{"id":107,"date":"2021-06-11T15:21:01","date_gmt":"2021-06-11T15:21:01","guid":{"rendered":"https:\/\/iamalcornpro.wpengine.com\/financial-aid\/?page_id=107"},"modified":"2023-11-30T22:59:29","modified_gmt":"2023-11-30T22:59:29","slug":"federal-student-loans","status":"publish","type":"page","link":"https:\/\/www.alcorn.edu\/financial-aid\/federal-student-loans\/","title":{"rendered":"Federal Student Loans"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-background-color:rgba(255,255,255,0);--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-top:40px;--awb-padding-right:40px;--awb-padding-bottom:40px;--awb-padding-left:40px;--awb-bg-color:#ffffff;--awb-bg-color-hover:#ffffff;--awb-bg-size:cover;--awb-border-color:#e9e9e9;--awb-border-bottom:3px;--awb-border-style:solid;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:60px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p>Most students enrolled at Alcorn State University choose to borrow to assist with their education financing. Your loan amount will be based on your eligibility by classification, cost of attendance budget, and other aid awarded which cannot create an over award. Please note loan requirements that are listed below. Additional information regarding Federal Direct loans may be found at <a style=\"font-family: AcuminPro-Bold;\" href=\"https:\/\/www.studentloans.gov\" data-fusion-font=\"true\">https:\/\/www.studentloans.gov<\/a>.<\/p>\n<\/div><div class=\"fusion-title title fusion-title-1 fusion-sep-none fusion-title-text fusion-title-size-three\" style=\"--awb-margin-top-small:10px;--awb-margin-right-small:0px;--awb-margin-bottom-small:10px;--awb-margin-left-small:0px;\"><h3 class=\"fusion-title-heading title-heading-left\" style=\"margin:0;\">STUDENT LOANS<\/h3><\/div><div class=\"fusion-text fusion-text-2\"><p>Students qualify for the Direct Student Loan, either Subsidized or Unsubsidized. The amount that students are eligible to borrow is based on the student\u2019s grade level and need. A Federal Direct Loan Request Form is not required. If stated on FAFSA that you are interested in being considered for a student loan you will automatically<br \/>\nbe awarded if you are eligible.<\/p>\n<p><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">BEFORE RECEIVING A STUDENT LOAN &#8211; YOU MUST SIGN A MASTER PROMISSORY NOTE AND COMPLETE ENTRANCE LOAN COUNSELING, AND ATTEND 6 HOURS IN AN ELIGIBIBLE PROGRAM FOR THE TERM.<\/span><\/p>\n<ul class=\"yellow\">\n<li>Subsidized Loans does not accrue interest until the student graduates or leaves school or drops below half-time enrollment.<\/li>\n<li>Unsubsidized Loans does accrue interest while the student is in school, but payment of the interest may be deferred until repayment or the student may choose to pay interest while in school in order to avoid \u201cpaying interest on interest\u201d.<\/li>\n<\/ul>\n<\/div><div class=\"fusion-title title fusion-title-2 fusion-sep-none fusion-title-text fusion-title-size-three\" style=\"--awb-margin-top-small:10px;--awb-margin-right-small:0px;--awb-margin-bottom-small:10px;--awb-margin-left-small:0px;\"><h3 class=\"fusion-title-heading title-heading-left\" style=\"margin:0;\">PLUS LOANS<\/h3><\/div><div class=\"fusion-text fusion-text-3\"><p>Parents of dependent students can borrow a Direct PLUS Loan. PLUS loans are available to parents of dependent undergraduate students enrolled in at least 6 hours in an eligible program. The Parent must apply for the credit based loan by completing the PLUS request process using the parent\u2019s Federal pin number and identifying information. The parent borrower must be listed on the student\u2019s processed FAFSA in order to be eligible to apply for the parent loan.<\/p>\n<ul class=\"yellow\">\n<li>You must be the student&#8217;s biological or adoptive parent (or, the student&#8217;s stepparent if his\/her income is used in the EFC calculation.)<\/li>\n<li>You must be a U.S. citizen or eligible noncitizen.<\/li>\n<li>You must have an acceptable credit history. A credit check will be performed during the application process.<\/li>\n<\/ul>\n<p><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">Graduate and professional degree<\/span> students may borrow under the PLUS loan program up to their school&#8217;s cost of attendance minus any other financial assistance, if eligible. Contact your Financial Aid Counselor for additional information regarding PLUS loans.<\/p>\n<p><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">BEFORE RECEIVING A PLUS LOAN \u2013 THE BORROWER MUST SIGN A MASTER PROMISSORY NOTE.<\/span><br \/>\nMisrepresentation through fraud and\/or forgery are crimes that are punishable by law, and will be reported to the Department of Education for possible prosecution.<\/p>\n<\/div><div class=\"fusion-title title fusion-title-3 fusion-sep-none fusion-title-text fusion-title-size-three\" style=\"--awb-margin-top-small:10px;--awb-margin-right-small:0px;--awb-margin-bottom-small:10px;--awb-margin-left-small:0px;\"><h3 class=\"fusion-title-heading title-heading-left\" style=\"margin:0;\">LOAN PRORATION<\/h3><\/div><div class=\"fusion-text fusion-text-4\"><p>Loan proration impacts undergraduate students applying for fall graduation who are receiving federal student loans. When a student will complete their degree in the middle of an academic year, federal student aid regulations require that we prorate the loan based on the student&#8217;s enrollment level for that final semester. Please note that the actual loan amount may be less if a student has reached their annual or lifetime loan limits prior to fall semester.<\/p>\n<\/div><div class=\"fusion-title title fusion-title-4 fusion-sep-none fusion-title-text fusion-title-size-three\" style=\"--awb-margin-top-small:10px;--awb-margin-right-small:0px;--awb-margin-bottom-small:10px;--awb-margin-left-small:0px;\"><h3 class=\"fusion-title-heading title-heading-left\" style=\"margin:0;\">DEADLINES<\/h3><\/div><div class=\"fusion-text fusion-text-5\"><p style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">Please adhere to the following deadlines:<\/p>\n<ul class=\"yellow\">\n<li>Fall Semester \u2013 Last day to request or accept a loan including increases is October 12th<\/li>\n<li>Spring Semester \u2013 Last day to request or accept a loan including increases is February 8th<\/li>\n<li>Summer &#8211; Last day to request or accept a loan including increases are June 14 and July 15<\/li>\n<\/ul>\n<\/div><div class=\"fusion-title title fusion-title-5 fusion-sep-none fusion-title-text fusion-title-size-three\" style=\"--awb-margin-top-small:10px;--awb-margin-right-small:0px;--awb-margin-bottom-small:10px;--awb-margin-left-small:0px;\"><h3 class=\"fusion-title-heading title-heading-left\" style=\"margin:0;\">DEADLINES<\/h3><\/div><div class=\"fusion-text fusion-text-6\"><ul class=\"yellow\">\n<li><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">FSAID\/FAFSA:<\/span> You will need a FSAID (fsaid.ed.gov) to complete any online loan applications, counseling, or processing. You may also use your name, social security number and date of birth. Student must have a valid FAFSA on file prior to receiving a loan award.<\/li>\n<li><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">CLASS ATTENDANCE:<\/span> You must be enroll and attend 6 hours per semester to maintain eligibility for a student loan (including private loans). You must also be enroll and attend 6 hours during each summer term to receive a loan. If you drop below 6 hours, your loan will not be authorized to your account and you will be responsible for any balance owed to the University.<\/li>\n<li><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">ENTRANCE COUNSELING: MUST BE COMPLETED BY ALL<\/span> first-time borrowers and transfer students. There is, also, a 30 day delay to first time student borrower accounts. Entrance Counseling informs you about your rights and responsibilities as a Direct Loan Borrower and can be done using the following link: <a style=\"font-family: AcuminPro-Bold;\" href=\"https:\/\/www.studentloans.gov\" data-fusion-font=\"true\">https:\/\/www.studentloans.gov.<\/a><\/li>\n<li><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">ADDITIONAL LOAN COUNSELING:<\/span> It is highly recommended that students with a grade point average below 2.0 make an appointment with the Office of Financial Aid for additional counseling on the importance of receiving and repaying a loan. Please call 601-877-6190 to schedule an appointment if your GPA is below 2.0.<\/li>\n<li><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">MASTER PROMISSORY NOTE (eMPN):<\/span> MUST BE COMPLETED BY ALL borrowers before loan funds will be disbursed to the Business Office for payment of fees. THIS IS A LOAN AND MUST BE REPAID TO THE LENDER. If you have not signed a Master Promissory Note, please click on the following link: <a style=\"font-family: AcuminPro-Bold;\" href=\"https:\/\/www.studentloans.gov\" data-fusion-font=\"true\">https:\/\/www.studentloans.gov<\/a>.<\/li>\n<li><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">EXIT COUNSELING<\/span> is a process that ALL student loan borrowers must do if they are graduating, transferring, or withdrawing from Alcorn State University. As you near graduation you will receive information on loan repayment from the Direct Loan Servicing Center. You are responsible for timely payment of your loans. Failure to comply with repayment obligations can cause you to have a negative credit rating. Online exit counseling can be done by clicking the following link: <a style=\"font-family: AcuminPro-Bold;\" href=\"https:\/\/www.studentloans.gov\" data-fusion-font=\"true\">https:\/\/www.studentloans.gov<\/a>.<\/li>\n<\/ul>\n<p style=\"font-size: 18px; font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">Special Note:<\/p>\n<p>If loan requirements (MPN\/Entrance Counseling) are not fulfilled by the close of awarded term, your loan MAY be cancelled. You will be responsible for any balance owed to the university, if applicable. It is your responsibility to regularly monitor your loan status via BANNER Online Services, your loan servicer, and ASU email correspondences. You should receive a disclosure statement from the lender notifying that you are entering into an agreement to repay a Title IV loan based on loans planned to be disbursed to you.<\/p>\n<\/div><div class=\"fusion-title title fusion-title-6 fusion-sep-none fusion-title-text fusion-title-size-three\" style=\"--awb-margin-top-small:10px;--awb-margin-right-small:0px;--awb-margin-bottom-small:10px;--awb-margin-left-small:0px;\"><h3 class=\"fusion-title-heading title-heading-left\" style=\"margin:0;\">INTEREST RATES FOR FEDERAL STUDENT LOANS<\/h3><\/div><div class=\"fusion-text fusion-text-7\"><p>The interest rate varies depending on the loan type and (for most types of federal student loans) the first disbursement date of the loan. The table below provides interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2020 and before July 1, 2021.<\/p>\n<table style=\"width: 100%; text-align: center; border: 2px solid #f1f1f1;\">\n<tbody>\n<tr>\n<td style=\"background-color: #f9f2fe;\" colspan=\"3\"><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">Interest Rates for Direct Loans First Disbursed on or After July 1, 2020 and Before July 1, 2021<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 60%; background-color: #fff6e5; text-align: left; padding-left: 20px;\">Loan Type<\/td>\n<td style=\"width: 20%; background-color: #fff6e5;\">Borrower Type<\/td>\n<td style=\"width: 20%; background-color: #fff6e5;\">Fixed Interest Rate<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 60%; text-align: left; padding-left: 20px;\">Direct Subsidized Loans &amp; Direct Unsubsidized Loans<\/td>\n<td style=\"width: 20%;\">Undergraduate<\/td>\n<td style=\"width: 20%;\">2.75%<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 60%; background-color: #f1f1f1; text-align: left; padding-left: 20px;\">Direct Unsubsidized Loans<\/td>\n<td style=\"width: 20%; background-color: #f1f1f1;\">Graduate or Professional<\/td>\n<td style=\"width: 20%; background-color: #f1f1f1;\">4.30%<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 60%; text-align: left; padding-left: 20px;\">Direct PLUS Loans<\/td>\n<td style=\"width: 20%;\">Parents and Graduate<br \/>\nor Professional Students<\/td>\n<td style=\"width: 20%;\">5.30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"padding-top: 20px;\">All interest rates shown in the chart above are fixed rates that will not change for the life of the loan.<\/p>\n<\/div><div class=\"fusion-title title fusion-title-7 fusion-sep-none fusion-title-text fusion-title-size-three\" style=\"--awb-margin-top-small:10px;--awb-margin-right-small:0px;--awb-margin-bottom-small:10px;--awb-margin-left-small:0px;\"><h3 class=\"fusion-title-heading title-heading-left\" style=\"margin:0;\">ORIGINATION FEES<\/h3><\/div><div class=\"fusion-text fusion-text-8\"><p>Most federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive while enrolled in school. This means the money you receive will be less than the amount you actually borrow. You\u2019re responsible for repaying the entire amount you borrowed and not just the amount you received.<\/p>\n<table style=\"width: 100%; text-align: center; border: 2px solid #f1f1f1;\">\n<tbody>\n<tr>\n<td style=\"background-color: #f9f2fe; width: 33%;\"><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">Loan Type<\/span><\/td>\n<td style=\"background-color: #f9f2fe; width: 33%;\"><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">First Disbursement Date<\/span><\/td>\n<td style=\"background-color: #f9f2fe; width: 33%;\"><span style=\"font-family: AcuminPro-Bold;\" data-fusion-font=\"true\">Loan Fee<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 33%;\">Direct Subsidized Loans<br \/>\n<span style=\"background-color: transparent; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">Direct Unsubsidized Loans<\/span><\/td>\n<td style=\"width: 33%;\">On or after 10\/1\/20 and<br \/>\n<span style=\"background-color: transparent; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">before 10\/1\/21<\/span><\/td>\n<td style=\"width: 33%;\">1.057%<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 33%;\">Direct PLUS Loans<\/td>\n<td style=\"width: 33%;\">On or after 10\/1\/20 and<br \/>\n<span style=\"background-color: transparent; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">before 10\/1\/21<\/span><\/td>\n<td style=\"width: 33%;\">4.228%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><div class=\"fusion-text fusion-text-9\"><h3>Cohort Default Rate<\/h3>\n<p>A cohort default rate is the percentage of a school&#8217;s borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1 to September 30, and default or meet other specified conditions prior to the end of the second following fiscal year.<\/p>\n<p>You can view Alcorn State University\u2019s Official Cohort Default Rate by entering 002396 in the OPEID search box <a href=\"https:\/\/nsldsfap.ed.gov\/cdr-searchable-database\/school\/search\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<\/div><div class=\"fusion-title title fusion-title-8 fusion-sep-none fusion-title-text fusion-title-size-three\" style=\"--awb-margin-top:30px;--awb-margin-top-small:10px;--awb-margin-right-small:0px;--awb-margin-bottom-small:10px;--awb-margin-left-small:0px;\"><h3 class=\"fusion-title-heading title-heading-left\" style=\"margin:0;\">Frequently Asked Questions<\/h3><\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:18px;--awb-content-font-size:16px;--awb-icon-alignment:right;--awb-hover-color:#f9f9fb;--awb-border-color:#ff9800;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#48346b;--awb-title-color:#512d6d;--awb-content-color:#212529;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#e8a82f;--awb-title-font-family:&quot;Calicanto-SemiBold&quot;;--awb-title-font-weight:400;--awb-title-font-style:normal;--awb-title-font-size:18px;--awb-content-font-family:&quot;Poppins&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-right fusion-toggle-icon-unboxed\" id=\"accordion-107-1\"><div class=\"fusion-panel panel-default panel-3face5d87a16e2bd5 fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_3face5d87a16e2bd5\"><a aria-expanded=\"false\" aria-controls=\"3face5d87a16e2bd5\" role=\"button\" data-toggle=\"collapse\" data-target=\"#3face5d87a16e2bd5\" href=\"#3face5d87a16e2bd5\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">What Is The Master Promissory Note (Mpn)?<\/span><\/a><\/h4><\/div><div id=\"3face5d87a16e2bd5\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_3face5d87a16e2bd5\"><div class=\"panel-body toggle-content fusion-clearfix\">The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). There are two types of MPNs in the Direct Loan Program: one for student loans and one for PLUS loans. Monitor your loan MPN expiration date to be sure that it remains current, and does not expire.<\/p>\n<p>If you are a student borrower, you will only sign one valid MPN for ASU student loans. It will be used for all of your Direct Subsidized Loans and Direct Unsubsidized Loans over multiple academic years throughout continuous enrollment. For example, if you enroll in college as a freshman and borrow under the Direct Loan Program for all years of study, you may be able to borrow under this one MPN for all years.<\/p>\n<p>If you are a parent borrower whose child is attending, you will only sign one valid MPN for accepted parent PLUS loans. It will be used for all of your Direct PLUS Loans for that particular child over multiple academic years throughout your child\u2019s continuous enrollment.<\/div><\/div><\/div><div class=\"fusion-panel panel-default panel-288c983eda648df01 fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_288c983eda648df01\"><a aria-expanded=\"false\" aria-controls=\"288c983eda648df01\" role=\"button\" data-toggle=\"collapse\" data-target=\"#288c983eda648df01\" href=\"#288c983eda648df01\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">What Are My Options When I Am Declined?<\/span><\/a><\/h4><\/div><div id=\"288c983eda648df01\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_288c983eda648df01\"><div class=\"panel-body toggle-content fusion-clearfix\">You can either obtain an endorser, which is essentially a cosigner, or you may choose to appeal the reason you were declined. You will receive an answer regarding your appeal within 7-10 business days of all required documentation for the appeal being received. For parent loans, the student may be eligible for additional unsubsidized loan in their name should you be declined.<\/div><\/div><\/div><div class=\"fusion-panel panel-default panel-ae6fd3bc17a4cba84 fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_ae6fd3bc17a4cba84\"><a aria-expanded=\"false\" aria-controls=\"ae6fd3bc17a4cba84\" role=\"button\" data-toggle=\"collapse\" data-target=\"#ae6fd3bc17a4cba84\" href=\"#ae6fd3bc17a4cba84\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">What Is Considered Adverse Credit? (Possible Conditions For A Denied Credit Check)<\/span><\/a><\/h4><\/div><div id=\"ae6fd3bc17a4cba84\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_ae6fd3bc17a4cba84\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<ul class=\"yellow\">\n<li>Bankruptcy (Chapters 7, 11, or 12 within the past 5 years) &#8211; Voluntary surrender or Repossession within the last 5 years<\/li>\n<li>Foreclosure proceedings started or Foreclosure within the last 5 years<\/li>\n<li>Deed in lieu of foreclosure<\/li>\n<li>Accounts currently 90 days or more delinquent<\/li>\n<\/ul>\n<p>Note: Accounts currently reported, as 90 days or more delinquent, which are over 5 years old since the last reported delinquency, are not considered adverse.<\/p>\n<ul class=\"yellow\">\n<li>Wage garnishment within the last 5 years<\/li>\n<li>Defaulted loan that has been claim paid<\/li>\n<li>Lease or contract on secured real estate or County\/State\/Federal tax lien, within the past 5 years<\/li>\n<\/ul>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default panel-8f9ccbf037ec023e3 fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_8f9ccbf037ec023e3\"><a aria-expanded=\"false\" aria-controls=\"8f9ccbf037ec023e3\" role=\"button\" data-toggle=\"collapse\" data-target=\"#8f9ccbf037ec023e3\" href=\"#8f9ccbf037ec023e3\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">How Much Loan Can I Borrow?<\/span><\/a><\/h4><\/div><div id=\"8f9ccbf037ec023e3\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_8f9ccbf037ec023e3\"><div class=\"panel-body toggle-content fusion-clearfix\">There are regulatory limits which will impact your overall loan award. Public Law 112-141 limits a \u201cnew student borrower\u201d to receiving subsidized loans for 150% of the published length of the academic program in which he or she is enrolled. Student aggregate loan limit follows:<\/p>\n<ul class=\"yellow\">\n<li>Dependent Undergraduate: $31,000 (max $23,000 subsidized)<\/li>\n<li>Independent Undergraduate (and dependent undergraduate whose parent is not eligible for the PLUS): $57,500 (max $23,000 subsidized)<\/li>\n<li>Graduate\/Professional Student: $138,500 (max $65,500 subsidized)<\/li>\n<\/ul>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default panel-56bc67a0dd2eee502 fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_56bc67a0dd2eee502\"><a aria-expanded=\"false\" aria-controls=\"56bc67a0dd2eee502\" role=\"button\" data-toggle=\"collapse\" data-target=\"#56bc67a0dd2eee502\" href=\"#56bc67a0dd2eee502\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Does My Classification Affect My Loan Amount?<\/span><\/a><\/h4><\/div><div id=\"56bc67a0dd2eee502\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_56bc67a0dd2eee502\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>There are regulatory limits based on classification which will impact your loan award on a yearly basis. Student annual loan limit follows:<\/p>\n<p>1st Year<br \/>\nDependent Undergraduate $5,500 (max $3,500 subsidized)<br \/>\nIndependent Undergraduate $9,500 (max $3,500 subsidized)<\/p>\n<p>2nd Year<br \/>\nDependent Undergraduate $6,500 (max $4,500 subsidized)<br \/>\nIndependent Undergraduate $10,500 (max $4,500 subsidized)<\/p>\n<p>3rd year and beyond<br \/>\nDependent Undergraduate $7,500 (max $5,500 subsidized)<br \/>\nIndependent Undergraduate $12,500 (max $5,500 subsidized)<\/p>\n<p>Graduate\/Professional up to $20,500 unsubsidized each academic year<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default panel-b8894077cd5014f1e fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_b8894077cd5014f1e\"><a aria-expanded=\"false\" aria-controls=\"b8894077cd5014f1e\" role=\"button\" data-toggle=\"collapse\" data-target=\"#b8894077cd5014f1e\" href=\"#b8894077cd5014f1e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Do I Have To Pay These Loans Back?<\/span><\/a><\/h4><\/div><div id=\"b8894077cd5014f1e\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_b8894077cd5014f1e\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Yes. Federal student loans are real loans that must be repaid, even if your financial circumstances become difficult. Your student loans cannot be canceled because you didn\u2019t get the education or job you expected, or because you didn\u2019t complete your education (unless you couldn\u2019t complete your education because your school closed). For further general information regarding repayment, contact your loan servicer or estimate repayment via <a href=\"https:\/\/studentaid.ed.gov\/repay-loans\/understand\/plans\">https:\/\/studentaid.ed.gov\/repay-loans\/understand\/p&#8230;<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"class_list":["post-107","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.alcorn.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.alcorn.edu\/financial-aid\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.alcorn.edu\/financial-aid\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.alcorn.edu\/financial-aid\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alcorn.edu\/financial-aid\/wp-json\/wp\/v2\/comments?post=107"}],"version-history":[{"count":0,"href":"https:\/\/www.alcorn.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/107\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alcorn.edu\/financial-aid\/wp-json\/wp\/v2\/media?parent=107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}