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, 2014 to June 30, 2015 have a fixed interest rate of 4.66%. Loans disbursed between July 1, 2015 to June 30, 2016 have a fixed interest rate of 4.29%. The rate is subject to change each year. Origination fees are deducted from the loan amount you requested on your application. For loans disbursed between October 1, 2014 to September 30, 2015, the current origination fee is 1.073%. For loans disbursed on or after October 1, 2015, the origination fee will be 1.068%.
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.
Go to www.studentloans.gov, sign in with your federal PIN, and complete the links for Entrance Counseling and Complete Master Promissory Note.
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, 2014 to June 30, 2015 have a fixed interest rate of 4.66%. For undergraduate loans disbursed between July 1, 2015 to June 30, 2016, the interest rate is 4.29%.The rate is subject to change each year.
For Graduate students, the current rate is 5.41%. For graduate unsubsidized loans disbursed between July 1, 2015 to June 30, 2016, the interest rate is 5.84%. 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 1.073%. Loans disbursed on or after October 1, 2015, the origination fee will be 1.068%. 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.
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 7.21% for loans disbursed between July 1, 2014 and June 30, 2015. For loans disbursed between July 1, 2015 to June 30, 2016 the interest rate is 6.84%. 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 4.292%. 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 (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 annual maximum amounts allowed under the unsubsidized program before submitting the Graduate Plus application.
The current interest rate is 7.21%. For loans disbursed between July 1, 2015 to June 30, 2016, the interest rate is 6.84%. 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 www.studentloans.gov. Students requesting funds through another lender would need to apply online through the web site for approval.
A separate Master Promissory Note and Entrance Counseling Session is needed for the Graduate Plus and can be completed online at www.studentloans.gov. 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.