LOAN WORKSHEET
2008 - 2009
This form is required to request a Stafford Loan. Based on the information provided, the LIT Financial Aid Office will determine and certify the amount of loan funds for which you are eligible. That information will be sent to your lender to be guaranteed and funded for the appropriate loan period. Please return this form to our office. Student Name
(Please print)
SSN
Please indicate, by initialing, that you have read and understand the following statements: We cannot process this loan worksheet or certify any loan disbursements until: All required documents have been submitted by the student. The Verification Process has been completed by the financial aid office. The student is enrolled in a valid degree plan for at least half-time status. Stafford Loan Entrance Counseling has been completed.
(First time borrowers at LIT must register and attend a session prior to submitting this worksheet)
You are responsible for completing a Master Promissory Note with your lender.
(This is required AFTER school processing and may be accomplished electronically with some lenders.)
Failure to disclose any additional aid received (scholarships, stipends, waivers, etc.) can/will reduce the amount of your loan. If we are unable to apply loans to your account at the time of disbursement, your money will be returned to the lender for reissue at a later date. (This will occur if you are not enrolled; if enrolled hours do not match projected status indicated on FAFSA; if student’s file is incomplete for any reason.) You are responsible for any outstanding account balance at LIT and must make arrangements with the Cashier’s Office to make payment, select the installment plan, or request an Emergency Loan. Your loan will be canceled if you do not enroll, withdraw from school, or drop below half-time status. You must submit a new Loan Worksheet for future loans and may need to submit a letter of appeal to be considered for loan eligibility. If you have not completed at least 30 hours, and have not previously borrowed from the Federal Family Education Loan Program, you must wait at least 30 days after the 1st class day for your first disbursement. Effective June 2000: If you withdraw during the first 60% of the semester, you will owe grant and/or loan funds back to the government and/or school. This is a Department of Education policy. There is no exception to this rule and you cannot appeal this decision to Lamar Institute of Technology. By initialing, you are indicating that you have read this statement, and that you understand you will be held accountable for returning unearned grants/loans. I have read and understand the Satisfactory Academic Progress standards for Lamar Institute of Technology and acknowledge that I must remain academically eligible to receive assistance. ________I understand that if I drop below ½ time during any semester or graduate, I will be required to complete Stafford Loan Exit Counseling.
(Turn page over to complete worksheet)
1. Social Security Number 3. Date of Birth 5. E-Mail Address
2. Last Name 4. Phone Number 6. Address
First Name
MI
City
State
Zip
7. Expected Graduation Date
8. Loan Period for this loan:
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Fall 08
□
Spring 09
9. Please indicate type(s) of loan(s) for which you are applying. Please note that this loan will be certified for the
loan period indicated on #8 on this page.
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Subsidized Federal Loan
□
Unsubsidized Federal Loan
(Does NOT accrue interest while student attends)
(DOES accrue interest while student attends)
10. Total amount of loan funds you are requesting? $ .00
ACADEMIC YEAR LOAN LIMITS: SUBSIDIZED LOAN LIMITS BY STUDENT CLASSIFICATION Freshman $3,500 Sophomore $4,500 Approved amounts may be a combination of subsidized and/or unsubsidized loan funds depending on eligibility (FAFSA/other aid) and your selection of loan type(s). Additional Amounts ($4000 max.) in UNSUBSIDIZED loan funds may be requested if you are an Independent financial aid student.
This worksheet is your award letter for loan funds. Your signature indicates acceptance of approved amounts. Should you wish to decline any awards, please notify our office in writing before your loan is disbursed. Submission of this Loan Worksheet will initiate the processing of your Federal Stafford Loan to your lender. You are strongly encouraged to read the borrower’s rights and responsibilities contained in the Federal Stafford Loan Master Promissory Note Instructions and Notices.
Signature
Date: ___________________
In accordance with Leg. HB 1922, an individual is entitled to: request to be informed about the information collected about them; receive and review their information; and correct any incorrect information.
FOR OFFICE USE ONLY
Cost of Attendance Federal Expected Family Contribution Estimated Financial Aid Certified Loan Amount a: Subsidized b: Unsubsidized 2
ND
Housing status: Independent or Dependent: Class: Recommended Disbursement Date(s) 1
st
3
rd
4
th