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PLUS LOANS by jolinmilioncherie

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									To initially borrow the Federal Stafford Loan you can accept the Stafford Loan on your
MyNEVADA account. Only students, whose parents applied for and were denied a
PLUS loan, who want a Stafford Loan increase, who initially declined their loans and
subsequently want to accept them, or is requesting one semester only loans may apply
using the Stafford Loan Activation Form (LAF). We will also accept the LAF in person to
Student Financial Aid and Scholarships, Fitzgerald Student Services Bldg. - 3rd floor, via
U.S. Mail to Mailstop 0076, Reno, NV 89557 or via fax (775) 784-1025. If you have any
questions, please contact our office at (775) 784-4666 or toll-free at (877) 666-0014.

                                                   TYPES OF LOANS
Your Offer Letter reflects an estimated award of either a subsidized or unsubsidized Stafford Loan (or a combination
of both).

    The Federal Direct Subsidized Stafford Loan (EST. STAF) is federally-sponsored “need-based” loan. The
     federal government pays the interest while you are enrolled at least half time. Interest begins to accrue when you
     enter repayment. The federal subsidized Stafford loan is now available to undergraduate students only. In addition, direct
     subsidized loans will not be eligible for an interest subsidy during the six month grace or deferment period.
    The Federal Direct Unsubsidized Stafford Loan (EST. UNSUB) is a federally-sponsored loan which has no
     interest subsidy. The interest accrues from the date of disbursement. You may pay the interest while you are
     enrolled or defer the interest. Accrued interest will capitalize once when you enter repayment. Students are
     encouraged to make the interest payments while in school to help decrease the total costs of the loan.
    Subsidized loans are no longer offered to graduate, professional, and or medical students.

                                      FEES, INTEREST AND REPAYMENT
    UNDERGRADUATE STUDENTS ONLY: As of July 1, 2012, the interest rate on new Subsidized Federal
     Stafford Loan is a fixed 6.8%.
    For ANY students who borrow an Unsubsidized Federal Stafford Loan, the interest rate is a fixed 6.8%.
    You may pay up to 1% in loan fees.
    For loans disbursed prior to July 1, 2006, the interest rate continues to be variable based on the 91-day T-bill.
    Repayment begins six months from the date of graduation, withdrawal, or enrollment less than half time. There
     is no pre-payment penalty.

                                 NEW BORROWERS AT THIS UNIVERSITY
1.    The William D Ford Federal Direct Loan program is the sole provider of federal Stafford, Plus, and Graduate
      Plus loans.

2.    Go to the Direct Loan website at https://studentloans.gov for more information including completing the
      Master Promissory Note (MPN) and signing using your FAFSA PIN. New borrowers must sign the Master
      Promissory Note before we will certify your loan(s) with the lender. If you don’t complete the online MPN, the
      lender will automatically mail you a pre-printed paper MPN, but this process is slower and may delay your
      funds.

3.    Complete the ENTRANCE COUNSELING at https://studentloans.gov. New borrowers must complete
      Entrance Counseling before Stafford Loan funds will be certified with the lender.

                                             PREVIOUS BORROWERS
If you have previously borrowed a federal Stafford, Plus, or Graduate Plus loan through a private lender in the
FFELP loan program (Wells, Fargo, Bank of America, Citibank etc.,) they no longer offer loans and you will need to
sign a new Master Promissory Note (MPN) and Entrance Counseling with the Direct Loan program at
https://studentloans.gov.
                                          PROCESSING INSTRUCTIONS
1.       Read these instructions carefully then submit the completed Loan Activation Form (LAF) to our office.

2.       Review your Award Letter on MyNEVADA. Consider your budget carefully and your anticipated expenses,
         then decide how much to borrow. Only students, whose parents applied for and were denied a PLUS loan,
         who want a unsubsidized Stafford Loan increase, who initially declined their loans and subsequently want
         to accept them, or is requesting one semester only loans may apply using the Stafford Loan Activation Form.
         You may request a specific dollar amount or request the maximum. A written dollar amount will take precedent
         over a request for maximum.

3.       Once the LAF is received, a financial aid advisor will evaluate your borrowing history, check your actual class
         standing and confirm your Title IV financial aid eligibility, including Satisfactory Academic Progress (SAP). If
         you meet all eligibility requirements, your loan will be certified and the data transmitted electronically to the
         lender.
                                        DISBURSEMENT INFORMATION
    Once your loan is processed and guaranteed, the direct loans will send you a Notice of Guarantee (NOG) listing
     the approximate disbursement dates.

    When funds are received our office reconfirms your aid eligibility, including SAP. If you are eligible and
     registered in the appropriate number of credits, the funds are credited to your student account. Per federal
     regulations, funds cannot be disbursed to the University any earlier than 10 days prior the start of classes each
     semester.




    Our office notifies you in writing each time loan funds are disbursed into your student account.             You are
     encouraged to utilize MyNEVADA at www.unr.edu to check on the status of your financial aid.

    After all University charges are paid, any remaining funds are mailed from the Cashier’s Office to the address
     listed on MyNEVADA or through direct deposit. Direct deposit can be setup using MyNEVADA.

                                WILLIAM D FORD DIRECT LOAN PROGRAM
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high
school. The lender is the U.S. Department of Education (hereinafter will be called “the Lender”) rather than a bank or
other financial institution.
With Direct Loans, you
          Borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center—for
           everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
          Have online access to your Direct Loan account information 24 hours a day, 7 days a week at Direct Loans on
           the web at www.myedaccount.com.
          Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and
           you can switch repayment plans if your needs change.

                                           IMPORTANT INFORMATION
           Academic year loans are disbursed in two equal increments, one each semester.
           A spring semester only loan is monitored for a minimum of seven working days by the National Student
            Loan Database System (NSLDS) to ensure that the borrower does not receive more than one loan for the
            semester and does not exceed the academic year borrowing limits. If you are transferring to this University,
            please cancel your spring loan at your previous college immediately.
           It is your responsibility to read The Guide. Go to www.unr.edu/financial-aid.
       You are required to maintain Satisfactory Academic Progress (SAP) in order to receive the Federal Stafford
        Loan. Undergraduate students must maintain a cumulative UNR GPA 2.0 or better; graduate students must
        maintain a cumulative UNR GPA 3.0 or better each semester. Furthermore, you must earn the credits for
        your enrollment/funding status. This is a brief synopsis only; you are required to read and understand the
        entire SAP regulations.

DIRECT LOAN SERVICING
www.myedaccount.com
This is your site for managing your account, view your account balances and payment history, enroll in electronic
services, make online payments and change your billing options. Also 1098-E tax information and loan consolidation.

MANAGE MY DIRECT LOAN
https://studentloans.gov
This site is your source for information from the U.S. Department of Education about how to mange your student
loans. It is also the site to sign the Master Promissory Note and Complete Entrance Counseling.
Information on repayment plans and calculators, loan discharge, public service and teacher loan forgiveness
programs are available.

ELM RESOURCES
www.elmresources.com
If you borrowed a private/alternative loan through a private lender this site can help you review your previous
loan(s). It shows amounts, changes, disbursement dates, and more.

NATIONAL STUDENT LOAN DATABASE SYSTEM (NSLDS)
www.nslds.ed.gov
This site is an excellent resource to help you track the principal and outstanding aggregate limit on your entire FFELP
and Direct Stafford Loan borrowing history.

DEFERMENTS
Our office participates with the Student Clearinghouse which ensures the lender is updated ten times a year with
current enrollment status. If you borrowed a loan at another school and now would like your previous loan deferred,
please contact your previous lender. If they request our office to complete a Deferment Form, you may submit the
form to admissions and records. Deferment forms can be obtained from your servicer.

REPAYMENT
Once you graduate or drop below half-time, you have a one-time six month “grace period” before repayment begins.
If you are not able to make the scheduled payments, contact your lender for a deferment, forbearance, or to discuss
other repayment plans. Interest accrues during the grace period for graduate loans.


ACHIEVING YOUR FINANCIAL GOALS – PAYING IT BACK
When borrowing a Federal Stafford Loan, it is the borrower’s responsibility to ensure the loan is paid back in
accordance with the terms detailed in the Master Promissory Note. The University has partnered with lenders and
guarantors to develop a comprehensive default prevention plan. If you are delinquent in repayment, the University,
the lender, and the guarantor will contact you to reestablish satisfactory payment arrangements.

Defaulting on a federal student loan is very serious and could have costly consequences such as:

       Negative Credit History
       Wage Garnishment
       Higher Interest Rates on Future Purchases
       Denied Consumer Loans and Loss of Eligibility of Future Financial Aid
       Stress
       Collection costs
       Offset paid out of federal tax returns, state tax returns, lottery winnings, and other federal and state funds
Submit this form to our office, 3rd floor, Fitzgerald Student Services Bldg, MS 0076, Reno, NV 89557; or fax to (775) 784-1025. If you have any questions,
please contact our office at (775) 784-4666 or toll-free at (877) 666-0014. Do not leave any questions blank. You must read the Stafford Loan
Information and Instructions prior to completing this form. All Stafford loans will be processed through the William D. Ford Federal Direct Loan
program.

1) STUDENT NAME: ________________________________ 2) NSHE ID:________________________________

3) ADDRESS: ___________________________________________________________________________________
                     No.             Street                       Apt.                            City                         State         Zip Code

4) TELEPHONE #: (_____) _____ - __________                                     CELL PHONE #: (_____) _____ - __________

5) BIRTHDATE: _____ /_____ /________                           6) WHEN DO YOU EXPECT TO GRADUATE? ____ /____
                           mo         dd            yr                                                                                 mo      yr



7) INDICATE TYPE OF LOAN: Select those that apply

         ONE-SEMESTER ONLY– FALL ONLY LOANS WILL BE PRORATED FOR UNDERGRADUATES.
           Master Promissory Note and Entrance Counseling can be completed at https://studentloans.gov.
           Indicate which semester below:
                  Fall 2012 semester ONLY (08/12 – 12/12)                   Spring 2013 semester ONLY (01/13 - 05/13)
                                                                          *Minus aid received in fall at another school

         PARENT PLUS DENIALS – UNSUBSIDIZED LOAN ELIGIBILITY ONLY. Attach denial letter from
          Lender. Letter should include parent and student information.

         STAFFORD LOAN INCREASE/ PREVIOUSLY DECLINED – If you have not taken out the maximum or if you
          have increased a grade level, you may be eligible for an increase. If initially you previously declined your loan, you may
          request it now.

 8) HOW MUCH DO YOU WANT TO BORROW? - Refer to your Offer Letter and Academic Year Borrowing
          Limits table. The written dollar amount will take precedent over the request for maximum. Please budget wisely.
           Subsidized loans are available for undergraduate students only.
           Subsidized:               Maximum OR                   $__________________
           Unsubsidized:             Maximum OR                   $__________________

  9) OFFICIAL E-MAIL (print clearly): ________________________________________________________


  10) My signature below confirms that I have read and agree to abide by the policies and procedures as outlined in “The
        Guide”, including Satisfactory Academic Progress, and the “Stafford Loan Information and Instructions”.

  STUDENT SIGNATURE: ___________________________________________                                                      DATE: ______________
  FOR OFFICE USE ONLY


  Certified by:_______________ Date: ____________

								
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