<\/strong>, program of study is defined based on your credential level, which is a Bachelor&#8217;s degree program.  You are eligible to change majors within the Bachelor&#8217;s degree programs.<\/li>\n\n\n\n<li>For <strong>Graduate students<\/strong>, program of study is defined as your major within a credential level. Changing majors may result in you no longer being eligible for loan limit exception.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Must have received a Federal Direct Loan for the same program of study before July 1, 2026<\/li>\n\n\n\n<li>Must remain continuously enrolled (except for Summer terms)<\/li>\n\n\n\n<li>Cannot withdraw (including Summers if you choose to enroll)<\/li>\n\n\n\n<li>Cannot transfer schools<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Note:  Borrowers cannot opt out of the limited exception.<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\">How do you calculate remaining time to credential?<\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">For purposes of calculating expected time to credential, the expected time shall be equal to the lesser of&#8230;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>three academic years; or<\/li>\n\n\n\n<li>the period determined by calculating the difference between\n<ul class=\"wp-block-list\">\n<li>the program length for the program in the minimum amount of time in years to complete the requirements for a specific program of study; and<\/li>\n\n\n\n<li>the period of program of study that such individual has completed as of the date of determination.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">You are not required to attend full-time. However, if you attend part-time or have dropped\/withdrawn from courses, enrollment in those semester counts when determining the expected remaining time to credential.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span style=\"text-decoration: underline\">Undergraduate programs<\/span><\/strong>: Most bachelor&#8217;s program are reported to the National Student Loan Data System (NSLDS) as a program length of 4 years based on the degree requirement of 120 credit hours as posted in the Undergraduate catalog. If the degree requires more than 120 credit hours as posted in the Undergraduate Catalog (not counting prerequisites), the program length is reported as 4.5 years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span style=\"text-decoration: underline\">Graduate programs<\/span><\/strong>: Graduate programs are reported in years to the National Student Loan Data systems based on the degree requirement hours for the program of study as posted in the Graduate Catalog as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>30 &#8211; 36 hours = 2 years<\/li>\n\n\n\n<li>37 &#8211; 45 hours = 2.5 years<\/li>\n\n\n\n<li>46 &#8211; 61 hours = 3 years<\/li>\n\n\n\n<li>62 &#8211; 76 hours = 4 years<\/li>\n\n\n\n<li>EDD\/Ph.D = 4.0 years <\/li>\n\n\n\n<li>PA = 2.5<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Example 1<\/strong>: An undergraduate student began a program of study in Fall 2023. Most undergraduate programs are reported as 4 years. Because the student started in Fall 2023, he has attended 3 years. His remaining time to credential is 1 year. Since 1 year is the lesser of 3 years or remaining time to credential, he will qualify for the old loan limits only for the 2026-2027 academic year. The calculation assumes the student is attending full-time whether or not the student actually attended full-time or dropped\/withdrew over the last 3 years. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2023-2024 &#8211; Year 1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2024-2025 &#8211; Year 2<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2025-2026 &#8211; Year 3<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2026-2027 &#8211; Year 4 (Qualifies for limited exception limits)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Example 2:<\/strong>  A graduate student began a program of study in Fall 2024.  The program of study requires 36 hours to graduate (not counting pre-requisites), which is reported as 2 years in length.  The student enrolled in 6 credit hours each Fall\/Spring term.  Because the student started in Fall 2024, he has attended 2 years. The calculation assumes the student is attending full-time whether or not the student actually attended full-time or dropped\/withdrew over the last 2 years. His remaining time to credential is 0. He does not qualify for the limited exception limits and will be under the new loan limit rules.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2024-2025 &#8211; Year 1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2025-2026 &#8211; Year 2<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2026-2027 &#8211; Year 3 (Does not qualify for limited exception loan rules)<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<h5 class=\"wp-block-heading\">Schedule of Reductions &#8211; Starting Fall 2026<\/h5>\n<\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To receive your full student <strong>annual<\/strong> loan amount, you must be enrolled full-time in degree-required courses and do not drop below full-time in any semester. Full-time is defined as 12 credit hours for undergraduate students and 9 hours for graduate students.<\/li>\n\n\n\n<li>If you enrolled less than full-time but at least half-time, your loan will be reduced. Half-time is defined as:\n<ul class=\"wp-block-list\">\n<li>Undergraduate = 6 degree-required hours<\/li>\n\n\n\n<li>Graduate = 5 degree-required hours<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>The reduction is based on how many degree-required credit hours you take compared to full-time enrollment for the year, which is typically fall \/ spring semesters. If your program of study requires you to attend full-time (such as the Physician Assistant (PA) program during the Summer term, you annual limit is based on full-time enrollment for fall, spring, and summer semesters.<\/li>\n\n\n\n<li>Typically, you cannot received more than half of the annual loan amount per semester (Summer enrollment is optional) or a third of the annual loan amount per semester (Summer enrollment is required). <\/li>\n\n\n\n<li>Dropping classes and\/or withdrawing from the semester will affect your loan loan eligibility in future semesters.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator aligncenter has-alpha-channel-opacity is-style-default\" \/>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Your loan amount for each term is calculated using this formula:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Degree-required credit hours enrolled \u00f7 Full-time credit hours for the year = Percentage of your annual loan you can receive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Example 1<\/strong>:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Third-year undergraduate student &#8211; eligible for both Direct Subsidized and Direct Unsubsidized Loans. <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Full-time = 12 credits per semester (24 credits in academic year)<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Student&#8217;s enrollment is 9 credits Fall and expected enrollment of 6 credits Spring.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Direct Subsidized Loan<\/em>:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Step 1<\/strong>: Determine maximum Subsidized Annual Loan Limit for Award Year<\/td><td>$5,500<\/td><\/tr><tr><td><strong>Step 2<\/strong>: Calculate SOR percentage<\/td><td>15 enrollment hours \/ 24 credits for year = 63% (round .625 to nearest whole percentage)<br>$5,500 x 63% = <em><strong>$3,465<\/strong><\/em><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Step 3<\/strong>:<\/td><td>Fall = 9 hours<\/td><td>Spring = 6 hours<\/td><\/tr><tr><td>Equal disbursement<\/td><td>$1,733<br>($3,465 \/ 2)<\/td><td>$1,732<br>($3,465 \/ 2)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Direct Unsubsidized Loan:<\/em><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Step 1<\/strong>: Determine maximum Unsubsidized Annual Loan Limit for Award Year<\/td><td>$2,000<\/td><\/tr><tr><td><strong>Step 2<\/strong>: Calculate SOR percentage<\/td><td>15 enrollment hours \/ 24 credits for year = 63% (round .625 to nearest whole percentage)<br>$2,000 x 63% = <em><strong>$<\/strong><\/em><strong>1,260<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Step 3<\/strong>:<\/td><td>Fall = 9 hours<\/td><td>Spring = 6 hours<\/td><\/tr><tr><td>Equal disbursement<\/td><td>$630<br>($1,260 \/ 2)<\/td><td>$630<br>($1,260 \/ 2)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Example 2: <\/strong>(Dropping a class in the Fall semester)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First-year undergraduate student &#8211; eligible for both Direct Subsidized and Direct Unsubsidized Loans.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Full Time = 12 credits per semester (24 credits in academic year)<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Student&#8217;s enrollment is 12 credits Fall and expected enrollment of 12 credits Spring<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Direct Subsidized Loan<\/em><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Step 1<\/strong>: Determine maximum Subsidized Annual Loan Limit for Award Year<\/td><td>$3,500<\/td><\/tr><tr><td><strong>Step 2<\/strong>: Calculate SOR percentage<\/td><td>24 enrollment hours \/ 24 credits for year = 100%<br>SOR does not apply<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Step 3:<\/strong><\/td><td>Fall = 12 hours<\/td><td>Spring = 12 hours<\/td><\/tr><tr><td>Equal disbursement<\/td><td>$1,750<br>($3,500 \/ 2)<\/td><td>$1,750<br>($3,500 \/ 2)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Direct Unsubsidized Loan<\/em><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Step 1<\/strong>: Determine maximum Unsubsidized Annual Loan Limit for Award Year<\/td><td>$2,000<\/td><\/tr><tr><td><strong>Step 2<\/strong>: Calculate SOR percentage<\/td><td>24 enrollment hours \/ 24 credits for year = 100%<br>SOR does not apply<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Step 3:<\/strong><\/td><td>Fall = 12 hours<\/td><td>Spring = 12 hours<\/td><\/tr><tr><td>Equal disbursement<\/td><td>$1,000<br>($2,000 \/ 2)<\/td><td>$1,000<br>($2,000 \/ 2)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The student withdraws to 9 credit hours in the Fall term after Fall loans have disbursed.  The student is now on track to complete 21\/24 credit hours and receive 88% of their full annual loan eligiblity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Direct Subsidized Loan<\/em><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Step 1<\/strong>: Determine maximum Subsidized Annual Loan Limit for Award Year<\/td><td>$3,500<\/td><\/tr><tr><td><strong>Step 2<\/strong>: Calculate SOR percentage<\/td><td>21\/24 = 88% (.875 rounded to nearest whole percentage) = $3,080<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Step 3:<\/strong><\/td><td>Fall = 9 hours<\/td><td>Spring = 12 hours<\/td><\/tr><tr><td>Equal disbursement<\/td><td>$1,750 (already disbursed)<br>($3,500 \/ 2)<\/td><td>$1,330<br>($3,080-$1,750 from Fall)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Direct Unsubsidized Loan<\/em><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Step 1<\/strong>: Determine maximum Unsubsidized Annual Loan Limit for Award Year<\/td><td>$2,000<\/td><\/tr><tr><td><strong>Step 2<\/strong>: Calculate SOR percentage<\/td><td>21\/24 = 88% = $1,760<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Step 3:<\/strong><\/td><td>Fall = 9 hours<\/td><td>Spring = 12 hours<\/td><\/tr><tr><td>Equal disbursement<\/td><td>$1,000 (already disbursed)<br>($2,000 \/ 2)<\/td><td>$760<br>($1,760-$1,000 from Fall)<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingfederal-direct-student-loan-program\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsenewExpandablefederal-direct-student-loan-program\" aria-expanded=\"false\" aria-controls=\"collapsenewExpandablefederal-direct-student-loan-program\">Federal Direct Student Loan Program<\/button><\/h2><div id=\"collapsenewExpandablefederal-direct-student-loan-program\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingfederal-direct-student-loan-program\" data-bs-parent=\"#newExpandable\"><div class=\"accordion-body\">\n<p class=\"wp-block-paragraph\">Federal Direct Student Loans are made available through the <a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\" target=\"_blank\" rel=\"noreferrer noopener\">William D. Ford Federal Direct Loan Program<\/a>. This program offers two types of Federal Direct Loans: subsidized and unsubsidized. These loans must be used for educational expenses during attendance at 糖心Vlog官方.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There is a grace period of 6 months after graduation or dropping below half-time attendance before repayment of the principal of the Federal Direct Student Loan begins. Loan amounts are awarded based on dependency status and grade level and cannot exceed the established cost of attendance for the school, including other aid received. Your 糖心Vlog官方 financial aid awards may include both subsidized and unsubsidized loans.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-cover is-light has-custom-content-position is-position-top-center is-style-is-not-full-width\" style=\"min-height:100vh;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-accent-2-background-color has-background-dim-30 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">Federal Direct Subsidized Loan<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Subsidized loans are awarded to undergraduate students on the basis of financial need as determined by the Financial Aid Office. With a subsidized loan, the federal government pays interest on the student loan while you are enrolled at the university on at least a half-time basis, and during the six-month grace period after you are no longer enrolled on at least a half-time basis.&nbsp;<\/p>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-cover is-light has-custom-content-position is-position-top-center is-style-is-not-full-width\" style=\"min-height:100vh;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-accent-5-background-color has-background-dim-20 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">Federal Direct Unsubsidized Loan<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Student borrowers may qualify for this type of loan regardless of need or income. Both undergraduate and graduate students may be eligible. With unsubsidized loans, you are responsible for interest that accrues on the loan from the time the loan is disbursed until it is paid in full. You may choose to pay the interest as it accrues while you are enrolled, or you may defer the interest payments and allow them to accumulate (capitalize). If you choose to pay the interest as it accumulates, you will ultimately repay less. If you defer the interest, it will capitalize, which will result in an increase in student loan debt and monthly payments.<\/p>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-cover is-light has-custom-content-position is-position-top-center is-style-is-not-full-width\" style=\"min-height:100vh;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-mtsublue-background-color has-background-dim-20 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">Federal Direct Loan Eligibility<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to filing the FAFSA, the following eligibility requirements must be met in order to qualify for a Federal Direct Student Loan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Half-time enrollment at an eligible institution, such as 糖心Vlog官方, in an eligible degree seeking undergraduate or graduate program (Graduate Certificate programs are not eligible)<\/li>\n\n\n\n<li>Be a U.S. citizen or eligible non-citizen<\/li>\n\n\n\n<li>Maintain <a href=\"https:\/\/w1.mtsu.edu\/policies\/academic-affairs-students\/320.php\" target=\"_blank\" rel=\"noreferrer noopener\">Satisfactory Academic Progress<\/a> (SAP)<\/li>\n\n\n\n<li>Not be in default on an educational loan or overpayment on an educational grant<\/li>\n\n\n\n<li>Not have Title IV student loans that exceed the annual or aggregate loan limits<\/li>\n<\/ul>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\">Federal Direct Student Loan Application Process<\/h4>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Complete the Free Application for Federal Student Aid (<a href=\"https:\/\/studentaid.gov\/h\/apply-for-aid\/fafsa\" target=\"_blank\" rel=\"noreferrer noopener\">FAFSA<\/a>)<\/li>\n\n\n\n<li>Once your FAFSA has been processed, you will receive a valid Student Aid Report (SAR) which will summarize all of the information you provided on your FAFSA and your federally calculated Student Aid Index (SAI) that is used in determining your eligibility for federal student aid. An electronic copy of your SAR will automatically be sent to the Office of Financial Aid of the school(s) listed on your FAFSA.<\/li>\n\n\n\n<li>Once your financial aid file has been completed, the Financial Aid Office will notify you by campus email to view your awards on PipelineMT. Federal Student Loans will either be \u201coffered\u201d on your PipelineMT&nbsp;account or you will have an option to submit a Loan Request Sheet.&nbsp;<br><br>If Federal Direct Student Loans are \u201coffered\u201d on PipelineMT, you will have the option to accept or decline your student loan awards and have the option to accept a lesser amount than was awarded. Always accept a subsidized loan before accepting an unsubsidized loan!<br>\n<ul class=\"wp-block-list\">\n<li>Please remember that you will need to determine what your expenses and resources will be for the upcoming year before accepting or refusing a loan. Do not borrow more than you need! If you do not need a loan, select &#8216;Decline&#8217; under the \u2018Accept Award\u2019 column and then click \u2018submit decision\u2019.<\/li>\n\n\n\n<li>One semester only loans will require a <a href=\"https:\/\/www.mtsu.edu\/financial-aid\/forms\/\" data-type=\"page\" data-id=\"30\" target=\"_blank\" rel=\"noreferrer noopener\">Loan Request Sheet<\/a> to be turned in to&nbsp;the MT One Stop.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>All first-time borrowers at 糖心Vlog官方 must complete an&nbsp;<a href=\"https:\/\/studentaid.gov\/app\/counselingInstructions.action\" target=\"_blank\" rel=\"noreferrer noopener\">online Loan Entrance Counseling<\/a> before receiving any loan funds.<\/li>\n\n\n\n<li>You must complete your&nbsp;<a href=\"https:\/\/studentaid.gov\/mpn\/\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Direct Loan Master Promissory Note (MPN)<\/a>before loan funds can disburse onto your account. Once completed, your MPN is generally valid for ten years.\n<ul class=\"wp-block-list\">\n<li>You will receive a Notice of Guarantee and Disclosure Statement. This is your notice of loan approval, and it contains essential information about the terms and conditions of your loan. It also tells you the amount of your loan and an estimated date for the arrival of funds.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>**Exciting Opportunity **<\/strong>Students have the ability to complete an&nbsp;<strong>Annual Student Loan Acknowledgment<\/strong>&nbsp;through the&nbsp;<a href=\"https:\/\/studentaid.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/studentaid.gov<\/a> You will log into this site with your FSA username and password.\n<ul class=\"wp-block-list\">\n<li><strong>What Is It? <\/strong>: The Annual Student Loan Acknowledgment will allow student borrowers the opportunity to view and confirm their total federal loan balance, provide insight to what your anticipated monthly payments and median salary may be after graduating, and break down basic loan concepts such as interest accrual and capitalization and the difference between private and federal student loans.<\/li>\n\n\n\n<li><strong>When Is It Needed?<\/strong>:&nbsp; The Annual Student Loan Acknowledgment is not a federal loan requirement at this time; however, you are strongly encouraged to take advantage of this tool in order to become a more informed borrower.<\/li>\n\n\n\n<li><strong>This online tool is currently available and within a matter of minutes, you can be on your way to understanding educational debt and how it can affect your financial future.&nbsp;<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Student loan funds are disbursed to accounts approximately three days before classes begin \u201cif\u201d all of the above steps have been completed. Students who have signed up for direct deposit will generally receive a refund (if applicable) within the first week of classes. Otherwise, student loan funds are disbursed to accounts throughout the semester as the above steps are completed, and students will receive refunds as applicable.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Direct Loan limits<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Eligibility for all Federal Direct Loans will be based on cost of attendance, the Student Aid Index (SAI) as determined by FAFSA, other aid received, and the loan limits set by the U.S. Department of Education. Students may never qualify for more than the cost of attendance for the college or the annual loan limit. The charts below show the maximum amounts you may borrow.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-block accordion expandable-group expandable-group-lightblock\" id=\"newExpandable2\">\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingmaximum-annual-loan-limit\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsenewExpandable2maximum-annual-loan-limit\" aria-expanded=\"false\" aria-controls=\"collapsenewExpandable2maximum-annual-loan-limit\">Maximum Annual Loan Limit<\/button><\/h2><div id=\"collapsenewExpandable2maximum-annual-loan-limit\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingmaximum-annual-loan-limit\" data-bs-parent=\"#newExpandable2\"><div class=\"accordion-body\">\n<h5 class=\"wp-block-heading\">Undergraduate loan limits for dependent students<\/h5>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>&nbsp;<\/th><th>Freshman<br>(0-29 Hours)<\/th><th>Sophomore<br>(30-59 HOURS)<\/th><th>Junior<br>(60-89 hours)<\/th><th>Senior<br>(90+ hours)<\/th><\/tr><tr><td><strong>Maximum Subsidized<\/strong><\/td><td>$3,500<\/td><td>$4,500<\/td><td>$5,500<\/td><td>$5,500<\/td><\/tr><tr><td><strong>Unsubsidized<\/strong><\/td><td>$2,000<\/td><td>$2,000&nbsp;<\/td><td>$2,000<\/td><td>$2,000<\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td>$5,500<\/td><td>$6,500&nbsp;<\/td><td>$7,500<\/td><td>$7,500<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h5 class=\"wp-block-heading\">Undergraduate loan limits for independent students or dependent students with a Parent PLUS denial<\/h5>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>&nbsp;<\/th><th>FRESHMAN&nbsp;<br>(0-29 HOURS)<\/th><th>SOPHOMORE&nbsp;<br>(30-59 HOURS)<\/th><th>JUNIOR&nbsp;<br>(60-89 HOURS)<\/th><th>SENIOR&nbsp;<br>(90+ HOURS)<\/th><\/tr><tr><td><strong>Maximum Subsidized<\/strong><\/td><td>$3,500<\/td><td>$4,500<\/td><td>$5,500<\/td><td>$5,500<\/td><\/tr><tr><td><strong>Unsubsidized<\/strong><\/td><td>$2,000<\/td><td>$2,000&nbsp;<\/td><td>$2,000<\/td><td>$2,000<\/td><\/tr><tr><td><strong>Additional Unsubsidized<\/strong><\/td><td>$4,000<\/td><td>$4,000&nbsp;<\/td><td>$5,000<\/td><td>$5,000<\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td>$9,500<\/td><td>$10,500&nbsp;<\/td><td>$12,500<\/td><td>$12,500<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h5 class=\"wp-block-heading\">Graduate loan limits for graduate and professional students<\/h5>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>&nbsp;<\/th><th>Graduate Yearly Loan Maximum<\/th><\/tr><tr><td><strong>Unsubsidized<\/strong><\/td><td>$20,500<\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td>$20,500<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingmaximum-aggregate-loan-limits\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsenewExpandable2maximum-aggregate-loan-limits\" aria-expanded=\"false\" aria-controls=\"collapsenewExpandable2maximum-aggregate-loan-limits\">Maximum Aggregate Loan Limits<\/button><\/h2><div id=\"collapsenewExpandable2maximum-aggregate-loan-limits\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingmaximum-aggregate-loan-limits\" data-bs-parent=\"#newExpandable2\"><div class=\"accordion-body\">\n<h5 class=\"wp-block-heading\">Federal Direct maximum aggregate limits<\/h5>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Dependent Undergraduate<\/th><th><strong>Independent Undergraduate<\/strong><\/th><\/tr><tr><td>$31,000 (no more than $23,000 of which can be subsidized)<\/td><td>$57,500 (no more than $23,000 of which can be subsidized<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Graduate<\/th><\/tr><tr><td>$138,500 (no more than $65,500 of which can be subsidized)<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div><\/div><\/div>\n<\/div>\n<\/div><\/div><\/div>\n\n\n\n<div id=\"additionaldoc\" class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingspecial-cases-that-require-additional-documentation\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsenewExpandablespecial-cases-that-require-additional-documentation\" aria-expanded=\"false\" aria-controls=\"collapsenewExpandablespecial-cases-that-require-additional-documentation\">Special Cases that Require Additional Documentation<\/button><\/h2><div id=\"collapsenewExpandablespecial-cases-that-require-additional-documentation\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingspecial-cases-that-require-additional-documentation\" data-bs-parent=\"#newExpandable\"><div class=\"accordion-body\">\n<div class=\"wp-block-mtsu-blocks-expandable-block accordion expandable-group expandable-group-lightblock\" id=\"special\">\n<div id=\"second_deg\" class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingsecond-degree\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsespecialsecond-degree\" aria-expanded=\"false\" aria-controls=\"collapsespecialsecond-degree\">Second Degree<\/button><\/h2><div id=\"collapsespecialsecond-degree\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingsecond-degree\" data-bs-parent=\"#special\"><div class=\"accordion-body\">\n<p class=\"wp-block-paragraph\">A second degree student is defined as a student with a previous degree at the same credential.  Federal Direct Loans are limited to two degrees at the same credential.  Undergraduate or Graduate students enrolled at least half-time while taking coursework toward an additional degree at the same credential may qualify for a Federal Direct  Loan provided they have not reached their aggregate limit and are making Satisfactory Academic Progress. Before a loan can be processed and\/or disbursed, you must submit a <a href=\"https:\/\/www.mtsu.edu\/financial-aid\/forms\/\" data-type=\"page\" data-id=\"30\" target=\"_blank\" rel=\"noreferrer noopener\">Request for Federal Financial Aid for Additional Coursework<\/a> form to the MT One Stop.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingteacher-licensure\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsespecialteacher-licensure\" aria-expanded=\"false\" aria-controls=\"collapsespecialteacher-licensure\">Teacher Licensure<\/button><\/h2><div id=\"collapsespecialteacher-licensure\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingteacher-licensure\" data-bs-parent=\"#special\"><div class=\"accordion-body\">\n<p class=\"wp-block-paragraph\">Students who have completed an undergraduate degree and are now admitted as an undergraduate or graduate student for the sole purpose of attaining teacher licensure may be eligible for Federal Direct Loans at the undergraduate level. Students must have remaining eligibility within their undergraduate aggregate loan limit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The maximum annual loan amount for independent students cannot exceed $12,500. The maximum annual loan amount for dependent students cannot exceed $5,500.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When completing the Free Application for Federal Student Aid (FAFSA), you should indicate the following under the Student College or Career School Plan section:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Select <strong>Other undergraduate (junior<\/strong> y<strong>ear and beyond)<\/strong><\/li>\n\n\n\n<li>Answer <strong>Yes<\/strong> to the question, &#8220;Will the student be pursuing an initial teaching certification at the elementary or secondary level?&#8221;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">You must be enrolled at least half-time in required teacher licensure coursework to receive aid each semester. You must submit a copy of your Program of Study and a <a href=\"https:\/\/www.mtsu.edu\/financial-aid\/forms\/\" data-type=\"page\" data-id=\"30\" target=\"_blank\" rel=\"noreferrer noopener\">Request for Federal Financial Aid for Additional Coursework<\/a> form to the MT One Stop. <\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headinggraduate-students-required-to-take-undergraduate-prerequisites\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsespecialgraduate-students-required-to-take-undergraduate-prerequisites\" aria-expanded=\"false\" aria-controls=\"collapsespecialgraduate-students-required-to-take-undergraduate-prerequisites\">Graduate Students Required to take Undergraduate Prerequisites<\/button><\/h2><div id=\"collapsespecialgraduate-students-required-to-take-undergraduate-prerequisites\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headinggraduate-students-required-to-take-undergraduate-prerequisites\" data-bs-parent=\"#special\"><div class=\"accordion-body\">\n<p class=\"wp-block-paragraph\">Graduate students admitted into a graduate program who are required to enroll in undergraduate prerequisite courses may qualify for Federal Direct Student Loans in limited cases.&nbsp; Before the loan eligibility can be determined, you should submit the <a href=\"https:\/\/www.mtsu.edu\/financial-aid\/forms\/\" data-type=\"page\" data-id=\"30\" target=\"_blank\" rel=\"noreferrer noopener\">Request for Federal Financial Aid for Additional Coursework form<\/a> to the MT One Stop and complete the Prerequisite Verification Form with the College of Graduate Studies.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingfederal-direct-plus-loan-program\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsenewExpandablefederal-direct-plus-loan-program\" aria-expanded=\"false\" aria-controls=\"collapsenewExpandablefederal-direct-plus-loan-program\"> Federal Direct PLUS Loan Program<\/button><\/h2><div id=\"collapsenewExpandablefederal-direct-plus-loan-program\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingfederal-direct-plus-loan-program\" data-bs-parent=\"#newExpandable\"><div class=\"accordion-body\">\n<p class=\"wp-block-paragraph\">The Federal Direct PLUS loan is a low-interest federally funded loan for parents of dependent students and for graduate students. These loans enable parents and\/or graduate students with good credit histories to borrow funds to pay educational expenses. The amount of the loan may not exceed the cost of attendance minus other financial aid the student will receive.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-block accordion expandable-group expandable-group-lightblock\" id=\"directplus\">\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingfederal-plus-direct-loan-eligibility\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsedirectplusfederal-plus-direct-loan-eligibility\" aria-expanded=\"false\" aria-controls=\"collapsedirectplusfederal-plus-direct-loan-eligibility\">Federal PLUS Direct Loan Eligibility<\/button><\/h2><div id=\"collapsedirectplusfederal-plus-direct-loan-eligibility\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingfederal-plus-direct-loan-eligibility\" data-bs-parent=\"#directplus\"><div class=\"accordion-body\">\n<p class=\"wp-block-paragraph\">A parent or graduate student (the borrower) is eligible to apply if he or she is:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The natural parent, adoptive parent, or step-parent (If step-parent&#8217;s income and assets are considered on the FAFSA) of an eligible dependent Undergraduate student. Grandparents, foster parents, legal guardians,&nbsp;aunts and uncles are not considered parents unless they have legally adopted the student.&nbsp;<\/li>\n\n\n\n<li>A U.S. citizen, U.S. national or eligible non-citizen.<\/li>\n\n\n\n<li>Not in default on any Title IV loan program.<\/li>\n\n\n\n<li>Must have a good credit history. Any adverse credit may cause the application to be denied.<br>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Also, in the case of a Federal Direct Parent PLUS, the student for whom the parent is borrowing must be a dependent student (as defined by FAFSA) who is enrolled at least half-time and is maintaining Satisfactory Academic Progress.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The interest rate on a Federal Direct PLUS Loan is variable and is adjusted annually on July 1. The Federal Student Aid website publishes the most recent updates regarding current <a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\/interest-rates\" target=\"_blank\" rel=\"noreferrer noopener\">interest rates<\/a>. The Federal PLUS Loan carries an <a href=\"https:\/\/studentaid.gov\/help-center\/answers\/article\/what-is-origination-fee\" target=\"_blank\" rel=\"noreferrer noopener\">origination fee<\/a>, which is paid to the U.S. Department of Education to help offset the cost of operating the Federal Direct PLUS Loan Program. We recommend that, if possible, parents request the loan period of two semesters, to ensure availability of funds for the full academic year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For fall\/spring Federal Direct PLUS loan periods, loans will be disbursed in two equal payments at the beginning of each semester. The loan funds are credited to the student\u2019s account. Any amount owed to 糖心Vlog官方 will be deducted from the loan funds. If the loan proceeds are more than what is owed, a Federal Direct PLUS refund will be given to the parent or student (if the parent authorizes).<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingfederal-direct-plus-loan-application-process\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsedirectplusfederal-direct-plus-loan-application-process\" aria-expanded=\"false\" aria-controls=\"collapsedirectplusfederal-direct-plus-loan-application-process\">Federal Direct PLUS Loan application process<\/button><\/h2><div id=\"collapsedirectplusfederal-direct-plus-loan-application-process\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingfederal-direct-plus-loan-application-process\" data-bs-parent=\"#directplus\"><div class=\"accordion-body\">\n<p class=\"wp-block-paragraph\">Parents and students should begin completing the Free Application for Federal Student Aid (FAFSA) in January or as early as possible in each calendar year. If the proceeds of the Federal PLUS Loan are needed to pay for <a href=\"https:\/\/www.mtsu.edu\/tuition\/\" target=\"_blank\" rel=\"noreferrer noopener\">tuition<\/a> and fees by the scheduled August payment deadline dates, the Federal PLUS Loan should be completed online by mid-June. However, graduate students and parents may still apply for the Federal Direct PLUS Loan even after the semester begins as long as the student is enrolled at least half-time.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The results from the Free Application for Federal Student Aid (<a href=\"https:\/\/studentaid.gov\/h\/apply-for-aid\/fafsa\" target=\"_blank\" rel=\"noreferrer noopener\">FAFSA<\/a>) must be on file in the Financial Aid Office. If you have not completed the FAFSA, you may apply online.<\/li>\n\n\n\n<li>To determine if the graduate student or parent is eligible for a Federal Direct PLUS Loan, &nbsp;a request for the loan must be submitted on the <a href=\"https:\/\/studentaid.gov\/app\/launchPLUS.action\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/studentaid.gov\/<\/a>&nbsp;website. The graduate student or parent borrower will log into the site using his\/her FSA username and password. Once the request is submitted online, the US Department of Education will initiate &nbsp;a credit check and the borrower will immediately be provided with the credit decision for the Plus loan. Please submit your completed online application at least 45 days prior to the time loan funds are needed.<\/li>\n\n\n\n<li>If the Federal Direct PLUS loan is approved, the graduate student or parent must sign the <a href=\"https:\/\/studentaid.gov\/app\/launchMpn.action\" target=\"_blank\" rel=\"noreferrer noopener\">Master Promissory Note (MPN) <\/a>with the Federal Direct loan program. The Federal Direct PLUS Master Promissory Note must be completed for the first Federal PLUS Loan processed, but not for subsequent loans (unless a co-signer has been used for the loan to be approved.) Additionally, if the Federal Direct PLUS borrower changes, the new borrower must complete a MPN using his\/her FSA username and password.<\/li>\n\n\n\n<li><strong>**Exciting Opportunity**<\/strong> Parent borrowers have the ability to complete an <strong>Annual Student Loan Acknowledgment<\/strong> through the <a href=\"https:\/\/studentaid.gov\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/studentaid.gov<\/a> website. You will log into this site with your FSA username and password.\n<ul class=\"wp-block-list\">\n<li><strong>What Is It? <\/strong>: The Annual Student Loan Acknowledgment will allow parent borrowers the opportunity to view and confirm their total federal loan balance, provide insight to what your anticipated monthly payments, and break down basic loan concepts such as interest accrual and capitalization and the difference between private and federal loans.<\/li>\n\n\n\n<li><strong>When Is It Needed?<\/strong>:&nbsp; The Annual Student Loan Acknowledgment is not a federal loan requirement at this time; however, parent borrowers are strongly encouraged to take advantage of this tool in order to become a more informed borrower.<\/li>\n\n\n\n<li><strong>This online tool is currently available and within a matter of minutes, you can be on your way to understanding educational debt and how it can affect your financial future.&nbsp;<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingwhat-happens-if-the-federal-direct-plus-loan-is-denied\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsedirectpluswhat-happens-if-the-federal-direct-plus-loan-is-denied\" aria-expanded=\"false\" aria-controls=\"collapsedirectpluswhat-happens-if-the-federal-direct-plus-loan-is-denied\">What happens if the Federal Direct PLUS loan is denied?<\/button><\/h2><div id=\"collapsedirectpluswhat-happens-if-the-federal-direct-plus-loan-is-denied\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingwhat-happens-if-the-federal-direct-plus-loan-is-denied\" data-bs-parent=\"#directplus\"><div class=\"accordion-body\">\n<p class=\"wp-block-paragraph\">Credit approval or denial for a Federal Direct PLUS Loan is determined by the federal government; not 糖心Vlog官方. Questions regarding credit denials of a Federal Direct PLUS Loan can be directed to the Loan Origination Center at 1-800-557-7394.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If denied the Federal Direct PLUS Loan due to adverse credit history, the borrower may appeal the credit decision or a co-signer may be used for the loan to be approved. Borrower who are not initially credit approved for the Plus loan, but qualify by appealing or obtaining a co-signer\/endorser, must complete Plus Counseling at the <a href=\"https:\/\/studentaid.gov\/app\/counselingInstructions.action?counselingType=plus\" target=\"_blank\" rel=\"noreferrer noopener\">StudentAid.gov<\/a> website before the loan can be disbursed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If a Plus Loan is denied for a parent, the student will then become eligible to receive additional Federal Direct Unsubsidized Loans. Freshmen and sophomores may apply for up to $4,000, and juniors and seniors may apply for up to $5,000 in these additional Unsubsidized Direct Loans. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The student may need to request the additional unsubsidized amount by notifying the&nbsp;MT One Stop and completing the <a href=\"https:\/\/www.mtsu.edu\/financial-aid\/forms\/\" data-type=\"page\" data-id=\"30\" target=\"_blank\" rel=\"noreferrer noopener\">Loan Request Sheet (LRS)<\/a>.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingwhen-does-the-federal-direct-plus-loan-have-to-be-repaid\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsedirectpluswhen-does-the-federal-direct-plus-loan-have-to-be-repaid\" aria-expanded=\"false\" aria-controls=\"collapsedirectpluswhen-does-the-federal-direct-plus-loan-have-to-be-repaid\">When does the Federal Direct PLUS loan have to be repaid?<\/button><\/h2><div id=\"collapsedirectpluswhen-does-the-federal-direct-plus-loan-have-to-be-repaid\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingwhen-does-the-federal-direct-plus-loan-have-to-be-repaid\" data-bs-parent=\"#directplus\"><div class=\"accordion-body\">\n<p class=\"wp-block-paragraph\">To request a deferment, the borrower may contact the loan servicer. You can identify your loan servicer by reviewing your loan disclosure or online at <a href=\"https:\/\/studentaid.gov\" target=\"_blank\" rel=\"noreferrer noopener\">studentaid.gov<\/a>. The borrower will need his\/her FSA username and password to access this site.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The loan must be repaid within 10 years and the minimum monthly payment is $50.00, or higher depending upon the total amount borrowed. All or a portion of a Federal PLUS Loan may be repaid at any time without penalty.<\/p>\n<\/div><\/div><\/div>\n<\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingloan-counseling-repayment-and-forgiveness\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsenewExpandableloan-counseling-repayment-and-forgiveness\" aria-expanded=\"false\" aria-controls=\"collapsenewExpandableloan-counseling-repayment-and-forgiveness\"> Loan counseling, repayment and forgiveness<\/button><\/h2><div id=\"collapsenewExpandableloan-counseling-repayment-and-forgiveness\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingloan-counseling-repayment-and-forgiveness\" data-bs-parent=\"#newExpandable\"><div class=\"accordion-body\">\n<p class=\"wp-block-paragraph\">The federal government wants to make sure that you fully understand your responsibilities as you assume a loan, and again when you leave 糖心Vlog官方 and begin repayment of your loan. You will be required to complete entrance counseling as a pre-condition to receiving your Federal Direct Subsidized, Federal Direct Unsubsidized, or Federal Graduate PLUS loan. The link for entrance counseling is at <a href=\"https:\/\/studentaid.gov\/app\/counselingInstructions.action?counselingType=entrance\" target=\"_blank\" rel=\"noreferrer noopener\">StudentAid.gov<\/a>, under the section titled <strong>Complete Aid Process.<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once you graduate or drop below half-time status, you will need to make plans to begin repayment of your loan. You will also be required to participate in Exit Loan Counseling whenever you drop below half-time enrollment status, withdraw from the university, or graduate. In most cases, you\u2019ll have a grace period of six months after you graduate or withdraw from the university before you must begin making payments for your federal student loans. The link for exit counseling is at <a href=\"https:\/\/studentaid.gov\/app\/counselingInstructions.action?counselingType=exit\" target=\"_blank\" rel=\"noreferrer noopener\">StudentAid.gov<\/a>, under the section titled <strong>Manage Loan<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To view a sample loan repayment schedule, you can enter an amount in the <a href=\"https:\/\/studentaid.gov\/loan-simulator\/\" target=\"_blank\" rel=\"noreferrer noopener\">Loan Simulator<\/a> on the Federal Student Aid website.&nbsp; It will help you to understand which repayment plan may work best for you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, you\u2019ll want to carefully review options that may be available to you for various types of loan consolidation, loan forgiveness, or loan discharge. For more information, go to <a href=\"https:\/\/studentaid.gov\/h\/manage-loans\" target=\"_blank\" rel=\"noreferrer noopener\">StudentAid.gov<\/a> and review the section titled <strong>Managing Loans.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>*糖心Vlog官方 has partnered with Edamerica to support former students with managing their student loans and maintaining good financial standing.<\/strong> <strong>If you are in repayment, you may receive correspondence from Edamerica with important information about your federal student loan(s). Please do not discard this correspondence because it will contain valuable tips and best practices to allow you to navigate through the repayment period.<\/strong> <strong>Check out our joint <a href=\"https:\/\/edrepay.com\/mtsu\/\" target=\"_blank\" rel=\"noreferrer noopener\">webpage<\/a> for helpful repayment and budgeting resources.<\/strong><\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingcode-of-conduct\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsenewExpandablecode-of-conduct\" aria-expanded=\"false\" aria-controls=\"collapsenewExpandablecode-of-conduct\">Code of Conduct<\/button><\/h2><div id=\"collapsenewExpandablecode-of-conduct\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingcode-of-conduct\" data-bs-parent=\"#newExpandable\"><div class=\"accordion-body\">\n<p class=\"wp-block-paragraph\">The federal Higher Education Opportunity Act (HEOA) of 2008 established a code of conduct applicable to financial aid employees and universities as they administer the Title IV Loan program. In general, the Code prohibits any financial aid employee or university from participating in any revenue-sharing arrangements with any lender, or from receiving gifts from any lender, guarantor or loan servicer in exchange for providing Loan Funds to its student population.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-accent-1-color has-alpha-channel-opacity has-accent-1-background-color has-background is-style-wide\" \/>\n\n\n\n<p class=\"wp-block-paragraph\">In compliance with the Higher Education Opportunity Act (HEOA) of 2008, the following Code of<br>Conduct was written in respect to the Title IV Stafford Loan program. Financial Aid employees<br>are held to the following standards:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Prohibited from conflicts of interest in respect to loans.<\/li>\n\n\n\n<li>Prohibited from revenue sharing arrangements with any lender.<\/li>\n\n\n\n<li>Prohibited from the soliciting or accepting of gifts from a lender, guarantor, or servicer.<br>Gifts include any \u201cgratuity, favor, discount, entertainment, hospitality, loan, or other<br>item have a monetary value of more than a de minimus amount,\u201d including services,<br>transportation, lodging, and meals. A gift does not include the following:\n<ul class=\"wp-block-list\">\n<li>standard materials, activities, or programs related to a loan being provided<\/li>\n\n\n\n<li>food, refreshments, training, or informational materials provided as part of a training session conducted by the lender in order for the institution to improve services<\/li>\n\n\n\n<li>favorable terms, conditions, or borrower benefits provided to a student employed by the institution if comparable terms are provided to all students of the institution<\/li>\n\n\n\n<li>Entrance and Exit counseling services provided to borrowers as long as a covered institution\u2019s staff is in control of the counseling and the counseling does not promote one specific lender<\/li>\n\n\n\n<li>philanthropic contributions to an institution unrelated to education loans<\/li>\n\n\n\n<li>state education grants, scholarships, or financial aid funds<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Prohibited from receipt of any fees, payments, or other financial benefits for consulting<br>services by anyone with responsibilities in respect to education loans.<\/li>\n\n\n\n<li>Prohibited from assigning borrowers to a particular lender and requires<br>the institution to certify and not delay certification of any loan regardless of the lender<br>or guaranty agency the borrower selects.<\/li>\n\n\n\n<li>Prohibited from accepting any funds to be used for private education loans in exchange<br>for the institution providing concessions to the private lender.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">In general, 糖心Vlog官方 is held to the following standards:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Prohibited from accepting assistance with call center staffing or Financial Aid Office<br>staffing from any lender. 糖心Vlog官方 may accept professional development training for its<br>Financial Aid administrators, counseling, financial literacy, and debt management<br>materials from lenders as well as short-term, non-recurring staffing assistance during an<br>emergency.<\/li>\n\n\n\n<li>Any employee with responsibilities in respect to financial assistance at 糖心Vlog官方 who<br>serves on an advisory board or commission of a lender or guarantor may not accept<br>anything of value from the lender or guarantor except reimbursement for the<br>reasonable expenses of serving on the board or commission.<\/li>\n<\/ol>\n<\/div><\/div><\/div>\n\n\n\n<div id=\"privateloans\" class=\"wp-block-mtsu-blocks-expandable-item accordion-item expandable-heading expandable-heading-lightblock\"><h2 class=\"accordion-header\" id=\"headingprivate-loans\"><button class=\"accordion-button collapsed\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapsenewExpandableprivate-loans\" aria-expanded=\"false\" aria-controls=\"collapsenewExpandableprivate-loans\">Private loans<\/button><\/h2><div id=\"collapsenewExpandableprivate-loans\" class=\"accordion-collapse collapse expandable-content expandable-content-lightblock\" aria-labelledby=\"headingprivate-loans\" data-bs-parent=\"#newExpandable\"><div class=\"accordion-body\">\n<p class=\"has-medium-font-size wp-block-paragraph\">I. <strong>Introduction<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When federal aid and scholarships are not enough to cover educational expenses, a private education loan may be another option. Private loans are non-federal, credit-based loans issued by private organizations, such as banks, credit unions, and state-based or state-affiliated entities. Unlike federal loans, which are regulated by the government, the terms and conditions for private loans are set by each lender. The lending agency will typically review your credit score, credit history, and other information to determine if you will qualify for this type of loan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Borrowers with good credit and\/or a cosigner with good credit are generally presented with the best private loan rates. A cosigner is a creditworthy adult who agrees to share equal responsibility for repaying the loan. If the borrower is unable to repay the loan, the cosigner is legally responsible for repayment.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">II. <strong>Things to Consider<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before applying for a private loan, ask yourself the following questions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Does the lender process private loans for students enrolled at 糖心Vlog官方?<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Does the lender require satisfactory academic progress (SAP) requirements to be met?<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Does the lender require you to be in a degree-seeking program?<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Does the lender have a minimum enrollment requirement?<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Is there a minimum and maximum amount that can be borrowed?<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>What will your interest rate be? Are fixed and variable rate options available? If the interest rate is variable, is there a maximum rate?<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Are there any fees that are deducted from the private loan before you receive the loan funds?<\/li>\n\n\n\n<li>What is the turnaround time for credit decisions and disbursement of funds?<\/li>\n\n\n\n<li>Will you be required to start repaying the loan while enrolled in school? Can this loan be deferred? If so, how long?<\/li>\n\n\n\n<li>What are the repayment options? Is hardship assistance available?<\/li>\n\n\n\n<li>What will your monthly payment be?<\/li>\n\n\n\n<li>Is there a penalty for early repayment of the loan?<\/li>\n\n\n\n<li>Does the lender provide a cosigner release option?<\/li>\n\n\n\n<li>Will my loan be sold to a different lender in the future?<\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">III. <strong>Private Loan Application Process<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>糖心Vlog官方 (糖心Vlog官方) does not endorse or recommend any specific private loan product<\/strong>. In determining which private loan is best for your needs, we recommend you research and compare interest rates, fees, repayment options, and eligibility requirements with multiple lenders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To help with the search process, 糖心Vlog官方 is providing a historical list of private loan lenders from which our students have borrowed ten or more loans over the past 30 months. This list can be found on <a href=\"https:\/\/www.elmselect.com\/link\/query?schoolId=1257\" target=\"_blank\" rel=\"noreferrer noopener\">ELMSelect<\/a><a href=\"\/\/stdntaffairsfs.fsa.mtsu.edu\/financialaid$\/Trina%20Wilson\/Private%20Loans\/TEST\">,<\/a> a lender-neutral comparison tool that helps borrowers compare private student loan products from various lenders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You are not required to borrow from one of these lenders. 糖心Vlog官方 will certify a loan with <strong><u>any<\/u> <\/strong>lender you choose, and you will not be penalized for choosing a lender that is not on this list. Minimum lender requirements must be met before 糖心Vlog官方 can certify your eligibility for a private loan.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>Steps to Apply:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Finalize your schedule and enroll in your classes. 糖心Vlog官方 cannot review the certification request sent by your lender until you are enrolled in the minimum number of credits required by the lender for the private loan.<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Complete the private loan application directly with the lender of your choice. After you apply, the lender will send you three separate disclosures during the application process. You must sign and return these disclosures to the lender in a timely manner. You will be required to complete a Self-Certification Form with the lender.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>After you are pre-approved for the private loan and have returned all required paperwork to the lender, the lender will send a certification request either by paper form or electronically to the 糖心Vlog官方 Financial Aid Office. The Financial Aid Office certifies maximum loan eligibility up to the cost of attendance (COA) budget minus other financial aid and resources. <strong>Students admitted to the Aerospace program and enrolled in flight labs should contact the MT One Stop to submit the necessary form so their COA can be updated to include the increased flight lab costs.<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Because it can take up to 4-6 weeks for a private loan application to be processed and for the school to receive the funds, we recommend you apply at least 7 weeks before the loan funds are needed.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">IV. <strong>Disbursement of Funds<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Federal law requires lenders to provide a right-to-cancel period for borrowers with a lender-approved, school-certified private loan. During this period, the borrower can view their final disclosure statements and cancel the private loan without penalty. Lenders are not allowed to disburse the private loan until the right-to-cancel period ends.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Disbursement timeframes will vary by lender, but private loan disbursements begin at the start of the term, with funds sent directly to the school, and continue throughout the semester. Borrowers should check with their lender for the private loan disbursement date. For a fall\/spring private loan, half of the loan will be disbursed equally between the fall and spring semesters. There will only be one disbursement for a private loan requested for a single semester. If the lender sends the loan funds by electronic funds transfer, then the funds will automatically be credited to your student account. If the lender sends the loan funds by check, you may be required to go to the 糖心Vlog官方 Business Office to endorse the check.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Private loan funds are first applied to your student account to cover outstanding tuition, room &amp; board, and fee charges. Remaining amounts will be refunded to you by the 糖心Vlog官方 Business Office. <strong>Private loan funds will not be disbursed or refunded until classes begin for your first enrollment period of the term.<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">V. <strong>Questions?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although 糖心Vlog官方 works with the lender to verify your enrollment status and authorize the loan amount, the terms and conditions for the loan are strictly between the borrower, cosigner (if applicable), and the lender. Therefore, please direct questions about your private loan to your lender or private loan servicer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div><\/div><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Avoid Student Aid Scams<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Applying for federal financial aid is a free service. You should never have to pay for assistance with federal educational programs. Learn to distinguish between which companies are legitimate and which companies are not. Please visit the federal <a href=\"https:\/\/studentaid.gov\/scams\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/studentaid.gov\/scams<\/a> website to learn more about being mindful of these situations and protecting your identity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Important News<\/h2>\n\n\n\n<ul class=\"wp-block-list is-style-compact-list\">\n<li><a href=\"https:\/\/www.mtsu.edu\/financial-aid\/repayment\/\" data-type=\"page\" data-id=\"82\">Let\u2019s Talk About Repayment!<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a><\/a> Loan resources and services<\/h2>\n\n\n\n<ul class=\"wp-block-list is-style-columns-two-compact\">\n<li><a href=\"https:\/\/www.mtsu.edu\/financial-aid\/forms\/\" data-type=\"page\" data-id=\"30\" target=\"_blank\" rel=\"noreferrer noopener\">糖心Vlog官方 Loan Forms<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Student Aid<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/loan-simulator\/\" target=\"_blank\" rel=\"noreferrer noopener\">Loan Simulator<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Loan Servicers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Student Aid Direct Loan<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/app\/launchMpn.action\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Direct Loan Master Promissory Note Electronic Signature<\/a>&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/app\/counselingInstructions.action?counselingType=entrance\" target=\"_blank\" rel=\"noreferrer noopener\">Online Entrance Counseling<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/app\/counselingInstructions.action?counselingType=exit\" target=\"_blank\" rel=\"noreferrer noopener\">Online Exit Counseling<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/feedback-ombudsman\/disputes\/prepare\" target=\"_blank\" rel=\"noreferrer noopener\">Loan Ombudsman<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Student Loan Repayment Plans and Calculators<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/app\/launchConsolidation.action\" target=\"_blank\" rel=\"noreferrer noopener\">Direct Loan Consolidation<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/forgiveness-cancellation\" target=\"_blank\" rel=\"noreferrer noopener\">Public Service and Teacher Loan Forgiveness<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.mtsu.edu\/financial-aid\/cdr\/\" data-type=\"page\" data-id=\"84\" target=\"_blank\" rel=\"noreferrer noopener\">Cohort Default Rates<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/forgiveness-cancellation\" target=\"_blank\" rel=\"noreferrer noopener\">Loan Discharge<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/edrepay.com\/mtsu\/\" target=\"_blank\" rel=\"noreferrer noopener\">Repayment and Budgeting Resources<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.elmselect.com\/link\/query?schoolId=1257\" target=\"_blank\" rel=\"noreferrer noopener\">ELMSelect &#8211; Private Lender Comparison tool<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We know that most families want to maximize the amount of grant and scholarship assistance for which they are eligible each year. However, we also know that many families will still have some level of unmet need even after all grant and scholarship awards have been applied. Student loans provide an opportunity for additional assistance [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-78","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.mtsu.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/78","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mtsu.edu\/financial-aid\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.mtsu.edu\/financial-aid\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.mtsu.edu\/financial-aid\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mtsu.edu\/financial-aid\/wp-json\/wp\/v2\/comments?post=78"}],"version-history":[{"count":3,"href":"https:\/\/www.mtsu.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/78\/revisions"}],"predecessor-version":[{"id":1667,"href":"https:\/\/www.mtsu.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/78\/revisions\/1667"}],"wp:attachment":[{"href":"https:\/\/www.mtsu.edu\/financial-aid\/wp-json\/wp\/v2\/media?parent=78"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}