Programs and Requirements

Loan Programs and Requirements

Federal Direct Stafford Loan Program

Complete the 2012-2013 Free Application for Federal Student Aid (FAFSA) or renewal FAFSA. You may process your application via After your FAFSA is processed, you will receive a Student Aid Report (SAR) via mail or email. If you have listed the College of Saint Elizabeth as one of your college choices, we will be able to electronically review your SAR.

In some cases, students may be selected for Federal verification and be required to submit certain documents to the school. If you have been selected for verification, the College of Saint Elizabeth will mail you a Request for Additional Information Letter.

All required verification documents must be submitted to the Financial Aid Office and your financial aid file must be completed before your loan can be processed.

Federal Direct Stafford Loan amounts, both subsidized and unsubsidized, are for one academic school year. You may pay a fee of up to 3 percent of the loan. This fee is deducted proportionately each time a loan disbursement is made. Your loan disbursement will be split into equal payments according to your enrollment status. For example, if you are attending as a full-time day student, your loan is divided into two payments (Fall/Spring Semester). A Financial Aid Counselor will evaluate all other enrollment periods.

Federal Direct Stafford Loan Requirements

Before you apply for a Federal Direct Stafford Loan, please ensure that you have met the following requirements:

  1. Matriculated into your program of study
  2. Demonstrated satisfactory academic progress
  3. Submitted all required verification documents (if applicable)
  4. Enrolled at least half-time (6 credits)

Loan eligibility is determined by the number of credits you have earned by the beginning of the academic year. See the following chart on Federal Annual Loan Limits.

Grade Level Cumulative Credits Annual Loan Limit Additional Unsubsidized*
Freshman 01 0 -30 $3,500 $4,000 + $2,000
Sophomore 02 31 - 63 $4,500 $4,000 + $2,000
Junior 03 64 - 95 $5,500 $5,000 + $2,000
Senior 04 96+ $5,500 $5,000 + $2,000
Graduate --- $8,500 $12,000 + $2,000

*You can receive an additional $2,000 Federal Direct Unsubsidized Stafford Loan if you are either an Independent or Dependent student. If you are an Independent Undergraduate or if your parent is ineligible to receive a Federal Direct PLUS Loan, you can receive an additional $4,000 or $5,000 depending on year in school. Contact the Financial Aid Office for more information.

Federal Direct PLUS/Grad PLUS Loan Programs

Federal Direct PLUS Loans enable parents to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half-time. To be eligible to receive a PLUS loan, a parent will be required to pass a credit screening. If they do not pass the credit screening, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit screening, agrees to endorse the loan, promising to repay it if your parent should fail to do so. Parents can borrow up to the cost of education minus any financial aid received.

Direct PLUS Loan Requirements

  1. Good credit history
  2. Student must be an undergraduate and be enrolled at least half-time
  3. Must be a U.S. citizen or eligible non-citizen

The interest rate on a Federal Direct PLUS loan is fixed at 8.5%. Your parent may pay a fee of up to 3 percent of the loan. This fee is deducted proportionately each time a loan disbursement is made. Repayment generally begins within 60 days after the final loan disbursement. In most cases, the loan is disbursed in at least two installments – one disbursement will be paid to your Fall Semester account and the second disbursement will be paid to your Spring Semester account.

PLUS Loan funds are usually received by electronic funds transfer (EFT). The loan funds will be automatically sent to the school and then posted to your school account. When funds have been received, written notification is sent to your parents. If your parent is ineligible to receive a Federal Direct PLUS Loan and we have a credit denial on file for the new academic year, you can receive an additional Direct unsubsidized Stafford loan based on your grade level.

Federal Direct Grad PLUS Loans

The Federal Direct Graduate PLUS Loan is an affordable, accessible way to cover the entire cost of your graduate school education. You can get a Federal Direct Graduate PLUS Loan even if you have no credit history. A student must complete a FAFSA and apply for the maximum amount available in Federal Direct Stafford Loan program.