FEDERAL DIRECT STAFFORD LOAN
Under the Direct Stafford Loan Program, the federal government is the student's lender.
There are two types of Federal Direct Stafford Loans: subsidized and unsubsidized. You must demonstrate financial need to qualify for the subsidized loan. When the loan is subsidized the federal government pays the interest on the loan while the student is in school. If the loan is unsubsidized it accrues interest while the student is in school; a student may choose to pay the accruing interest while in school. Repayment of both types of loans begins six months after graduation or when the student ceases attending school at least half-time. Information on Direct Stafford interest rates and origination fees can be found by clicking HERE. To accept a Direct Stafford Loan you must follow the steps on our Direct Lending (DL) website.
Dependent undergraduate students can borrow up to:
- $5,500 for freshmen; no more than $3,500 can be subsidized
- $6,500 for sophomores; no more than $4,500 can be subsidized
- $7,500 for juniors and seniors; no more than $5,500 can be subsidized
If a dependent student's parent is not eligible to borrow from the PLUS loan program the student may borrow from the Direct Stafford Loan program at the independent student levels.
Independent undergraduate students can borrow up to:
- $9,500 for freshmen; no more than $3,500 can be subsidized
- $10,500 for sophomores; no more than $4,500 can be subsidized
- $12,500 for juniors and seniors; no more than $5,500 can be subsidized
Graduate students can borrow up to:
- $20,500 (Graduate students are not eligible for subsidized Federal Direct Stafford Loans)
The maximum aggregate loan limits are:
- $31,000 (maximum $23,000 subsidized) for dependent students
- $57,500 (maximum $23,000 subsidized) for independent students
- $138,500 for graduate and professional students
FEDERAL DIRECT PARENT PLUS LOAN
Parents can borrow a PLUS Loan through the William D. Ford Federal Direct Loan Program to help pay your education expenses if you are a dependent undergraduate student enrolled at least half time in an eligible program at an eligible school.
To apply for a Direct PLUS loan your parent must follow the steps on our Direct Lending (DL) website. Parents must pass a credit check or have a cosigner who will pass a credit check in order to borrow the funds.
The annual borrowing limit is equal to the students cost of attendance budget as determined by CBU minus any other financial assistance you receive. Repayment begins 60 days after the last disbursement of the loan. An origination fee will be deducted from the proceeds of the loan when it is disbursed. Borrowers may contact the Direct Loan Servicing Center for deferment options.
FEDERAL GRAD PLUS LOAN
Graduate students are eligible to borrow under the PLUS Loan Program up to their cost of attendance as determined by CBU minus any other financial assistance received. Before you can borrow under this program, you must have borrowed the maximum annual amount allowed under the unsubsidized Direct Stafford Loan Program.
To receive the Federal Grad PLUS Loan you must complete a Master Promissory Note, which is found at www.studentloans.gov. You must pass a credit check or have a cosigner who will pass a credit check in order to borrow the funds. You will have an in-school deferment status until you graduate or cease attending at least half time (5 hours). Interest is charged from the date the loan is disbursed. Repayment begins 45 days after your deferment end date. An origination fee is deducted from the proceeds of the loan when it is disbursed. If you qualify you can request that the Grad PLUS loan be added to your financial aid award by contacting the Financial Aid Office.
FEDERAL PERKINS LOAN
The Federal Perkins Loan is a low-interest (5%) loan for both undergraduate and graduate students with exceptional financial need. The school is the lender and awards are made through the Office of Financial Aid. Awards are based on financial need and funding availability. For undergraduate students at CBU the maximum annual award is $4000; the aggregate limit is $27,500. For graduate students at CBU the maximum annual award is $6000; the aggregate limit is $60,000. Repayment begins nine months after graduation or after you cease attending at least half-time.
Because funding is limited to what is repaid by previous borrowers annually, the Federal Perkins Loan is not usually offered as part of a student's initial financial aid award.
Tennessee Math & Science Teacher Loan Forgiveness
(Promulgated Rules) (Online application)
The Tennessee Math & Science Teacher Loan Forgiveness Program provides financial assistance to Tennessee public school teachers seeking an advanced degree in a math or a science, or a certification to teach a math or a science. Loan forgiveness requires employment in a Tennessee public school system two (2) years for each year of the loan funding received.
- Subject to the amounts appropriated by the general assembly and any provision of law relating to a shortfall in funds available for postsecondary financial assistance from the net proceeds of the state lottery, a Math & Science Teacher Loan to a Tennessee public school teacher shall be two thousand dollars ($2,000) per academic year, regardless of the number of terms enrolled within that academic year. The total amount of a Math & Science Teacher Loan to a Tennessee public school teacher shall not exceed ten thousand dollars ($10,000) for all years required for the teacher’s program of study.
- The Corporation shall disburse Math & Science Teacher Loan funds directly to eligible postsecondary institutions, which shall in turn credit the student’s account or disburse funds to eligible students with one credit or payment at the beginning of each academic term.
Tennessee tenured public school teachers shall submit to the Corporation an on-line application and Promissory Note for a Math & Science Teacher Loan for each academic year.
The application deadline is September 1 for students beginning the academic year in the fall, February 1 for students who begin the academic year in the spring, and May 1 for students who begin the academic year in the summer.
- In order to receive a Math & Science Teacher Loan, a student must:
- Be a citizen of the United States; and
- Be a resident of Tennessee, as defined by regulations promulgated by the board of regents for the state university and community college system, under the authority of TCA § 49-8-104 where applicable for one (1) year immediately preceding the date of application; and
- Meet the requirements of TCA § 49-4-905(a); and
- Be admitted to and attend an eligible postsecondary institution seeking an advanced degree in math or a science or certification to teach math or a science; and
- Agree to teach math or a science in a Tennessee public school system two (2) academic years for each year funded provided by this program and sign a promissory note that stipulates the cash repayment obligation incurred if the teaching service is not fulfilled; and
- Maintain satisfactory academic progress in the teacher’s program of study with no minimum number of hours required per semester; and
- Complete the program of study within five (5) years beginning with the first term for which the loan was awarded; and
- Not allow a break in enrollment at an eligible postsecondary institution of more than twelve (12) months. If the break in enrollment exceeds twelve (12) months, the borrower enters the grace period followed by repayment.
- A course taken to qualify a student for re-certification shall not be a course taken for receipt of a Math & Science Teacher Loan.
- A borrower who completes the program of study for which a Math & Science Teacher Loan was provided and who subsequently satisfies the terms of the loan in full, either through repayment or cancellation, is not prevented from participating in the Tennessee Math & Science Teacher Loan Forgiveness Program again, in order to gain certification or an advanced degree in a different area of math or science.
Tennessee Math & Science Teacher Loan Forgiveness Programs Eligible Institutions
Private Student Loans
These Student Loans are recommended only for students who have exhausted all of their eligibility for Federal Direct Unsubsidized Loans and Grad PLUS Loans, or are not eligible for the Federal Direct Unsubsidized Loans or Grad PLUS loans.
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