Required Entrance Counseling
First time borrowers of a Stafford loan must complete Entrance Loan Counseling prior to disbursement of funds. To complete the Entrance Loan Counseling online, please visit
studentloans.gov
Required Exit Counseling
Students who borrow Stafford loans while attending Saint Leo University must complete online Exit Counseling shortly before graduating or ceasing at least half-time enrollment. To complete the Exit Counseling Session online, please visit
studentloans.gov
Direct Loan Program
Through the Direct Loan (DL) Program, students and parents obtain educational loans directly from the U.S. Department of Education. The Federal Direct Loan Program offers students and families a streamlined, predictable borrowing experience. The University discontinued participation in the Federal Family Education Loan (FFEL) Program whereby students and parents borrow from private lenders and banks at the end of the 2008-2009 academic year (June 30, 2009). The instability of the credit markets and reductions in lender subsidies has caused many lenders to stop offering borrower benefits, reduce their level of customer service or withdraw from the program entirely. The Direct Loan (DL) program offers a more streamlined and predictable borrowing experience reducing confusion for students and families.
Federal Subsidized Stafford Loan Program
| Grade Level | Subsidized Federal Stafford | Unsubsidized Federal Stafford | Total Federal Loan Limits |
|---|
| Freshman |
$3,500 |
Dependent=$2,000 |
Dependent=$5,500 |
| Freshman |
|
Independent=$6,000 |
Independent=$9,500 |
| Sophomore |
$4,500 |
Dependent=$2,000 |
Dependent=$6,500 |
| Sophomore |
|
Independent=$6,000 |
Independent=$10,500 |
| Junior/Senior |
$5,500 |
Dependent=$2,000 |
Dependent=$7,500 |
| Junior/Senior |
|
Independent=$7,000 |
Independent=$12,500 |
| Undergraduate Aggregate Loan Limits |
$23,000 |
|
Dependent=$31000
Independent=$57500 |
| Graduate |
$8,500 |
$12,000 |
$20,500 |
| Graduate Aggregate Loan Limits |
$65,500 |
|
$138,500 |
The Federal Subsidized Stafford Loan Program is a cooperative effort between the federal government, lending institutions and schools, which provides you with low interest, long term loans for educational costs. Saint Leo University determines the maximum amount of your loan eligibility, which is based on your financial need and class level. Students, who choose to accept a subsidized Stafford Loan, must complete a promissory note before the funds can be disbursed. The federal government pays the interest rate, which varies annually but cannot exceed 8.25%, to your lender when you are enrolled in an approved program and during eligible deferment periods. Repayment is for up to ten years, with a minimum monthly payment of $50.00. There is no penalty for prepayment. At the time of loan disbursement, an origination fee of up to 3% as well as an insurance fee of up to 1% is deducted from the loan proceeds.
Federal Unsubsidized Stafford Loan
The Federal Unsubsidized Stafford Loan Program is a companion program to the Federal Subsidized Stafford Loan Program. The interest rate and repayment terms are the same as the Subsidized Stafford Loan. Eligibility for the Unsubsidized Stafford Loan is not based on financial need. Since this is not a need-based loan, interest begins immediately on the loan amount borrowed. You can elect to either pay the interest while attending school or to capitalize the interest while attending school. When interest is capitalized, the accrued interest is added the to the principal outstanding. As with a Subsidized Stafford Loan, at the time of loan disbursement, an origination fee of up to 3% as well as an insurance fee of up to 1% is deducted from the loan proceeds.
Federal Stafford Loan Limits
The annual amount, which can be borrowed from the Federal Stafford Loan Program, is determined on the basis of your dependency status and class level. The Base Amount is the maximum amount you'll receive in subsidized or unsubsidized loan funds. The Extended Amount is the maximum amount that you can receive in addition to the Base Amount. Independent students are eligible for the Annual Base and Extended amounts. Dependent students are eligible for the Annual Base Amount. A dependent student may be eligible for the extended loan amount only when a parent has been denied a PLUS loan. The federal government also regulates the aggregate, or total, amount of loan funds allowed.
If you have any questions, please contact us:
Phone: (800) 240-7658 or (352) 588-7403
Fax: (866) 708-7770
E-mail:
finaid@saintleo.edu