Note: For the Summer Start which will began June 28, 2010 our institution will use The Federal Family Direct Loan Program to administer and provide student loan funds to all of our students. Please contact your Financial Services Advisor for more information today!

Low interest loans through this program are guaranteed and provided by the federal government. These loans are repaid to direct loan servicing. Repayment is between 10 and 30 years depending on the amount borrowed and the type of repayment plan selected.

Federal Subsidized Stafford Loan

This loan is based on financial need and you will not owe any interest on the before repayment. The federal government "subsidizes" (or pays) the interest while you’re in school at least half-time, for the six months after you leave school (your grace period) and during a deferment (a postponement of loan payments). Award amounts vary based on grade level in school, dependency status and other financial assistance received.

Federal Unsubsidized Stafford Loan

This loan is not based on financial need and interest is charged on the loan from the time it is disbursed until it is repaid in full. Students have the option of paying the interest during deferment periods and during the grace period, or they may capitalize the interest. Capitalizing interest means that it will be added to the principal amount of the loan and it will increase the amount to be repaid. Award amounts vary based on grade level in school and dependency status.

Federal Stafford Loan Limits

Federal PLUS Loan

This is a loan for parents of dependent students. The maximum loan amount is the difference between the student’s cost of attendance and other aid the student receives. PLUS loans are the financial responsibility of the parent, not the student. Interest begins to accrue on the day of the first disbursement and repayment begins within 60 days after the last disbursement on the loan. To apply and complete a Master Promissory Note (MPN) go to https://dlenote.ed.gov/empn/index.jsp

DAYMAR COLLEGE ON-LINE LOAN CERTIFICATION POLICY

Minimum Requirements for applying for a student loan:

• Be enrolled for at least 6 credit hours
• Have a grade point average of 2.0 or better
• Meet the current Daymar College On-Line Satisfactory Academic Progress Policy

Minimum Requirements for maintaining eligibility for a student loan:

• Successfully complete at least 6 hours for each term of loan disbursement
• Earn a minimum 2.00 GPA for the term of disbursement
• Maintain a cumulative 2.00 GPA
• Meet satisfactory academic progress for completion rate and maximum time frame (unless waived as a result of an appeal for extenuating circumstances)

Entrance Counseling

U.S. Department of Education regulations require all first-time borrowers of Federal Stafford and Federal Unsubsidized Stafford Loans to complete an entrance interview. The Financial Services Office cannot process a student’s loan until counseling has been completed. Access the entrance counseling online at https://www.dl.ed.gov/borrower/ CounselingSessions.do?cmd=initializeContext

Exit Counseling

U.S. Department of Education regulations require Federal Stafford and Federal Unsubsidized Stafford Loan recipients to complete an exit interview when graduating from or when leaving Daymar College On-Line. Access the exit counseling online at https://www.dl.ed.gov/borrower/ CounselingSessions.do?cmd=initializeContext

NSLDS for Students

The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s central database for student aid. It receives data from schools, agencies that guaranty loans, the Direct Loan program, the Pell Grant program, and other U.S. Department of Education programs. NSLDS provides a centralized, integrated view of Title IV loans and Pell grants that are traced through their entire cycle: from aid approval through closure. Access this information online at https://www.nslds.ed.gov/nslds_FAP/secure/logon.jsp.