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2014 - 15 Federal Direct Loan Applications and Loan Fees

May 7, 2014

Beginning June 2, 2014 students may submit a Federal Direct Loan Application for the 2014 - 15 award year. The applications can be filled out online from the financial aid forms page or a hard copy can be picked up from Student Services.

Important Changes

  • New Loan Application Requirements: students will be required to fill in their current loan balance from National Student Loan Data System, add their current requested amount and calculate their estimated monthly payments at StudentLoans.gov on the loan form prior to the financial aid office certifying a loan for the 2014-15 award year.

  • 2014 Summer Term Loans Delayed: If you are planning on receiving any Federal Direct Loans (Subsidized or Unsubsidized) through the FAFSA application process you need to be aware that the first disbursement for summer term only will be delayed until July 3, 2014. If you are planning on charging books against any remaining balance on your account (after tuition and required fees have been deducted) please see the Financial Aid Office and request a book voucher.

  • Subsidized Loan Limits & Increased Loan Fees: The Federal Budget Control Act of 2011 (the Federal Sequester Law) placed limits on the amount of time that students can receive Direct Subsidized* Loans (up to 150% of the published length of your program) and placed annual increases on the loan origination fee. These changes at the Federal level have resulted in programming changes to computer systems which have delayed the ability of colleges to originate and ultimately disperse loan funds to students. See Loan Delays above and loan fee changes below.

*The eligibility time limit does not apply to Direct Unsubsidized Loans.

What This Means to You: If your loan for the 2014-15 award year is certified and your first disbursement occurs prior to October 1, 2014 your per term loan fee will remain at 1.072%. If for any reason, your loan is either canceled then reinstated after October 1, 2014 or the loan is created/certified for winter or spring terms and the first disbursement is after October 1, 2014, your per term loan fee will increase to 1.073%.

Direct Loan Fees for FY 2014 and FY 2015

Loan Type

Impacted Loans

Loan Fee Percent

Fee Example

Direct Subsidized Loans and Direct Unsubsidized Loans

FY 2014
First disbursed on or after
December 1, 2013 and
before October 1, 2014

1.072

$58.96 on a
$5,500 loan

FY 2015
First disbursed on or after
October 1, 2014 and before
October 1, 2015

1.073

$59.01 on a
$5,500 loan