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William D. Ford Direct Loans

Subsidized Loan

The program allows you to borrow directly from the government at a low interest rate if you have financial need and are attending at least half-time (6 or more hours for Undergraduates).  No repayments are due and no interest accrues until 6 months after you graduate, leave school, or cease to be enrolled as a half-time student. Graduate students do not qualify for subsidized loans. Loans disbursed between July 1, 2013 to June 30, 2014 have a fixed interest rate of 3.86%. The rate is subject to change each year. Origination fees are deducted from the loan amount you requested on your application. The current origination fee is 1.05%.  As a first time borrower at UWG, you will be required to complete a Loan Entrance Counseling Session and an electronic Master Promissory Note (MPN) thru Banweb. You will also be required to complete an Exit Counseling Session if you graduate, transfer to another school, withdraw from school, or drop below half-time.

To complete the Loan Entrance Counseling Session and MPN, follow these steps:
-Log into MyUWG and click on the Banweb tab
-Click Student Services and Financial Aid
-Click Financial Aid
-Click on link for Loan Entrance Counseling Session, and complete, and make sure that it submits successfully.
-Click on link for Complete New Master Promissory Note, sign in using your federal PIN, click on Complete New Master Promissory Note (MPN), complete for Subsidized/Unsubsidized, and make sure that it submits successfully.

OR

Go to www.studentloans.gov, sign in with your federal PIN, and complete the links for Entrance Counseling and Complete Master Promissory Note.

Unsubsidized Loan

This loan is administered the same as a subsidized loan EXCEPT that interest on the loan accrues while you are in school and this loan does not require that you have financial need. For Undergraduates, loans disbursed between July 1, 2013 to June 30, 2014 have a fixed interest rate of 3.86%. For Graduate students, the current rate is 5.41%. The rate is subject to change each year. Origination fees are deducted from the loan amount you requested on your application. The current origination fee is 1.05%.  It is strongly recommended that you pay the accruing interest while you are in school. You can borrow from this loan program regardless of your family income.

Loan Limits

You must accept your loans from your Banweb account once you have been awarded to receive them:
-Log into MyUWG and click the Banweb tab
-Click Student Services and Financial Aid
-Click Financial Aid
-Click My Award Information
-Click Award Package Information and Acceptance by Aid Year
-Select Another Aid Year, Submit
-Click the tab at the top, Resources and Additional Information, answer the question about fees and financial aid (choose "I Authorize" or "I Do Not Authorize" in the drop-down box), scroll down and hit Submit. Do not choose anything under the "Resource Descriptions".
-Click the tab at the top, Accept Award Offers
-You will need to Accept or Decline your loans and Submit your decision

Printable directions are found here.

NOTE: Loan amounts are divided equally for the academic year, Fall and Spring. The loan can be divided into three disbursements to include summer as well, if requested. The amount offered will also depend on the set student budget for that academic year (determined by the Office of Financial Aid).


 

Parent Plus Loan

This loan is available to your parents if you are a dependent undergraduate student, regardless of financial need. The loan will be approved based on your parents' credit history. The current interest rate is fixed at 6.41% for loans disbursed between July 1, 2013 and June 30, 2014. The rate is subject to change each year. The interest begins to accrue the day the loan is disbursed and repayment begins within 60 days with a minimum monthly payment of $50. Origination fees are around 4%. The maximum loan you are allowed is the difference between your financial aid budget and all of the other aid you are receiving. The loan will be divided equally for the loan period indicated on the application. Your parents must make a special request to the Bursar's Office (Room 109 Aycock Hall) if they wish to receive any overpayments from the PLUS loan; otherwise the funds will be disbursed to you.  

Graduate Plus Loan

This program allows regular graduate students to borrow an amount up to the cost of attendance regardless of need minus any other aid such as scholarships or subsidized and unsubsidized Stafford loans.   Students must borrow the maximum amounts allowed under the subsidized and unsubsidized program before submitting the Graduate Plus application.

The current interest rate is 7.9%.  Interest accrues on the day final payment is disbursed and repayment begins within sixty days.  Deferment options are available if the student is still in school.   A processing and handling fee is charged by the processor on the total amount borrowed.
 Students may chose to borrow the Graduate Plus funds through the William D. Ford Direct Loan program by completing the Graduate Plus Loan Application found online at the Financial Aid web page under on-line forms at www.westga.edu/~finaid or through any other lender that may provide that program.   Students requesting funds through another lender would need to apply online through the lender’s web site for approval.

A separate MPN is needed for the Graduate Plus.  Notification is sent by mail and email with information on how to electronically sign an MPN.  A separate Graduate Plus Entrance Information Session is also required.  Notification is sent by mail and email as well as when logged in to the secure BanWeb system on how to complete the session.   An Exit Session is required should you graduate, transfer schools, withdraw or cease to be enrolled half-time.

Additional information on the Graduate Plus loan may be found at http://www.dlservicer.ed.gov/ or the website of the lender of choice.