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Current InformationYour Live Financial Aid Data (MyEvergreen) Financing Your EducationGraduate Student Financial Aid How Financial Need is Determined How to...Accept and Receive Financial Aid Funds Your Financial Aid OfficeContact the Financial Aid Office
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Stafford Loans at Evergreen |
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Attention: The Evergreen State College Financial Aid Office will no longer be certifying Bank of America loans as of November 20, 2009. Bank of America will no longer be continuing in the Stafford student loan program. This announcement was made publicly on November 06, 2009. Those who have had current or past loans with Bank of America should have received a letter from that lender indicating what would take place with their loans. If you have questions, please refer to any contact information on your notification and contact them directly.
2009-10 Stafford Loan Request Form (SLRF) WORD|PDF Stafford Loans are Federal Family Educational loans which undergraduate and graduate students, enrolled at least half time, can borrow from participating banks to pay for their educational expenses. Federal Stafford Loans must be repaid. Federal Stafford Loans are either subsidized or unsubsidized.
What is the difference between a Subsidized and an Unsubsidized Stafford Loan?Subsidized and Unsubsidized Stafford loans both accrue interest while the student is enrolled, but in the case of the Subsidized Stafford, this interest is paid by the federal government while you are in school and during the deferment period. Students with sufficient financial need will be offered a subsidized loan. If you borrow Unsubsidized Stafford, you will be responsible for the interest on your loan. The interest may be paid during school or added to the principal (capitalized) when repayment begins. Students with limited financial need may be offered funds from both the subsidized and unsubsidized Stafford Loan programs in amounts that total the student’s annual eligibility. note: If your interest is capitalized, it will increase the amount you have to repay. If you choose to pay the interest as it accumulates, you'll repay less in the long run. I have been offered loans. What do I do next?
General Information about How to Apply for Stafford Loans What is a Stafford Loan Request form (SLRF)?The Stafford Loan Request is a form that allows you, the student-borrower, to (1) choose a lending institution* and (2) let us how much loan you wish to accept. Your financial aid award screen will inform you of your maximum loan eligibility. You, the borrower, decide how much of that eligibility you want to accept. If you have been offered a Stafford loan and wish to accept it, print an SLRF from this page. How do I decide which lender to use?Go to the SimpleTuition-NELA site, fill in the amount of loan that you wish to borrow, choose a loan type, enter the date the loan will begin (September 2008) and the date of your (student) expected graduation. The information you provide results in a realistic comparison of repayment options to help you select a lender. After you complete the initial loan information, the site will display a list of several banks. You can compare the various lenders by clicking the box next to the lender name and pressing the compare button. Please remember that you are not required to use any of the lenders listed on this site. The lenders are listed as a comparison tool only. If you decide you would like to use one of the lenders listed you can press the “Apply” button next to the lender name and you will be directed to that lender's secure site. You can complete the steps to sign your Master Promissory Note (MPN) at the lender’s site. What is a Master Promissory Note (MPN)The MPN is a legal agreement to repay the lender you have chosen that can be used to make one or more loans for one or more academic years (up to 10 years). It will be used for all of your Subsidized Loans and Unsubsidized Loans over multiple academic years. For example, if you enroll in college as a freshman and borrow for all years of study, you may be able to borrow under this one MPN for all years. If you want to use a different lender, or if you decide to attend a different school, you will need to sign another MPN. E-Sign the Master Promissory Note What happens when I graduate?Each student must complete Loan Exit Counseling before graduating or leaving the college. Please contact the Financial Aid Office for information about Exit Counseling. A Stafford Loan enters repayment six months after graduation or when enrollment drops below halftime. When will I get the money?You must be fully registered before we will request your loan funds from your lender (for example, if your budget and awards were calculated on the understanding that you would enroll full time and you are registered for 8 undergraduate credits, we would not be able to notify your lender that you were fully registered, so if you decide to change your level of enrollment, please let us know). Your lender will send your loan funds via Electronic Funds Transfer (EFT) to Evergreen within 5 to 6 working days of being notified that you are fully registered. After the funds arrive, they will be transferred to your student account to be applied toward any charges on your account. Look at your student account via MyEvergreen. A college check for any excess funds will be available on the next working day following the transfer to your student account, but no earlier than the first day of the quarter. If your lender sends the funds in paper check form, it will be payable to both you and the college. You will need to negotiate the check at the cashier. I intend to enroll part-time. Can I still get a loan?To be eligible, you must be a regularly enrolled student attending at least half time (not a special admit). Halftime enrollment is defined as at least 6 credits for an undergraduate. If you are a Master of Public Administration or Master of Environmental Studies student, 4-credit enrollment will make you eligible for halftime aid. Master in Teaching students have no part-time enrollment option. How much can I borrow with Stafford Loans?The table below shows maximum allowable annual and aggregate amounts based on grade level and student status. The amount you can actually borrow is determined by several factors including your budget for the cost of attending and other aid you are being offered. Based on your award letter, you may not always qualify for the maximum Stafford Loan amount. Please refer to your financial aid offers at MyEvergreen. Annual Stafford Loan Limits for Undergraduate and Graduate/Professional Students
Aggregate Loan Limits(the total amount you may borrow during your academic career)
Independent students are eligible to borrow more because they are paying for college without eligibility for their families to apply for the PLUS Loan. information about dependency status *We are not a Direct Lending School. You will be borrowing from a lending institution. |
Essential Determiners What is your enrollment status? Are you a resident of Washington? Related Links Office of Financial Aid |
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Last Updated: Tuesday November 17 2009 All content and images on this site are copyrighted by The Evergreen State
College. © 2008 |
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