|
In addition to scholarships and grants, students may be eligible for loans. Find out about the specific criteria for eligibility, application process, loan amounts, special provisions, and notification schedule.
Rights and Responsibilities of a Student Loan Borrower
In accordance with federal regulations, first-time Stafford loan and Grad PLUS borrowers must complete entrance counseling on the web at http://mappingyourfuture.org. No loans can be credited to a student's account until entrance counseling is complete.
Students who are recipients of a federal Stafford loan, a Grad PLUS loan, federal Nursing loan or a federal Perkins loan who withdraw, drop below six (6) credits, or graduate must complete an exit counseling session at http://mappingyourfuture.org.
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 made by a lender, such as a bank, credit union, or savings and loan association, and are guaranteed by the federal government. Depending on the student's need, as calculated by the U.S. Department of Education, these loans are either made on a subsidized basis, where the federal government pays the interest during the enrollment period, or on an unsubsidized basis, where the student pays the interest.
Application Process: Application for a Stafford Loan may be made by completing the FAFSA. Students should complete and file the FAFSA as soon as possible after January 1 each year.
Range of Awards: 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.
To determine your loan eligibility, we will assume the same enrollment status (full-time, 3/4 time, 1/2 time) for both the fall and spring semesters based upon the anticipated enrollment information you provided on your FAFSA.
On May 7, 2008 President Bush signed into law HR 5715 which, in part, increases the Stafford Loan limits for students beginning July 1, 2008.
Under these new rules all undergraduate students will now be eligible to borrow up to an additional $2,000 annually in an Unsubsidized Stafford loan. This Unsubsidized loan has a fixed interest rate of 6.8% and payment of the principle is deferred until six months after you fall below half-time status (6 credits) or graduate. Interest on Unsubsidized loans accrues from the time the loan is disbursed. We recommend that you contact your lender to arrange to pay the interest while you are in school. If you are unable to make the interest payments while you are in school, the interest will be capitalized.
If you do NOT wish to receive these additional Unsubsidized Stafford loan funds, you must contact New York State Higher Education Services Corporation (HESC) the Guarantor of your loans, at 1-888-697-4372 to cancel the additional $2,000 Unsubsidized loan. |
Maximum loan amounts for dependent students are:
0 - 29 credits $5,500 per year
30 - 59 credits $6,500 per year
60 or more credits $7,500 per year
Maximum loan amounts for independent students are
0 - 29 credits $9,500 per year
30 - 59 credits $10,500 per year
60 or more credits $12,500 per year
Maximum loan amounts for graduate students are $20,500 per year.
Special Provisions: For disbursements made after July 1, 2009, the interest rate for undergraduate subsidized Stafford loans is a fixed 5.6%. Undergraduate Stafford unsubsidized and Graduate Stafford subsidized and unsubsidized loans have a fixed rate of 6.8%. Repayment of the loan begins six months after the student ceases to be enrolled at least half-time (6 credits).
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.
Lender Selection: When it comes to choosing a lender, the ultimate decision is yours, as Adelphi will process a loan for any lender you choose. Borrowers have the right and ability to select the loan provider of their choice, are not required to use any of these recommended lenders, and will not be liable for a penalty in choosing another lender. The decision to include the recommended lenders listed below is made annually with the best interest of our students in mind. The order of our recommended list is rotated annually. Our recommended lenders generally do not sell their loans to unaffiliated lenders, however if they should sell a loan the sale will be disclosed to the borrower and the advertised borrower benefits will continue. We are confident that you will receive efficient, dependable service from the lenders listed below.
The Selection Process for Adelphi's Recommended Lender List by the Office of Student Financial Services includes:
- An annual review of borrower benefits and a review of timeliness, efficiency and accuracy of the lenders’ ability to deliver the loan disbursement to the students.
- A Statement of the Lender's commitment to remain in the FFELP Program during these unstable economic times.
- A review of student comments during the past loan borrowing period to identify excellent or poor student customer service experiences, particularly with students who are now in repayment.
- Reviews of lender correspondence to insure that it is in a student friendly speak so that students do not default.
- Consideration of the lenders’ commitment to loan default prevention and financial literacy.
Lenders who do not meet our high customer service standards and competitive borrower benefits are removed from the list as these two criteria are ranked with the greatest importance in our selection criteria. All other selection criteria is of equal importance. Comparison information is available upon request in the Office of Student Financial Services.
Graduate Plus Loan: As of July 1, 2006 eligibility for PLUS loans was extended to graduate and professional students. The new loan program may be a low-cost, fixed rate alternative to private and alternative loans which graduate students have used previously to finance their graduate education.
Students must file the FAFSA and meet all other federal eligibility criteria including federal verification requirements. Students have the ability to borrow up to the cost of attendance less other financial aid and a fixed interest rate of 8.5 percent.
Click on the link for one of our preferred lenders to gain more information or to begin the new Graduate PLUS process.
|
Preliminary Projected Monthly Payment,
Federal Subsidized Stafford Program
Interest Rate: 6.8%*
|
|
|
Amount Borrowed
|
Number of Payments
|
Estimated Monthly Payment*
|
Recommended Annual Salary
|
|
$3500
|
90
|
$50
|
$7,500
|
|
$8000
|
120
|
$92
|
$13,800
|
|
$13,500
|
120
|
$155
|
$23,250
|
|
$19,000
|
120
|
$219
|
$32,850
|
|
$23,000
|
120
|
$265
|
$39,750
|
|
$39,500
|
120
|
$455
|
$68,250
|
|
$60,000
|
120
|
$690
|
$103,500
|
|
$65,500
|
120
|
$754
|
$113,100
|
Recommended annual figures based on 8 percent of income available for student loan repayment. Generally, manageable student loan payments range between 5 and 15 percent of income.
* Minimum Payment of $50
Parent Loan for Undergraduate Students (PLUS)
A PLUS loan is available to parents of dependent students who require additional loan assistance to help finance their child's education.
Application Process: PLUS loan applications should be completed electronically via your lender's Web site. Credit worthiness is a factor in granting this loan. Loan applications are available at any participating lender by accessing the lender's Web site.
Adelphi requires students to have filed a FAFSA in order to be eligible for PLUS loans.
Award Amount: A parent may borrow up to the cost of education for each academic year, less any other financial aid.
Special Provisions: As of July 1, 2006 PLUS loans carry a fixed Interest Rate of 8.5%
Notification: The lender will notify you of loan approval.
For further information: Contact Adelphi University Office of Student Financial Services, 516.877.3080.
|
Preliminary Projected Monthly Payment,
Federal Parent (PLUS) Loan Program
Interest Rate 8.5%
|
|
|
Amount Borrowed
|
Number of Payments
|
Estimated Monthly Payment
|
|
$5,000
|
120
|
$61.99
|
|
$10,000
|
120
|
$123.99
|
|
$15,000
|
120
|
$185.98
|
|
$18,500
|
120
|
$229.37
|
|
$20,000
|
120
|
$247.97
|
|
$25,000
|
120
|
$309.96
|
|
$40,000
|
120
|
$495.94
|
|
$50,000
|
120
|
$619.93
|
|
$75,000
|
120
|
$929.89
|
|
$100,000
|
120
|
$1,239.86
|
Recommended annual figures based on 8 percent of income available for student loan repayment. Generally, manageable student loan payments range between 5 and 15 percent of income.
Federal Perkins Loan
A Federal Perkins Loan is a low-interest (5%) loan for students who demonstrate financial need. Your school is your lender. The loan is made with government funds and program repayments made by Adelphi students are returned to this revolving fund. You must repay this loan to Adelphi.
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 $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 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.
Nursing Student Loan (NSL)
A Nursing Student Loan is a low-interest loan (5%) available to students enrolled in a nursing program. Repayment may be extended over a 10-year period.
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.
Federal Consolidation Loan
Consolidation loans make repayment easier by merging several student loans into a single, new loan with an extended repayment period. Even those with only one student loan can consolidate to take advantage of the longer repayment term. Choosing a longer repayment period potentially reduces your monthly payments. For more information about loan consolidation check with the lender of your choice.
Alternative Loans
Alternative Loans are private education loans available through various lenders. These loans are designed to assist students and their families who need additional educational financing, but are either not eligible for federal grant and loan funds or who have remaining balances after other aid has been applied. Loan approval is generally based on credit worthiness and ability to pay. Rates vary by lender and by credit rating.
The interest rate on most alternative loans is a variable rate that is adjusted as often as quarterly.
Interest on most alternative loans accrues while the student is in school. However, it can be deferred (in most cases) until after graduation or until the student ceases to be enrolled at least half time. Please be aware that in many instances the terms and conditions of loans made in the Federal loan programs may be more favorable than those of alternative loans.
Since alternative loans usually carry a higher interest rate and offer fewer benefits than federal loans and offer few benefits, students are strongly advised to consider them only after all other traditional sources of financial aid have been secured, including Stafford and PLUS. In some cases, securing alternative funds before traditional aid may result in a loss or a reduction of Federal Aid.
Alternative loans cover educational expenses only; therefore we cannot certify loans for amounts greater than the total cost of your education.
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.
Title IV Code of Conduct Requirements
- 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.
- 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:
- Brochures or training material related to default aversion or financial literacy.
- 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.
- 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.
- 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.
- Philanthropic contributions from a lender, GA or servicer unrelated to education loans.
- State education, grants, scholarships, or financial aid funds administered by or on behalf of the State.
- 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.
- A prohibition against steering borrowers to particular lenders, or delaying loan certifications. This includes assigning any first-time borrower?s loan to a particular lender as part of their award packaging or other methods.
- 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
- 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:
- Professional development training for financial aid administrators.
- 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.
- 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.
- 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.
|
