- Rights and Responsibilities of Student Loan Borrowers
- Federal Stafford Loan
- Federal Direct Parent Loan for Undergraduate Students (PLUS)
- Federal Direct Graduate PLUS Loan
- Federal Perkins Loan
- Nursing Student Loan (NSL)
- Federal Consolidation Loan
- Alternative Loans
- Title IV Code of Conduct Requirements

Rights and Responsibilities of a Student Loan Borrower
In accordance with federal regulations, first-time Stafford loan and graduate PLUS borrowers must complete entrance counseling on the web at studentloans.gov. During this counseling you will learn about the terms of the loan. No loans can be credited to a student's account until entrance counseling is complete.

Exit Counseling
All students who are recipients of a Federal Stafford Loan, a graduate PLUS loan, Federal Nursing Student Loan, or a Federal Perkins Loan who withdraw, drop below six (6) credits, or graduate must complete an exit counseling session. For a Federal Stafford Loan, a graduate PLUS loan go to studentloans.gov. Federal Perkins and Federal Nursing Student Loan recipients should complete their exit counseling at ecsi.net. As part of your counseling you will be able to view your loan history, and learn about your deferral and repayment options.


Federal Stafford Loan
A Stafford Loan is a low-interest loan available to students enrolled in a minimum of 6 credits per semester. These loans are originated and guaranteed by the federal government. Depending on the need of the student as calculated by the Department of Education, these loans are either made on a subsidized basis, where the federal government pays the interest during the enrollment period, or an unsubsidized basis, where the student is responsible for such interest.

Application Process: Application for a Federal Stafford Loan may be made by completing the FAFSA which must be completed each academic year. Students should complete and file the FAFSA as soon as possible after January 1 each year.  New borrowers must complete an electronic master promissory note (MPN) and entrance interview at studentloans.gov.

Eligibility: The University will use the Federal formula to determine your eligibility to participate in the Stafford Loan program.  Components of this formula include your Expected Family Contribution (EFC) as calculated by the federal government, your housing plans, as well as your expected enrollment status.  To determine your loan eligibility, we will use the information that you provided on your FAFSA concerning your anticipated enrollment status.  We will assume that your enrollment status (full-time 12 credits or more, 3/4 time 9-11 credits, 1/2 time 6-8 credits) will be the same for both the fall and spring semesters.

Range of Awards: Maximum loan eligibility is based upon a student’s grade level as well as the federal dependency status as determined on your FAFSA.

Maximum loan amounts for dependent students are based upon your class level and are as follows:

Freshman (0 - 29 credits) $3,500* per year
Sophomores (30 - 59 credits) $4,500* per year
Juniors and seniors (60 or more credits) $5,500* per year

Maximum loan amounts for independent students are based upon your class level and are as follows:

Freshman (0 - 29 credits) $7,500* per year
Sophomores (30 - 59 credits) $8,500* per year
Juniors and seniors (60 or more credits) $10,500* per year

*plus an additional $2,000 in unsubsidized funds

Maximum loan amounts for graduate students are $20,500 per year.

General Provisions:
Effective July 1, 2010, the in-school interest rate is 4.50% for the Subsidized Federal Stafford Loan. The repayment interest rate is 4.50%. The interest rate on all unsubsidized Stafford Loans is 6.8%. Repayment of these loans begins six months after the student ceases to be enrolled at least halftime (6 credits).

A loan fee of 1.0%, less a 0.5% up front rebate is deducted from the loan before it is disbursed.

Repayment: The amount of your monthly repayment is calculated based upon the total amount that you have borrowed, as well as the repayment plan that you choose.  Visit studentloans.gov and click on the link “Repayment Plans and Calculators” to learn more.

Notification: Upon receipt of the processed FAFSA (approximately 4-6 weeks after the FAFSA is submitted), the University will determine your eligibility to participate in all federal, state, and institutional financial assistance programs. A financial assistance award summary will then be sent to each student, approximately 8-10 weeks after you submit your FAFSA.

For further information: Contact Adelphi University Office of Student Financial Services, 516.877.3080.

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A PLUS loan is available to parents of dependent children enrolled in a minimum of 6 credits per semester. A parent may borrow up to the cost of education, less any other financial assistance, each academic year. Credit worthiness is a factor in obtaining this loan. PLUS loans carry variable interest rates, set each June. The interest rate as of July 1, 2010, is 7.9%. Repayment of the loan begins within 60 days of when the loan is disbursed unless special deferment conditions apply.

PLUS loan applications are available at studentloans.gov.  At the time of application, a credit check will be performed to assess eligibility.  All approved parent applicants must complete a parent PLUS master promissory note (MPN) also available on this website.  It is assumed that the amount for which the parent is applying is to be used over the full academic year; i.e. the fall and spring semesters.  If you do not wish to borrow for the full academic year please contact the Office of Student Financial Services. In the event that a PLUS application is denied, the student will be awarded the maximum unsubsidized Stafford loan amount for which they are eligible.  Any credit balance created by the disbursal of parent PLUS funding will be refunded to the parent borrower.

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Application Process: Application for a Perkins Loan may be made by completing the FAFSA. Students should complete and file the FAFSA as soon as possible after January 1, but no later than February 15 to ensure maximum eligibility. Upon receipt of the processed FAFSA (approximately 4-6 weeks after the FAFSA is submitted), the University will determine your eligibility to participate in this federal loan program.

Range of Awards: Loan amounts will vary depending on individual financial circumstances, with a maximum of $5,500 per year.

Special Provisions: Loans must be repaid to Adelphi University. Repayment begins after a grace period of nine months following graduation or after you cease to be enrolled in at least 6 credits per semester in the nursing program. Your monthly payment is determined by your total indebtedness and the length of the repayment period, i.e, ten years.

Notification: Eligible students will receive an e-mail at their Adelphi University e-mail address about e-Signing their Federal Perkins Loan Master Promissory Note.  Go to Account Information and Bill Payment to review your financial aid to see if you were awarded a Federal Perkins Loan.

For further information: Contact Adelphi University Office of Student Financial Services, 516.877.3080.

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Application Process: You are automatically considered for an FNL loan by completing the FAFSA. Students should complete and file FAFSA as soon as possible after January 1, but no later than February 15 to ensure maximum eligibility.

Range of Awards: Loan amounts will vary depending on individual financial circumstances, with a maximum of $4,000 per year.

Special Provisions: Loans must be repaid to Adelphi University. Repayment begins after a grace period of nine months following graduation or after you cease to be enrolled in at least 6 credits per semester. Your monthly payments will depend on your total indebtedness and the length of the repayment period.

Notification: Eligible students will receive an e-mail at their Adelphi University e-mail address about e-Signing their Federal Perkins Loan Master Promissory Note. Go to Account Information and Bill Payment to review your financial aid to see if you were awarded a Federal Nursing Loan.

For further information: Contact Adelphi University Office of Student Financial Services, 516.877.3080.

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Application Process: The Office of Student Financial Services has alternative loan brochures, but please contact your lender of choice directly for more information.

For further information: Contact Adelphi University Office of Student Financial Services at 516.877.3080 or at financialservices@adelphi.edu.

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1. A ban on revenue-sharing arrangements with any lender. This is defined as any arrangement between a school and a lender that results in the lender paying a fee or other benefits, including a share of the profits, to the school, its officer, employees or agents, as a result of the school recommending the lender to its students or families of those students.
   
   
2. A ban on employees of the financial aid office receiving gifts from any lender, guaranty agency or loan servicer. This is not limited just to those providers of Title IV loans. The statutory language refers to lenders of educational loans thus private education loans offered to students at your institution are covered in this provision as well. The law does provide for some exceptions related to specific types of activities or literature. This includes:
3. 1. Brochures or training material related to default aversion or financial literacy.
   2. Food, training or informational materials as part of training as long as that training contributes to the professional development of those individuals attending the training.
   3. Favorable terms and benefits to the student employed by the institution as long as those same terms are provided to all students at the institution.
   4. Entrance and exit counseling as long as the institution?s staff are in control and they do not promote the services of a specific lender.
   5. Philanthropic contributions from a lender, GA or servicer unrelated to education loans.
   6. State education, grants, scholarships, or financial aid funds administered by or on behalf of the State.
      
      
4. A ban on contracting arrangements whereby any employee of the school's financial aid office may not accept any fee, payment or financial benefit as compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans.
   
   
5. A prohibition against steering borrowers to particular lenders, or delaying loan certifications. This includes assigning any first-time borrowers loan to a particular lender as part of their award packaging or other methods.
   
   
6. A prohibition on offers of funds for private loans. Schools may not request or accept such offers. This includes any offer of funds for loans to students at the institution, including funds for an opportunity pool loan, in exchange for providing concessions or promises to the lender for a specific number of loans, or inclusion on a preferred lender list. U. S. Department of Education April - June 2009 Reauthorization Webinar HEOA Changes to FFEL and Direct Loan Programs 20
   
   
7. A ban on staffing assistance from a lender. Schools may not request or accept any assistance with call center staffing or financial aid office staffing. However, the law does not prohibit schools from requesting or accepting assistance from a lender related to:
8. 1. Professional development training for financial aid administrators.
   2. Providing educational counseling materials, financial literacy materials, or debt management materials to borrowers, provided that such materials disclose to borrowers the identification of any lender that assisted in preparing or providing such materials.
   3. Staffing services on a short-term, nonrecurring basis to assist the school with financial aid-related functions during emergencies, including State-declared or federally declared natural disasters, and other localized disasters and emergencies identified by the Secretary.
      
      
9. A ban on advisory board compensation. Employees of the institution may not receive anything of value from a lender, guarantor, or group in exchange for serving in this capacity. They may, however, accept reimbursement for reasonable expenses incurred while serving in this capacity.