Loans
What are the different loans available to the University of West Georgia students and how do I qualify?
There are seven different loan options at The University of West Georgia: Federal Perkins Loan, William D.Ford Direct Subsidized Loan, William D. Ford Direct Unsubsidized Loan, William D. Ford Direct PLUS Loan, Graduate PLUS loan, Service Cancelable State Student Loan, and Short-Term Loan.
Note: To receive the Subsidized, Unsubsidized, PLUS, Graduate PLUS and Service Cancelable loans, students must be enrolled in at least half-time hours according to their level in college. (i.e. all Undergraduates, Provisional and Certification Graduates must be enrolled in 6+ hours and Regular Graduates must be enrolled in 5+ hours)
Federal Perkins Loan (Undergraduate and Graduate)
To qualify for the Federal Perkins Loan, you must have financial need as determined by the Financial Aid Office. This loan is awarded on a first come basis. To improve your chances of being offered this loan you should have a complete financial aid file by April 1st. No repayments are due and no interest accrues until 9 months after you graduate, leave college, or cease to be enrolled as a half-time student. The simple annual interest rate is 5%. The minimum repayment is $40 per month, providing the entire loan can be repaid within ten years. A portion of the debt can be canceled for teaching in certain communities or neighborhoods, or for service in Head Start programs, Peace Corps, law enforcement, special education, math, science, foreign language education, and nursing. As with all student loans, you will be required to complete an Exit Counseling Session online fo repayment options. Students who are offered and accept a Perkins Loan must complete a Personal and Confidential Information Sheet and read the Borrowers' Rights and Responsibilities.
Ford Direct Student Loans are automatically processed for students who indicated on the FAFSA they are interested. If you did not indicate on your FAFSA that you wanted a student loan, you must submit form #22 for the appropriate aid year (UWG Financial Aid Online Forms) to the UWG Financial Aid Office for consideration.
William D. Ford Direct Subsidized Loan (Undergraduate and Graduate)
The program allows you to borrow directly from the government at a low interest rate if you have financial need and are enrolled at least half-time (6 or more hours for Undergraduates, Certification and Provisional Graduates and 5 or more hours for Regular Graduates). 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. Loans disbursed after July 1, 2006 have a fixed interest rate. The current fixed interest rate is 5.6%. Origination fees are deducted from the loan amount you requested on your application. 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). You will receive information through your UWG email address about how to complete the Entrance Counseling Session and MPN. 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. You will be notified as to when you should complete this requirement, and you may also choose to satisfy this by clicking here.
| Dependent/Independent Undergraduate Student Sub Loan Limits | Graduate Student Unsub Loan Limits |
| Freshmen $3500 | *Certification/Provisional Graduate Students $5500 |
| Sophomores $4500 | Regular Graduate Students $8500 |
| Juniors and Seniors $5500 |
*Provisional/Certification amounts are also based upon the total amount borrowed in all previous undergraduate, certification, or provisional programs.
William D. Ford Direct Unsubsidized Loan (Undergraduate and Graduate)
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. The current fixed interest rate is 6.8%. 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 may borrow the following amounts from the Subsidized and Unsubsidized Loans according to classification:
|
Dependent Undergraduate Students Loan Limits |
Independent Undergraduate Student Loan Limits |
Graduate Students Loan Limits |
| Freshmen $2000 | Freshmen $6000 | Certification/Provisional Graduate Students $5500 |
| Sophomores $2000 | Sophomores $6000 | Regular Graduate Students $8500 |
| Juniors and Seniors $2000 | Juniors and Seniors $7000 |
(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).
Please Note:
You must have financial need to qualify for the subsidized loan, so your total loan could be all subsidized, all unsubsidized, or some of both. For example, if you are a freshman receiving only the HOPE Scholarship and your Expected Family Contribution is $6,000 and your budget is $10,000, your loan eligibility would be calculated as follows:
$10000 (Budget)
-$6000 (Expected Family Contribution)
$4000 (Total Financial Need)
-$3000 (HOPE Scholarship)
$1000 (Need for a Student Loan)
You could receive a subsidized loan of $1000 and, as a dependent freshman, you could borrow $2500 in an unsubsidized loan. This would make your total $3500 which is the maximum loan eligibility for a dependent freshman. New eligibility as of July 2008, dependent students may also borrow an additional $2000 in an unsubsidized loan per academic year. This loan must be requested by completing an Award Change Request form (#5 at UWG Financial Aid Forms) for appropriate academic year.
As an independent student, your loan eligibility would be calculated in the same manner EXCEPT you could borrow additional unsubsidized loan amounts. If you have 0-59 earned hours, you can borrow an additional $6000/year; if you have 60-130 earned hours, an additional $7000/year is available.
If you are a Certification/Provisional Graduate, you can borrow an additional $7000/year, and as a regular graduate, an additional $12,000/year. The maximum loan you are allowed is the difference between your budget and all of the other aid you are receiving.
You can review your loan history at http://www.nslds.ed.gov/. If you should need help to resolve a dispute or solve other problems with federal student loans, you can contact the office of Federal Student Aid Ombudsman of the Department of Education with one of the following options:
Via e-mail: fsaombudsmanoffice@ed.gov
Via online assistance: http://www.ombudsman.ed.gov/
Via telephone: 877-557-2575 (tollfree) or 202-377-3800
Via fax: 202-275-0549
Via mail:
U. S. Department of Education
FSA Ombudsman
830 First Street, NE
Washington,D.C. 20202-5144
William D. Ford Direct PLUS Loan (Parents of Undergraduate Students)
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 interest rate is fixed based on the 52 week T-Bill plus 3.1% and caps at 9%. 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 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. An Information booklet regarding the Plus Loan program can be found online through the following link: Direct Loan Basics for Parents. To apply forthe Parent PLUS loan, complete the application found at UWG Financial Aid Forms (form #3) and submit it to the Financial Aid office for processing.
Graduate Plus Loan Program (Graduate Students)
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.
Interest rates are fixed and based on the 52 week T-Bill plus 3.1%. 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 web site of the lender of choice.
Nurse Educator Service Cancelable Loan (Graduate Students)
NOTE: This type of aid is NOT available for academic year 2009-2010.
You may apply for one of a limited number of these loans if you are pursuing a Master's Degree in Nursing with the Nurse Educator track for the option of repayment through service by teaching full-time in an approved site within the State of Georgia for one calendar year for each year's loan. Applicants must file a FAFSA and have a completed financial aid file. A completed financial aid file consists of a student aid report (ISIR) resulting from a filed Free Application for Federal Student Aid (FAFSA) and all paperwork required by the Financial Aid Office. Applications must be submitted each year for approval. For further information you may visit the state's webiste at http://www.gacollege411.org./
Georgia Air or Army National Guard Service Cancelable Student Loan (Graduate Students)
This program allows those students serving in the Georgia Air or Army National Guard to borrow funds for an amount up to the matriculation fee each semester. Students should contact their commanding officer for more information and application.
Additional information is available through the State of Georgia’s web site at http://www.gacollege411.org/.
Promise Teacher Scholarship Loan (Undergraduate Students)
The PROMISE Teacher Scholarship Loan is a component of Georgia's HOPE Scholarship Program which provides forgivable loans to students who aspire to be teachers in Georgia public schools. If you commit to teach in a Georgia public school, you will pay less for your education.
The purpose of the program is to attract undergraduates into teaching profession and provide them with financial assistance beginning their junior year and continuing through their senior year. In return for the scholarship, the student agrees to teach after graduation in a Georgia public school system at the preschool, elementary, middle, or secondary level for one academic year for each $1,500 disbursement.
Detailed information and application for this program is available at https://secure.gacollege411.org/Financial_Aid_Planning/Financial_Aid_101/
Service_Cancelable_Loans/Service_Cancelable_Loans_in_Teaching.aspx.
New applications or renewal applications are available as of June 1st each year for consideration for the next academic year. You will print the application, complete the student section and submit the application and any requested documents to the UWG Education Department on campus. Awards are made in writing on a first-come basis by the state of Georgia that require an acceptance signature. No awards are final until that acceptance has been received by the state.
HOPE Teacher Scholarship Loan (Graduate Students)
The HOPE Teacher Scholarship Loan Program is a component of the lottery-funded HOPE Program which provides service cancelable loans to individuals seeking advanced education degrees in critical shortage fields of study. You simply repay your loan by teaching in a Georgia public school after earning your advanced degree, saving you money and helping fill the need for qualified professionals in these teaching fields. It's a program that benefits Georgia teachers and every student in their classroom.
Detailed information and application for this program is available at https://secure.gacollege411.org/Financial_Aid_Planning/Financial_Aid_101/
Service_Cancelable_Loans/Service_Cancelable_Loans_in_Teaching.aspx.
New applications or renewal applications are available as of June 1st each year for consideration for the next academic year. You will print the application, complete the student section and submit the application and any requested documents to the UWG Education Department on campus. Awards are made in writing on a first-come basis by the state of Georgia that require an acceptance signature. No awards are final until that acceptance has been received by the state.
Short Term Loans (Undergraduate and Graduate Students)
These loans are available through the Bursar's Office if you are currently enrolled and need temporary financial assistance. Loans are made based on the availability of funds with a maximum loan amount of $450 per semester. In general, loan money is available within five to eight days of application. A minimal service fee is charged and the loan must be repaid before the end of the semester. You may be denied a short-term loan if you have been delinquent on past loan repayments. Apply online through the Bursar's website at http://www.westga.edu/bursar/index_1588.php.
Alternative Educational Loans (Private and Non-Federal) (Undergraduate and Graduate Students)
Alternative loans are structured similar to Federal Stafford Loans and offer competitive interest rates based on credit. Quick delivery of loan funds is possible due to fast approval and rapid processing. The loans have repayment options similar to Federal Stafford Loans and offer extended repayment terms of 15 to 20 years. Of course, extended repayment terms also increase the total amount you repay!
Alternative Loans cost more than Federal Stafford Loans due to slightly higher interest rates and guarantee fees. Since the loans can greatly increase a student's overall debt, it is possible the loans could adversely affect a student's ability to repay the loan as well as to damage a student's future credit rating.
The following table is designed to assist students in identifying Alternative Educational Loans that are available to students at the University of West Georgia. The University does not necessarily endorse any of the following lenders and is providing the information in the public interest. Students should proceed with caution and should be extremely careful while accessing Alternative Loan opportunities.
Should you wish to consider an Alternative Loan, you should contact the following Alternative Loan organizations to inquire about the terms and conditions of their particular type of Alternative Loan. When you have selected an Alternative Loan lender, you will apply online through that lender's webpage. Upon approval of the loan application, the lender will notify UWG for any additional information needed. In some cases, a co-borrower will be necessary to qualify.
|
Alternative Loans |
Phone Number | Web Site |
| Chase | 1-866-306-0868 | http://chaseselectloans.com/Home.htm |
| Discover Student Loans | 1-877-728-3030 | http://www.discoverstudentloans.com/ |
|
Regions Signature Student Loan |
1-800-858-7822 |
http://www.customschool.com/westga/regions/ private.html |
| Sallie Mae | 1-800-695-3317 | http://customschool.com/westga/trust/private.html |
| SunTrust | 1-866-763-6350 | http://www.suntrusteducation.com/academicanswer |
| Wells Fargo | 1-800-658-3567 | http://www.wellsfargo.com/student |
