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

WE CANNOT ACCEPT LOANS FROM SALLIEMAE OR OTHER LENDERS

Our loan program has changed from FFEL to Direct Loan.  The Federal Government is your lender.  Do not apply through SallieMae, as we will not be able to process your loan.

Undergraduate Direct Stafford Loan



For the Academic Year 2009 - 2010 ONLY

 

 

 

PLEASE READ THE INFORMATION ON THIS PAGE CAREFULLY!


 

 

LOAN TERMS:

Subsidized:

  • Fixed rate of 5.6%.
  • Government 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.

 


Have you determined the full amount you are eligible to borrow?

 

The loan application is for the FULL Year.  The amount you enter will be split between the Fall and Spring Semesters.  (If you need only one semester to process, please make sure to note this on your application form.  This should only apply for special circumstances, graduating Seniors, etc...)


Please visit https://myfa.taylor.edu, at the AWARDS tab, add the fall and spring Stafford loan amounts to determine the maximum amount you can borrow for the year.

 

Determine what type of borrower your are:


There are 3 Steps to complete, however, it will depend upon what type of borrower you are on which steps you complete. 

 

Please review the information below:


  •  New Stafford Borrower:

           If you have NEVER had a Stafford Loan through Taylor University...

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

 

  • Returning Borrower: 

          If you have previously had a Stafford Loan through the FFEL program  (chose your lender) through Taylor University...

          You will need to complete Steps 1 and 3.

 

  • Returning 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:

 

 

 Step 1 - Complete the Stafford Loan Request

  • This is a LEGAL loan document.  Double check that all information has been entered correctly!  Click Here  to apply.  This form cannot be submitted online, it must be hand delivered or FAXED to our office at 765-998-4910.  Keep a copy for your records! 

  • Make a mistake? DO NOT SUBMIT DUPLICATE FORMS - If you need to change an amount or loan period, please use this form to make corrections.

Want to make sure we have your loan request?

  • Check at the "Documents tab" at https://myfa.taylor.edu.  It will show Stafford Loan Request "Not Reviewed" when we have logged it in. Please give us 24 - 48 hours from the time you faxed it to us for it to show up on the documents tab.

 

 

 

Step 2 - Complete Entrance Counseling

You must complete Entrance Counseling, a Federal Government requirement for all NEW Stafford loan borrowers.    Make sure you return to this site, you are not finished with the process just yet!  

 Allow 20 - 30 minutes for Entrance Counseling. 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.

     C. Undergraduate students must be enrolled in at least 6 credit hours per term.

     D. Undergraduate students who decide to withdraw must contact Lori Slater, in Student Development, at 765-998-5371.

     E. Questions about your rights and responsibilities or term and conditions of the loan should be directed to the Financial Aid office at 765-998-5358.

     F.  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 - Sign Your Master Promissory Note

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! 

(Make sure you choose the Subsidized/Unsubsidized option. Example: *Subsidized / Unsubsidized - Federal Direct Loans available to any eligible undergraduate or graduate/professional student.)

 Click Here to sign your eMPN

Once this step has been completed, you are done.  Your eMPN should be sent to us 48 - 72 hours after you have submitted it.  You can check at https://myfa.taylor.edu at the Documents tab.  It will say DL Staff MPN "received".

If you have any questions about your bill, you should contact the Bursar's Office at 765-998-5123, or bursar@taylor.edu .