Federal Financial Aid
To make college more affordable, the federal government offers a variety of need-based grants and loans for qualified students.
Monroe's Federal Financial Aid school code is 004799.
These need based awards are determined by the federal needs analysis from information provided on the FAFSA. Awards are determined by federal Department of Education allocations. For the 2011-12 academic year, full-time student awards will range up to $5550.
These need based awards are determined by the federal needs analysis from information provided on the FAFSA. Priority pools based on a FAFSA filing date have been established for the awarding of SEOG funds. SEOG funds will be awarded to the neediest students (Pell recipients with the lowest Estimated Family Contribution (EFC) as determined by the federal needs analysis from the FAFSA. Award amounts may vary based on student enrollment status and availability of funds.
These need based awards enable students to work in order to earn funds to help pay for their cost of attendance expenses and are determined by the federal needs analysis from information provided on the FAFSA. Employment placement and the amount students can earn depend on the availability of funds and job sites. Continued eligibility for FWS employment is also contingent upon continued satisfactory academic progress, attendance, and job performance. Students must begin the application process at the Office of Student Financial Services to determine their eligibility. If eligible, they will be sent to the Office of Career Advancement (OCA). Authorization and job placement is contingent upon successful completion of OCA requirements and the availability of a job assignment.
This federal loan program enables eligible applicants to obtain student loans to meet their cost of attendance expenses. Students must be matriculated and enrolled in a minimum of 6 credits. Interest rates, fees and repayment terms are determined by federal statute and may vary by the year students obtain their initial loan.
Students must complete a Master Promissory Note (MPN) and an Entrance Interview and loan counseling session by going to the website studentloans.gov to ensure that all borrower rights and responsibilities are understood.
Before loan funds can be disbursed, students must complete the Entrance Interview and loan counseling session; Master Promissory Note (MPN).
The federal government pays the interest on behalf of the borrower while students are enrolled at least half -time in college, during the six month grace period, and during times of authorized deferment and forbearance. Repayment of the loan begins six months after the student graduates or the student’s enrollment status changes to less than half-time.
Unlike the subsidized loan program, interest on unsubsidized loans begins when the loan is disbursed and is paid by the borrower, not the federal government. Students have the option of paying these interest charges while attending school. If they choose not to pay the interest, it will accrue and be capitalized. Repayment of the loan begins six months after the student graduates or the student’s enrollment status changes to less than half-time.
Loan Terms: For disbursements made from July 1, 2011 through June 30, 2012, the interest rate for undergraduate subsidized Direct Loans is a fixed 4.5%. Undergraduate Direct unsubsidized loans have a fixed rate of 6.8%. A loan fee of 1.0%, less a 0.5% up front rebate is deducted from the loan before it is disbursed.
First-time borrower at Monroe College loan funds will not be disbursed earlier than 30 days from the beginning of the semester. All subsequent loan funds are disbursed to student accounts after the third week of each semester contingent on when the loan was originated.
DEPENDENT STUDENTS
|
Base Amount |
Additional Unsubsidized Amount
|
| Freshmen |
$3,500 |
$2,000
|
| Sophomore |
$4,500 |
$2,000
|
| Junior |
$5,500 |
$2,000 |
| Senior |
$5,500 |
$2,000
|
INDEPENDENT STUDENTS
|
Base Amount |
Additional Unsubsidized Amount
|
| Freshmen |
$3,500 |
$6,000
|
| Sophomore |
$4,500 |
$6,000
|
| Junior |
$5,500 |
$7,000 |
| Senior |
$5,500 |
$7,000
|
MAXIMUM AGGREGATE (COMBINED TOTAL)
|
Max Subsidized Loan Limits |
Max Loan Limits for Unsubsidized Loans
|
Maximum Aggregate |
|
Dependent Undergraduate Students
|
$23,000 |
$8,000
|
$31,000 |
|
Independent Undergraduate Students
|
$23,000 |
$34,500
|
$57,500 |
These loans are available to parents of dependent students to help meet their children’s cost of attendance expenses. PLUS loan repayment begins within 60 days of disbursement of funds. PLUS loan borrowers are subject to a credit check. If approved, parents are required to complete a Master Promissory Note (MPN). If a PLUS Loan denial is received, a student is eligible for an additional $4,000 in unsubsidized loan funds.
Interest rates, fees and repayment terms are determined by federal statute and may vary by year. Disbursements made from July 1, 2011 through June 30, 2012 will have a fixed interest rate of 7.90%. A loan fee of 4.00%, less a 1.50% up front rebate is deducted from the loan before it is disbursed.
In accordance with federal regulations, first-time Direct loan borrowers must complete entrance counseling sessions on the web at studentloans.gov. During this counseling session students will learn about the terms of the loan and their rights and responsibilities as loan borrowers. No loans can be credited to a student’s account until entrance counseling is complete.
All recipients of a Federal Direct Loan who withdraw, drop below six (6) credits, or graduate must complete an Exit Counseling session on the web at studentloans.gov.
During this counseling, students will be able to view their loan history and learn about deferral and repayment options.
Repayment: The repayment of Direct Loans begins six (6) months after a student graduates or drops below half-time matriculated status. The amount of the monthly repayment is calculated based upon the total amount that has been borrowed, as well as the repayment plan selected. Visit studentloans.gov and click on the link “Repayment Plans and Calculators” to learn more.
Students in need of funds beyond those available from federal, state, college and outside grants, scholarships, work study and federal loans may seek non-federal loans. Students should carefully research these options as interest rates, fees and loan terms vary widely among loan providers.
Students must obtain a Self Certification form from the Student Financial Services Office that must be submitted to their lender upon approval of the alternative loan.
