Loans
Federal Stafford Loan Program
Villa Maria College participates in the Federal Family Education Loan (FFEL) Program. Students are eligible for
Subsidized Stafford Loans on the basis of financial need. Students are eligible as long as they are in school at least part time. Repayment begins six months after student stops attending college or graduates.
|
Cost of Attendance |
| - |
Expected Family Contribution (EFC) |
| - |
Other Financial Assistance (PELL, TAP,SEOG, Work Study) |
| = |
Maximum Stafford Loan Amount |
The interest is paid by the Federal Government while the student is in school and during the grace period (before repayment begins). Loans that are disbursed July 1, 2008 to July 1, 2009 the interest rate is 6.0%.
Students are eligible for
Unsubsidized Stafford Loans not on the basis of financial need, rather to help students cover the cost of attendance.
|
Cost of Attendance |
| - |
Other Financial Assistance (PELL, TAP, SEOG, Work Study) |
| = |
Maximum Loan Amount |
Stafford Loan Limits
Dependent Students(except students whose parents are denied PLUS)
|
Stafford Subsidized Annual Loan Limit
|
Additional Stafford Unsubsidized Annual Limit **(effective July 1, 2008)
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Freshman
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$3,500
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$2,000
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Sophomore
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$4.500
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$2,000
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Junior
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$5,500
|
$2,000
|
Senior
|
$5,500
|
$2,000
|
Independent Students & Dependent Students whose parents are denied PLUS)
|
Stafford Subsidized Annual Loan Limit
|
Additional Stafford Unsubsidized Annual Loan Limit **(effective July 1, 2008)
|
Freshman
|
$3,500
|
$6,000
|
Sophomore
|
$4,500
|
$6,000
|
Junior
|
$5,500
|
$7,000
|
Senior
|
$5,500
|
$7,000
|
Aggregate Stafford Loan Limits (effective July 1, 2008)
Undergraduate Dependent Students: $31,500 (no more than $23,000 of which can be subsidized)
Undergraduate Independent Students: $57,500 (no more than $23,000 of which can be subsidized)
How to Apply for Stafford Loans
After students have received their award letter with the loans they are eligible for, they will electronically sign their Master Promissory Note (e-MPN) at New York State Higher Education Services Corporation (NYSHESC). The following are the steps to complete the e-MPN:
- Go to www.hesc.com website
- Click on Students, Families, Borrowers & Counselors
- Depending if you are NYS resident, either click on New York State Resident or Outside of New York State link.
- Click on Complete the e-MPN/Apply for loan
- Be sure you have the necessary information ready before you begin:
-Your driver's license number, if you have one.
-The names, addresses and telephone numbers of two different references (these references must live in the U.S.).
-Your HescPIN. If you do not have a HescPIN yet, begin the process anyway. When you reach the Borrower Authorization section, there will be a prompt to allow you to set one up
- Under the Stafford Loan (Undergraduate and Graduate Students) heading, click on e-MPN Go box.
- Check the box that acknowledges that your computer meets the minimum hardware/software requirements necessary to complete the e-MPN.
- Click Continue
- Read the Disclosure Statement, then check the box.
- Click View File (a blank Master Promissory Note). After view file, close the window.
- Click box that you agree to an electronic Master Promissory Note and click on Agree.
- Click on consent to Confirm Your Identity
- Enter in your HESC User ID and PIN. There is a link if you have forgotten either your ID or PIN or a link if you are first time user with HESC.
- Continue with the remaining steps of the e-MPN process. Please make sure you select a lender from the drop down menu before you finish the process. These are the Preferred Lenders we have suggested you apply for the Stafford Loan through.
Preferred Lender List
The following are lenders that we fill have provided quality customer service to our students presently and in the past. Our "preferred" lenders have demonstrated a commitment to providing the very best in customer service, technology and quick loan processing. They have agreed to a strict set of ethical standards and business practices and want to compete fairly and honestly for your business.
You are not obligated to apply for the loan through any of these banks; these are simply suggestions from Villa Maria College. You are welcome to choose any lender that does Stafford Loans. Please check with our office before using another lender to verify they are servicing Villa Maria College student loans.
Bank of America
www.bankofamerica.com
1-800-344-8382
Lender Code: 824421
Nellie Mae
c/o Sallie Mae
www.nelliemae.com
1-800-634-9308
Lender Code: 829076
Nelnet
www.nelnet.com
1-888-486-4722
Lender Code: 833669
RBS Citizen's Bank
c/o Nelnet
www.citizensbank.com
1-888-486-4722
Lender Code: 807745
Wachovia
www.educaid.com
1-800-338-2243
Lender Code: 83005
- After you enter your first and last name in all capital letters at the end of the process, you will need to do your entrance loan counseling.
Entrance Loan Counseling
After you complete the e-MPN process at
www.hesc.com, you will click on the
Entrance Loan Counseling button. If you forget to click on the button, you can go to this website:
www.mappingyourfuture.org. These are the following steps once you are at the
www.mappingyourfuture.org site,
- Click on the Undergraduate Students tab.
- Click on Complete Online Student Loan Counseling.
- Under Entrance Counseling, click on Stafford Entrance.
- Select NYS from drop down menu and click Continue.
- Select Villa Maria College from drop down menu and click Continue.
- Read the Disclaimer and then click I Agree.
- You will read the white box of Stafford Loan information and then answer the questions in the blue box and then click on Submit Your Answers.
- After you go through the series of questions, you will print a copy for your records and hit the Submit button.
The Financial Aid office will then receive electronic notification you have completed the Entrance Loan Counseling. You are required to complete this Entrance Loan Counseling before the loan money is disbursed to the school. You will only need to complete this when you apply for your Stafford loans the first semester when you start to attend Villa.
Exit Loan Counseling
Upon graduation from Villa Maria College (or if you decide to withdraw or transfer from Villa to another school), you will need to complete the exit loan counseling by making an appointment with the Financial Aid office to discuss grace period, deferment, forbearance and repayment options.
Parent PLUS Loan (Parent Loan for Undergraduate Students)
Parents can borrow a PLUS Loan to help pay their child's education expenses if they are a
dependent undergraduate student enrolled at least half time in an eligible program at an eligible school and have done the FAFSA. PLUS Loans are available through the Federal Family Education Loan (FFEL) Program. The Parent PLUS borrower must be the biological or adoptive parent or stepparent (if the stepparent's income is included in the FAFSA). The parent must also be US citizen or eligible non-citizen and have a valid social security number. The yearly limit on a PLUS Loan is equal to the cost of attendance minus any other financial aid the student receives.
The parents generally will be required to pass a credit check. If parents don't pass the credit check, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan. An endorser promises to repay the loan if your parents fail to do so. Effective July 1
st, if the parent is denied the PLUS loan (and does not to apply with an endorser), the student is eligible for an additional $4000 for the year for the Unsubsidized Stafford Loan. As of July 1, 2008, the fixed interest rate is 8.5%.
For PLUS loans made to parents that are first disbursed on or after July 1, 2008, the borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis.
How to Apply for the Parent PLUS loan
After receiving an award letter stating that you are eligible to apply for a Parent PLUS loan, you can proceed by electronically signing the Master Promissory Note at the NYSHESC website. The following are the steps for the Parent PLUS e-MPN: (please note this is the
parent information that will be needed for this loan)
- Go to www.hesc.com website
- Click on Students, Families, Borrowers & Counselors
- Depending if you are NYS resident, either click on New York State Resident or Outside of New York State link.
- Click on Complete the e-MPN/Apply for loan
- Be sure you have the necessary information ready before you begin:
-Your driver's license number, if you have one.
-The names, addresses and telephone numbers of two different references (these references must live in the U.S.).
- Under the Parents Only Parent PLUS Loan heading, click on e-MPN Go box.
- Check the box that acknowledges that your computer meets the minimum hardware/software requirements necessary to complete the e-MPN.
- Click Continue
- Read the Disclosure Statement, and then check the box.
- Click View File (a blank Master Promissory Note). After view file, close the window.
- Click box that you agree to an electronic Master Promissory Note and click on Agree.
- Click on consent to Confirm Your Identity
- Click on First time Users of HESC (remember this is the Parent HESC User ID and PIN, not student's information)
- Continue entering in the Parent and Student information. A credit check will be preformed. If the credit check is showing adverse credit history or denied, the parent can print off the denial, bring to the financial aid office and then exit out of the process. If the credit check is approved, the parent will be continue by entering in the requested amount and complete the e-MPN.
- The school will then receive notification if the parent is approved or denied.
- If the parent is denied, the student's award letter will be adjusted by adding the additional $4,000 for the entire year for the Unsubsidized Stafford Loan.
