From www.taylor.edu - Taylor University, integrating faith and learning

Graduate Direct Stafford Loan

You will need your FAFSA PIN!

 

There are two types of Stafford Loans available for the Graduate student.  Subsidized and Unsubsidized. Please check your AWARDS at https://myfa.taylor.edu to determine your loan eligibility. 

  • Loan amounts available are up to $20,500.
  • You must have filed a FAFSA in order to receive these loans.

Subsidized:

  • Fixed rate of 6.8%.
  • Governement is paying the interest while the student is in school.

  • Repayment begins 6 months after student graduates, leaves school, or drops below half time status.

Unsubsidized:

  • Fixed rate of 6.8%.
  • Interest begins to accrue at the time of disbursement.

  • Payment on interest is immediate or is capitalized.  Remember, capitalization increases the total amount you will have to pay.

Graduate Direct Stafford Loan Application Process

First, determine which type of borrower you are, then follow the appropriate steps below.

 

There are 3 Steps to complete the Grad Direct Stafford Loan. 

You will need to determine which type of borrower you are so you will know what steps to complete.

  • New Grad Stafford Borrower: You have NEVER had a Stafford Loan through Taylor University.

          You will need to complete Steps 1, 2 and 3.

  • Returning Borrower: You have previously had a Grad Stafford Loan through the FFEL program (chose your lender) through Taylor University.

          You will need to complete Steps 1 and 3.

  • Returning Grad Direct Stafford Borrower: If you have already completed a Direct Loan eMPN through Taylor University.

          You will only need to complete Step 1.

 

 

 

Start The Application Process Here:

 

Make sure you have your FAFSA PIN before proceeding to Steps 2 and/or 3.

 

Step 1

All borrowers must first complete the "Taylor University Graduate Direct Stafford Loan Request Form". Click Here.

 

 

Step 2

You must complete Entrance Counseling, a Federal Government requirement for all new Graduate Direct Stafford loan borrowers.    Make sure you return to this site, you are not finished with the process just yet!  There is still one step left to complete! Allow 20 - 30 minutes for this step. Please click HERE to start your Entrance Counseling session.

As you begin your entrance counseling we must also ensure you are aware of a few items specific to Taylor University.

     A. Loans may be reduced if receipt of additional grant or scholarship money meets your financial need as determined by the FAFSA.

     B. Any student enrolled less than half-time in a term will enter the grace or repayment period for loans. Semester program minimum is 5 credit hours per term.  MBA trimester program minimum is 3 credit hours per term.

     C.  Graduate students who decided to withdraw must notify the Program Director of your graduate program.

     D. Questions about your rights and responsibilities or term and conditions of the loan should be directed to kystouse@taylor.edu or you may call the office at 765-998-5358.

     E.  For information about your federal loans you can access information at www.nslds.ed.gov by using your FAFSA PIN.  This site provides annual amounts borrowed and contact information of your loan provider.

 

 

Step 3

 

This is the third and final step.  You must sign an electronic Master Promissory Note (eMPN) at the Direct Loan site in order for your loan process to be completed. Once you have completed that process, you are finished! Click Here to sign your eMPN.  MAKE SURE YOU CHOOSE THE SUBSIDIZED / UNSUBSIDIZED SELECTION AND NOT THE GRADUATE PLUS OPTION!  (The Grad PLUS option has a higher interest rate than the Stafford!)