LOANSA loan for college costs is money that must be repaid. Loans represent a major source of assistance you should consider as you try to meet the full costs of your education. Educational loans generally have long-term repayment schedules, offer low interest rates, often have provisions for deferring payments and may offer additional benefits related to financial need. Before you borrow money for college, you should understand the specific conditions and requirements regarding disbursements, deferments and repayment options. If you fail to meet the conditions of the promissory note, you may be denied all federal aid, lose your good credit rating and be unable to borrow money to buy a car or home. Loan terms are subject to change at any time. The three categories of loans available to you through the UAF Financial Aid Office are: You can apply online for many of them via this website at http://www.uaf.edu/finaid/applyonline.html. Federal Stafford Loans Students must be enrolled in at least six credits to qualify for a federal loan. Yearly limits for dependent students are $3,500 for first-year students (less than 30 earned credits), $4,500 for second-year students (30-59 earned credits) and $5,500 for third- or fourth-year students (60 or more earned credits). Independent students may borrow, including the subsidized federal loan, up to $7,500 (as a first-year student less than 30 earned credits), $8,500 as a second-year student (30-59 earned credits) and $10,500 as third or fourth-year students (60 or more earned credits). Graduate students may borrow $20,500, of which $8,500 can be a subsidized loan. The interest rate varies annually and is capped at 8.25 percent. The following table outlines what your monthly payments would be over a 10-year repayment period.
Federal
Parent Loan for Undergraduate Students (PLUS) Federal Loans | Alaska Loans | UAF Loans The Alaska Commission on Postsecondary Education (ACPE) offers both federal and state loan programs through AlaskAdvantage. These loans are available to all students attending UAF. Through its federal component, AlaskAdvantage offers Stafford (subsidized and unsubsidized) and PLUS Loans. State loans offered through AlaskAdvantage include the Alaska Supplemental Education Loan (ASEL), the Family Education Loan, the Teacher Scholarship Loan and the Winn Brindle Scholarship Loan. Alaska Supplemental Education
Loan (ASEL) This loan can be used as a supplement to any other aid, provided the total amount of aid does not exceed the costs of attendance. The ASEL requires a credit check. Students may borrow up to $8,500 as an undergraduate and up to $9,500 as a graduate student. Repayment begins no later than six months after the borrower ceases attending school at least half time. The interest rate is variable and based on the Federal Family Education Loan Program interest rate which is made public in July of every year. Interest will be charged from the day of disbursement. Alternative Loans Family Education Loan Program Teacher Scholarship Loan
and Applicants must apply each year and applications are available for all AlaskAdvantage loan programs via the ACPE website or through their offices. UAF receives ACPE loan disbursements via electronic fund transfer (EFT). Loans are processed within 7-10 days from time of receipt at ACPE offices in Juneau and can be disbursed to a student's UAF account within two days of approval. Further information can be obtained from: Alaska Commission on Postsecondary
Education Federal Loans | Alaska Loans | UAF Loans UAF Loans Textbook Loans |
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