- The U.S. Department of Education processes the FAFSA (Free Application for Federal Student Aid), and calculates an EFC (Estimated Family Contribution) from income and asset information provided by the student.
- The results are transmitted electronically to all schools whose codes were listed by the student on the FAFSA.
- For full information on accepting your loans, visit https://financialaid.arizona.edu/loans/11-12/direct.
Entrance Loan Counseling
If you are a first time borrower of Federal Stafford Loans OR previously borrowed Federal Stafford loans and paid them in full, OR if you are borrowing GradPlus loans (regardless of if you have previously borrowed GradPlus loans), you MUST complete an online Entrance Counseling Session before you can receive loan funds.
- FEDERAL STAFFORD UNSUBSIDIZED LOAN
Loans borrowed through the Stafford unsubsidized loan program are not based upon need, but in combination with the other aid, cannot exceed the student's budget. Stafford unsubsidized loans accrue simple interest, which is capitalized onto the principal at the time of repayment. The interest rate on this loan is a fixed 6.8%. For more information on Stafford loans, visit https://financialaid.arizona.edu/loans/11-12/DirectLn/grad.
The amount borrowed through the Stafford unsubsidized program may not exceed $20,500 per year.
- GRADUATE PLUS LOAN
If a balance remains after the federal loans and all other aid have been deducted from the budget, the student is eligible to apply for a Graduate Plus loan program to cover the remaining balance only. The Graduate Plus Loan is based upon personal credit history. The interest rate on this loan is a fixed 7.9%. For more information on GradPlus loans, visit https://financialaid.arizona.edu/loans/11-12/GraduatePlusDirect.
If you have borrowed federal funds, you MUST complete loan exit counseling prior to graduating, leaving school or going below half-time. Loan exit counseling will explain your rights and responsibilities as a borrower. It will take approximately 30 minutes to complete. Please note that you will need the PIN number you received from the Department of Education to begin your exit counseling (please see PIN web site if you forgot your pin). Please visit the following site (click on Exit Counseling under Tools & Resources) to begin your exit counseling session: https://studentloans.gov/myDirectLoan/index.action.
Public Service Loan Forgiveness and using income-based repayment plans: www.IBRinfo.org.
Loan Repayment Calculator: http://www2.ed.gov/offices/OSFAP/DirectLoan/RepayCalc/dlentry1.html
If you don't know who services or holds your loans, use the free Loan Locator service of the Student Access Web site of the National Student Loan Data System.