Loans
Student loans, unlike grants and work study, are borrowed money that must be repaid with interest. Before you take out a student loan consider carefully the amount that you will have to repay in the years after graduation. Financial aid recipients may be eligible for either a Direct Subsidized Loan, a Direct Unsubsidized Loan, or a combination of both loans. Students must be enrolled in a minimum of six credits to qualify.
Federal Student Loans
Federal Student Direct Loans attributes:
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Enrolled in a financial aid eligible program of study
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Enrolled in at least 6 credits per term
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Complete Master Promissory Note (MPN) and Entrance Counseling
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Aggregate limits apply- both annual and lifetime
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Repayment begins six months after you graduate, drop below 6 credits, or withdraw from all classes. Loan servicing information can be found at https://NSLDS
The two primary Federal Student Direct Loans (DL) are Subsidized and Unsubsidized.
Subsidized:
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Interest accrues once repayment begins
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Annual limits apply based on year in school
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Need based
Unsubsidized:
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Interest accrues upon disbursement
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Non-need based
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Annual and lifetime limits apply
Federal Parent Loans for Undergraduate Students (PLUS)
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Parents of dependent students may take out loans to supplement their child’s aid package.
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PLUS loans are available regardless of income or assets, but a credit check is performed.
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Parents may borrow up to the total Cost of Attendance at their child’s school minus any other financial aid received.
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PLUS loans go into repayment 60 days after it is fully disbursed for the year and is the financial responsibility of the parents, not the student.
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If the student agrees to make payments, but fails to make payments on time, the parent will be held responsible.
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To ensure that your PLUS loan is processed in a timely manner, please follow the next few steps:
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Complete the PLUS Request form at the following link to notify the Financial Aid Office that you are interested in a PLUS Loan https://nicoletcollege.tfaforms.net/f/PLUSRequestForm
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Complete the online PLUS application at the following link https://studentaid.gov/plus-app/
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Complete the Parent’s Master Promissory Note (MPN) for Parents of Undergraduate Students found here: https://studentaid.gov/mpn/
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