New Stafford loan regulations beginning Fall semester 2012
Effective July 1, 2012, graduate students will no longer be eligible to receive Federal subsidized Stafford Loans. Regardless of the student’s Estimated Family Contribution (EFC), graduate students will only be eligible for unsubsidized Federal Stafford Loans beginning with Fall Semester 2012. Although no changes were made to the annual and aggregate loan limits, graduate students must plan to pay the annual interest that will accrue on their loans while they are enrolled. Unless you make interest payments while you are enrolled school, your federal loans will accrue interest at a fixed rate of 6.8% while you are enrolled. Stafford loans will also have a 1% origination fee starting July 1, 2012.
Albany State University provides financial assistance for promising students who, without such help, would be unable to attend. The University believes, however, that the student is, first and foremost, responsible for financing his or her education.
The financial aid program is based on the financial need of the student. Need is the difference between the cost of education at Albany State University and the amount the applicant is expected to contribute toward the cost of education.
Financial Aid Application Procedures
- Complete the Free Application for Federal Student Aid (FAFSA). Instructions for completing the form and the appropriate address are all contained within the FAFSA application.
- You must be accepted for Graduate Admissions by the Graduate Admissions Office as a Provisional Admit or Regular Admit. Title IV Funds are available for students seeking Graduate Certification.
Sources of Financial Aid
- Federal TEACH Grant Program (FAQ)
The Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. If, after reading the (FAQ), you are interested in learning more about the TEACH Grant Program, you should complete the ASU TEACH Grant Application to being the appliction process. Eligible degree majors are determined by the Federal Department of Education as based on teacher shortage. A list of eligible majors are provided for the currently academic year on the ASU TEACH Grant Application.
- Graduate Family Nursing Practitioner Grants
Graduate Family Nursing Practitioner Grants are provided through the Albany State University College of Sciences and Health Professions via Federal grants from the U.S. Department of Health and Human Services (HRSA.gov). To apply for Graduate Family Nursing Practitioner Grants, please contact the graduate nursing faculty in the College of Sciences and Health Processions. The College of Sciences and Health Professions website is located (here).
- Federal Graduate PLUS loan for Graduate and Professional Degree Students (Studentloans.gov)
Graduate and professional degree students can borrow a Direct PLUS Loan to help cover education expenses. To apply for a Graduate Plus Loan, you will have to complete a FAFSA (www.fafsa.gov) and complete the Graduate PLUS loan application online at www.studentloans.gov. All Federal PLUS loans subject to a credit check by the Federal Department of Education to determine credit worthiness. Federal PLUS loans have a fixed interest rate of 7.9%. Again, to apply, please visit www.studentloans.gov to complete the online application.
- Federal Direct Subsidized Stafford/Ford Loans (Direct Subsidized Loans) (Application)
The federal government will pay the interest on these loans while students are in school and during deferments (postponements of repayment). Students must demonstrate financial need to receive this type of loan. A Free Application for Federal Student Aid Form (FAFSA) is required.
- Federal Direct Unsubsidized Stafford/Ford Loans (Direct Unsubsidized Loans) (Application)
Students can get these loans regardless of financial need but will have to pay all interest charges, including the interest that accumulates during deferments. A Free Application for Federal Student Aid Form (FAFSA) is required. The interest rates are variable and adjusted each July. The maximum rate for the Direct Subsidized and Unsubsidized Loan is 8.25 percent.
- Veterans Assistance Program
Veterans, active duty personnel and eligible dependents are encouraged to take full advantage of benefits available through the Veterans Administration. Those students eligible for benefits should apply for Admissions to the University and complete the Admissions process. An application for VA Educational Benefits should be completed prior to entering the institution.
- Federal Perkins Loans
Funds are provided to the University for the purpose of making low-interest, long-term loans available to students who demonstrate need. Loans are available to both graduate and undergraduate students. Repayment of Perkins loans begins nine months after the student leaves college, graduates or drops below halftime. The interest rate is 5 percent. A Free Application for Federal Student Aid Form (FAFSA) and Albany State University Financial Aid Application are required. Funding for Federal Perkins Loans are low and may not be available each academic year.
The veteran or other eligible persons are advised to have money available to cover their semester’s tuition and fees at the time of enrollment. Albany State University does not participate in advanced payment with the VA.
Interested persons should contact the Veterans Affairs Director in the Office of Academic Services and Registrar for more information and assistance pertaining to eligibility and application for Veterans Educational Benefits