Financial Aid - Student Loans
| Important Site/Links to apply for Student Loans |
| 2011-2012 |
| Entrance Counseling |
| Exit Counseling |
| Stafford Loan Application |
| Master Promissory Note |
Federal Direct Stafford Loan Program
Crowder College processes Federal Stafford Student Loans through the Federal Direct Loan Program. Under the Direct Loan program, the funds for your federal loans will come directly from the federal government.
Loan Information
The following priority dates apply to making application for a Stafford Educational Loan:
Summer – June
10
Fall – October 31
Spring – March 10
All loan data sheets submitted after the priority date will be handled on a case by case basis.
Students submitting a loan application at Crowder College will be required to complete entrance counseling before the loan can be processed. Instructions for completing the entrance counseling are found on the back of the loan application or on-line via the Crowder College web page, click the Financial Aid link then Student Loan link. All borrowing students are also required to complete exit counseling shortly before leaving Crowder College or if they drop below half-time status. Complete instructions for both entrance and exit student loan counseling may be obtained from the Financial Aid Office.
Students requesting a loan must be enrolled at least half time (6 credit hours). This also includes the summer semester.
Types of Loans
Federal Direct Loans (formerly Stafford Loans)
Federal Direct Loans have variable interest rates. The loans will be either subsidized or unsubsidized.
Subsidized- This loan is awarded on the basis of financial need. The student does not make any payments nor pay interest while enrolled at least half time; the federal government “subsidizes” the interest during this period of enrollment. Interest charges and repayment of principal begin six months after the student leaves school or drops below half-time enrollment. The interest rate is variable and is capped at 8.25%.
Unsubsidized-This loan is not based on financial need. The student is responsible for the interest from the date of disbursement. Interest payments may be made in installments or allowed to accrue and be added to principal (capitalized). Repayment begins six months after the student leaves school or drops below half-time enrollment. The interest rate is variable and is capped at 8.25%
Summer Loan Notice
Due to requirements for monitoring enrollment, attendance, and satisfactory progress, students applying for a summer loan will have to be enrolled in at least 6 credit hours that begin during the first week of classes in June. Loans cannot be processed for anyone enrolled in the July session only or anyone enrolled in less than 6 credit hours that begin during the first week of classes in June.
Annual and Aggregate Loan LimitsThe Federal Direct Loan Program has limits on how much can be borrowed each academic year. Please refer to the following chart for current loan limits: Federal Direct Loans for Undergraduate Dependent Students |
Grade
Level |
Base
Amounts* |
Additional
Unsubsidized |
Total
Amounts |
| Freshman (0-29 hours) |
$3,500 | $2,000 | $5,500 |
| Sophomore (30+ hours) | $4,500 | $2,000 | $6,500 |
| Aggregates | $23,000 | $8,000 | $31,000 |
Federal Direct Loans for Undergraduate Independent Students
Grade
Level |
Base
Amounts* |
Additional
Unsubsidized |
Total
Amounts |
| Freshman (0-29 hours) |
$3,500 | $6,000 | $9,500 |
| Sophomore (30+ hours) | $4,500 | $6,000 | $10,500 |
| Aggregates | $23,000 | $34,500 | $57,500 |
RELEASE OF TRANSCRIPTS
Official Transcripts WILL NOT be issued for a student who has:
• Defaulted on a student loan
• An outstanding debt to Crowder College