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Federal Direct Student Loan Program (FDSLP)

College of Central Florida participates only in the Federal Direct Student Loan Program (FDSLP). The federal government will loan money to eligible borrowers directly through CF.

Federal Direct Stafford Loans (Subsidized)-A federal loan program in which the government pays the interest while the borrower is enrolled at least half time (six credit hours) at an eligible institution and during the grace period.

  • Interest rates and fees:  Once your loan is originated, the servicer is required to send you a disclosure statement that will contain the interest rate applicable for the period of the loan. Current interest rates are available at http://www.direct.ed.gov/student.html.  Origination fees of 1.0 percent are charged at the time of each disbursement.
  • Award limits:  freshmen (0-29 credit hours earned in current program), $3,500/academic year; sophomores (30 or more credit hours earned in current two year program), $4,500/academic year; juniors (60 or more credit hours earned in current bachelor’s program), $5,500/academic year.  Total aggregate maximum $23,000.
  • Repayment: begins on the day immediately following the end of the grace period which is generally six months. The grace period begins on the date the borrower ceases enrollment on at least a half-time basis.

Federal Direct Stafford Loans (Unsubsidized)-Same as federal Direct Stafford Loan Subsidized, except the borrower is responsible for repaying the interest on the loan from the date of disbursement until the loan is paid in full.

  • Interest rates and fees:  Once your loan is originated, the servicer is required to send you a disclosure statement that will contain the interest rate applicable for the period of the loan. Current interest rates are available at http://www.direct.ed.gov/student.html.  Origination fees of 1.0 percent are charged at the time of each disbursement.
  • Award limits:  Dependent students may borrow up to an additional $2,000 and independent students may borrow up to an additional $6000 (freshmen and sophomores in current program of study) or $7000 (juniors and seniors in current bachelor’s program of study) in this program as long as they have need as determined by the Federal Formula.  Total aggregate maximum is $31,000 for dependent students and $57,500 for independent students (these amounts include the $23,000 subsidized maximum).
  • Repayment: same as Subsidized Federal Direct Stafford Loan.

Federal Direct Parent Loans for Undergraduate Students (FDPLUS)-A federal loan program in which parents of dependent students may borrow for the students' education.

  • Interest rates and fees:  Once the PLUS loan is originated, the servicer is required to send the borrower (your parent) a disclosure statement that will contain the interest rate applicable for the period of the loan. Current interest rates are available at http://www.direct.ed.gov/student.html.  Origination fees of 4.0 percent are charged at the time of each disbursement.
  • Award limits: maximum per year is cost of education per child minus other financial aid; no aggregate loan limits. Credit checks are mandatory.
  • Repayment: the first payment is due within sixty days from the date of disbursement or may be deferred up to six months after the student is no longer enrolled at least half time.

Loan Counseling for Subsidized and Unsubsidized Stafford Loans-Students must be counseled on the rights and responsibilities of borrowing. This may be completed online using your FAFSA pin number.

  • Obtain a Personal Identification Number (PIN) from the US Department of Education at www.pin.ed.gov. This will take up to 72 hours to receive via e-mail.
  • Loan entrance counseling must be completed before students receive any loan funds. This can be completed on-line at: https://studentloans.gov/myDirectLoan/index.action.
  • Loan exit counseling must be completed when students drop their enrollment below half-time (6 credit hours), graduate or transfer to another school. This can be done on-line at https://www.nslds.ed.gov/nslds_SA/.

Important Dates for Application Acceptance and Processing

 

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