Federal Stafford Loan Certification Request to Apply for a Stafford - PDF by xfg94915


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									                                            STAFFORD APPLICATION GUIDE
                                               & LOAN REQUEST FORM
We realize that financing your college education can be a challenge; therefore, we want to offer you the best financial aid
package available. To apply for federal financial aid for the upcoming school year, you should begin by completing the Free
Application for Federal Student Aid (FAFSA) and then submit it to the federal processor as soon as possible. We encourage you
to submit your FAFSA electronically to expedite the financial aid application process. The FAFSA must be completed before you
can apply for a student loan.

This guide is designed to assist you in understanding some of the terms and conditions of the Federal Stafford loan programs.
The Federal Family Education Loan Program (FFELP) is the largest single source of federal aid for students pursuing a higher
education. This program has two main sources of funding: Federal Stafford loans for students and Federal PLUS loans for
parents. There are two types of Federal Stafford loans:

Subsidized: If students receive a Subsidized Stafford loan to attend Georgia Perimeter College, the federal government pays
the interest on their loan while they attend school at least half time or when they qualify for an authorized deferment and during
the grace period before they begin repayment.

Unsubsidized: Students who receive an Unsubsidized Stafford loan to attend Georgia Perimeter College are responsible for
paying the interest while they are in school. If students want to pay this interest while they attend school, they should com-
plete item #12 on the MPN. If students choose not to make the interest payments while in school, the interest will be added or
capitalized onto the principal balance at repayment. You must speak with a GPC Financial Aid Counselor to be advised on the
additional unsubsidized loan.

Federal Stafford Loan Processing
Georgia Perimeter College (GPC) utilizes an electronic data exchange process to transmit most Federal Stafford loan requests
to lenders. If you choose to borrow through the Federal Stafford loan program (either Subsidized and/or Unsubsidized), please
complete the enclosed Federal Stafford Loan Request Form and submit it to the Office of Financial Aid at Georgia Perimeter
College. After we electronically transmit your loan request, you must sign a Master Promissory Note (MPN). We have provided
a quick and easy way for you to sign your MPN electronically on our website at www.gpc.edu//~finaide/loans.htm and click on
“Sign my MPN”. The actual web address is https://stafford.fastproducts.org/FastLoans/Welcome.do?configId=11735413
68500. Entrance Loan Counseling must also be completed prior to the disbursement of loan funds. To fulfill this requirement,
you may either complete the Student Loan Entrance Interview Form on the back of the Stafford Loan Request Form or complete
it online at www.mappingyourfuture.org/se.

Hour Requirements: An undergraduate or graduate student must be enrolled in 6 semester hours or more each semester to
be eligible to receive a Federal Stafford loan.

Fees: Stafford loans under the Federal Family Education Loan Program (FFELP) are subject to a 1% default fee and an
origination fee up to 0.5% of the loan principal. Both of these fees will be deducted from each disbursement of your loan
proceeds unless otherwise noted by your lender.

Annual Loan Limits: The charts below indicate maximum annual loan limits for both subsidized and unsubsidized Stafford
Loans first disbursed on or after July 1, 2008, for dependent and independent students based on academic level. Please note:
annual loan limits are subject to the annual cost of attendance established by the GPC Office of Financial Aid for your specific
program of study.

Dependent Students
                                   Combined Subsidized and            Additional Unsubsidized           Total Federal Stafford
        Academic Level
                                    Unsubsidized Loan Limits                Loan Limits                       Loan Limits
 Freshman                                     $3,500                          $2,000                           $5,500
 Sophomore                                    $4,500                          $2,000                           $6,500

Independent Students
                                    Combined Subsidized and           Additional Unsubsidized           Total Federal Stafford
        Academic Level
                                     Unsubsidized Loan Limits               Loan Limits                       Loan Limits
 Freshman                                     $3,500                           $6,000                          $ 9,500
 Sophomore                                    $4,500                           $6,000                          $10,500
Choose a Lender Carefully
Federal guidelines regulate the primary features of the Federal Stafford loan programs, such as interest rates and repayment terms. However,
there are differences in the services that lenders provide, including a variety of repayment options. It is recommended that you borrow all of
your loans from one lender to simplify the repayment process. Lenders use various servicers and secondary markets; therefore, if you change
lenders, your loans may end up at several sites resulting in multiple payments and correspondence to different sources. Please make sure not
to borrow more than is absolutely necessary. Take the time now to make the right decision.

Provided below are the names of our recommended lenders from whom our students and their families have received excellent service. It is not
necessary to have a prior relationship with a lender to borrow a Federal Stafford Loan. We feel you will be best served by choosing one of these
lenders; however, students have the right and ability to select the lender of their choice regardless of the recommended lenders listed below.

Please note that the benefits listed are subject to change. Contact the lender directly for details pertaining to current incentives.

                             Lender                                                              Federal Stafford Loan Borrower Benefits

      Edamerica                                                     •     0.25% interest rate reduction with auto-debit.
      800.337.1009                                                  •     One point of contact.
      www.edamerica.net                                             •     Over 20 years of expertise concentrating solely on student loans.
      Lender Code: 831453                                           •     Benefits guaranteed for the life of the loan.

                                                                    •     .25% interest rate reduction for making payments using auto-debit.*
      SunTrust                                                      •     24/7 student loan application and account access online.
      888.889.5191                                                  •     Flexible repayment options.
      www.suntrusteducation.com                                     •     Free practice tests for standardized exams, scholarship searches and FAFSA
      Lender Code: 824135                                                 assistance online at www.nelnet.com.
                                                                    •     Free checking with your college ID card.

                                                                    •     No payments while in school at least half time and for six months after the
      Wachovia Education
                                                                          student leaves school.
      Finance                                                       •     Repayment options if borrowers need to postpone or temporarily lower
      800.338.2243                                                        payments.
      www.wachovia.com                                              •     One place for all your financial needs. Free Wachovia College Checking
      Lender Code: 830005                                                 account, Online Banking and Bill Pay.

    Benefits listed are subject to change. Please contact the lender directly for details pertaining to current incentives.

Responsibilities When Borrowing

•       Complete an entrance interview before receiving loan funds and an exit interview before leaving school.

•       Repay your loan according to the terms and conditions of your loan agreement even if you don’t complete your program, aren’t
        able to find employment or are dissatisfied with the education you receive.

•       Make payments on time or make other satisfactory arrangements with your lender/holder if unable to make payments.

•       Notify your lender/holder immediately if you:
        - Change your name, address and/or phone number.
        - Drop below half-time enrollment, withdraw, graduate or transfer to another school.
        - Are having financial difficulty and/or need to apply for a deferment or forbearance.
Complete form and click here to PRINT then SIGN                      RESET FORM                          FSTFRD  UFSTRD 
                                                                                                                  GPC ID Number
                                                                                                        9 0 0
Section A: Applicant Information (to be completed by the student). Please print neatly or type.
1. Student Name (Last)                        (First)                          (Middle)                    2. Social Security #

3. Permanent Address (Street)                              (City)                    (State, Zip)          4. Permanent Telephone #
                                                                                                             (          )          -
5. Expected Date of Graduation      6. Date of Birth                     7. Student’s E-mail Address

8. Requested Loan Period                                                      Fall/Spring Semesters                 Fall Semester Only*
  Loans are processed for a maximum period of two semesters.                  Spring/Summer Semesters               Summer Semester Only*
  The academic year begins with the Fall Semester and ends with
  the Summer Semester. Please check one loan period.
                                                                                                                     Spring Semester Only*
                                                                                                        *One-term loans are disbursed in two payments.

Section B: Loan Information
1. I am applying for (please check appropriate box):                     Subsidized Loan            Unsubsidized Loan                 Both
  If you are eligible for a Subsidized Loan, it will always be processed before an Unsubsidized Loan.

2. Capitalizing Interest: This applies only if you are receiving an Unsubsidized Federal Stafford Loan.
   I choose to postpone until I enter repayment.                     I choose to begin repayment of interest while enrolled in school.
3. Driver’s License State and Number                                    4. Requested Loan Amount for Entire Year (see annual loan limit chart)

  State                     Number                                        $

Students with previous and/or outstanding student loans are encouraged to select the same lender for all subsequent loans. If you are a
first-time borrower, we recommend that you consider one of the recommended lenders listed in the chart on the facing page. You will
receive a Master Promissory Note (MPN) from GSFC. Complete this MPN and return to GSFC.

There is a 30-day delay waiting period for first-time borrowers before funds are disbursed.

         Edamerica                                                SunTrust                                        Wachovia Education
          Lender Code: 831453                                       Lender Code: 824135                              Finance
                                                                                                                     Lender Code: 830005
         Other:
          Lender Code:

I authorize Georgia Perimeter College to process my Federal Stafford Loan Request. I understand that my Federal Stafford Loan
constitutes a debt that will enter repayment upon the expiration of my grace period, six months after I graduate, withdraw, or
otherwise drop below six (6) credit hours. I have received payment information and realize that this is a loan that must be repaid.
I have read the front and back of this page and understand the information.

I understand that I must be enrolled for a minimum of six (6) credit hours at the time of disbursement in order to receive loan

                                                    Complete form and click here to PRINT Date SIGN
Borrower’s Signature

                                     www.gpc.edu • School Code: 001562
          Georgia Perimeter College • Office of Financial Aid •555 N. Indian Creek Dr. • Clarkston, GA 30021

                                                                                                                             Rev. 03/2010
                                                                                                                                      GPC ID Number
                                                                                                                           9 0 0

                                                                      Student Loan Entrance Interview
Office of Financial Aid
555 North Indian Creek Dr.
Clarkston, GA 30021

                                                                                           (            )
Name (Please print clearly)                                                                          Telephone Number                          Social Security Number

                         Permanent Address                                        City/State                        Zip Code                   Driver’s License Number

 Entrance Interview
    1.     I realize that I must repay this loan with all accrued interest and                 10. If I fail to repay my student loan, I will be considered to be in
           deducted fees.                                                                          default and the following may result:
    2.     I have a maximum of 10 years to repay this loan unless my loans                          My loan will be reported to a national credit bureau and
           are consolidated, which may extend my repayment term.                                          have a negative impact on my credit rating for seven years.
    3.     I may prepay all or part of this loan without penalty.                                          The entire unpaid amount of my loan, including interest, will
                                                                                                            become immediately due and payable.
    4.     The minimum monthly payment for this loan is $50.00, but it can
           be more depending on the sum borrowed. Repayment will begin as                                  My federal and state income tax refunds may be withheld, or
           follows:                                                                                         my wages may be garnished.
              Subsidized Federal Stafford Loan Borrowers - after a six-month                              I may be ineligible to receive any additional federal or state
               grace period following graduation or cessation of attendance                                 financial aid funds.
               on at least a half-time basis.
                                                                                                           My loan will be referred to a collection agency and I will be
              Unsubsidized Federal Stafford Loan Borrowers - after a six-                                  liable for collection costs.
               month grace period following graduation or cessation of
                                                                                                           I may be sued by the holder of my loans for all amounts
               attendance on at least a half-time basis. Interest accrues while
                                                                                                            owed including attorney fees
               in school and during the grace period and interest payments
               can be postponed until repayment.
    5.     The interest rate for my loan will be specified on my disclosure                    11. I must repay my entire loan even if I do not complete my
           statement (to be sent to me upon approval), and I am responsible                        education, I am not satisfied with my education, I cannot find
           for paying accrued and/or capitalized interest.                                         employment, or I do not receive the education or other services
                                                                                                   that are purchased from my school.
    6.     I must notify the lender in writing within 10 days if I:
                                                                                               12. Loan Consolidation may be an option for me. This allows me to
               Change my name                   Change my telephone number                       consolidate student loan debts from multiple federal programs
               Change my address                Change my graduation date                        and lenders into one loan, usually extending the repayment
               Withdraw from school             Transfer to another school                       period and lowering monthly payments. Interest rate and total
                                                                                                   interest paid may be greater with consolidation.
               Enroll for less than half time
                                                                                               13. The Master Promissory Note is a legal document. By signing it, I
    7.     I will be notified in writing if my loan is transferred to a new                        promise to repay my current and all future Stafford Loans. Under
           holder. I must direct all future correspondence to that new holder.                     this note, I may receive loans for a single enrollment period or for
    8.     If I am temporarily unable to make payments (i.e., still attending                      multiple enrollment periods
           school or unemployed), I may qualify and apply for a postponement                   14. The Department of Education’s SFA Ombudsman’s Office works
           of my loan payments. This is known as a loan deferment.                                 with loan borrowers to help resolve loan disputes and problems.
           Deferment time is not included within the 10-year repayment                             If I am unable to resolve my dispute with my school, lender,
           term.                                                                                   holder, servicer or guaranty agency, I may contact the SFA
    9.     If I do not qualify for a deferment and am unable to make payments                      Ombudsman at 1.877.557.2575 or visit the web site at
           on my loan, I may request forbearance from my lender.                                   www.ombudsman.ed.gov.
           Forbearance is not included in the 10-year repayment term.

                                                      Complete form and click here to PRINT then SIGN
    Signature:                                                                          Date:

         Should you have questions concerning any of this information, please contact the Georgia Perimeter Office
         of Financial Aid Default Prevention Unit at (678) 891-3400.

                                                                                                                                                 Rev. 03/2010

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