University of New Haven
300 Boston Post Road
West Haven
CT
06516
1-800 DIAL-UNH or 1-800-342-5864
Federal Stafford Student Loans Stafford Loans are low interest rate loans made to undergraduate students attending accredited colleges and universities. There are two types of Stafford Loans: Subsidized and Unsubsidized. The Subsidized Stafford Student Loan is a federally subsidized loan program available on the basis of financial need to students enrolled at least half-time. For students who are eligible for a Subsidized Stafford Loan, the U.S. Department of Education pays the interest while you're in school at least half-time, for the first six months after you leave school (your grace period), and during periods of deferment (a postponement of loan payments). A FAFSA must be completed to qualify for a Stafford Loan. Unsubsidized Stafford Student Loans do not require a student to have financial need. The U.S. Department of Education does not pay interest on the loan. The interest rate is fixed at 6.8% as of July 1, 2006 and the interest will start accruing on the date of your first disbursement. There is an option to pay the interest while in school if the student should want to. The Unsubsdized Stafford Loan does not go into repayment until you have dropped below at least half-time, six months after you leave school (your grace period) and during periods of deferment (a postponement of loan payments) A FAFSA must be completed to qualify for a Stafford Loan. | |||||||||||||||
Stafford Student Loan Maximum Amounts
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*These amounts indicate the federal maximums. Individual student loans are based on the need level, expected costs,other financial aid and additional factors. **Additional Loan amounts are available to eligible independent undergraduate students or dependent students whose parents are unable to borrow under the federal PLUS Program. Stafford Loan Entrance Counseling - First time loan borrowers are required to complete an entrance counseling session prior to receiving their first disbursement. The session provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you to understand your loan responsibilities. Stafford Loan Exit Counseling - Student loan borrowers are required to complete an exit counseling session when they cease attendance on at least a half-time basis. The session is to review your rights and responsibilities as a borrower. How To Apply for a Stafford Student Loan: We encourage you to carefully research and review various lenders and choose the one that you feel offers you the best benefit(s). Review our Suggested Lender List below. Many of our lenders use SallieMae as the main servicer of their Stafford and Parent PLUS loans. Click here to search for and review other lenders Once you have selected a lender you will need to complete a Master Promissory Note. The Master Promissory Note will only have to be completed once, at the start of your first year in school,and will remain valid for the entire length of your academic career at UNH. You will need the following information to complete the Promissory Note: - Your social security number and birthdate - An email address - Your general contact information i.e. permanent address, phone number etc. - Your driver’s license number and the state that issued the license - Name, home address,and phone number for two references - University of New Haven School Code: 001397
2008-09 Suggested Stafford Loan Lender List (click on the bank name to review their borrower benefits and in some cases complete your MPN) Academic Management Service(AMS) Lender Code: 833067 Bank of America Lender Code: 824421 Citizens Bank Lender Code: 810240 Chase Lender Code: 803000 Wells Fargo Education Financial Services Lender Code: 807176
If you have chosen to use AMS or Citizens Bank from our Suggested Lenders list please click here to create an account and complete and e-sign your Master Promissory Note online with SallieMae. If you have selected Chase please click here to complete your loan application. Remember you are able to opt out of this process at any time by either selecting "cancel" on the screen or escaping out of the website. In addition, you can cancel the pending Stafford Loan Application after the Promissory Note has been submitted by contacting the lender or the UNH Financial Aid Office. If you choose to use a lender not presently on our Suggested Lender List you should contact that lender directly and follow their procedures for completing the Master Promissory Note. You can notify the Financial Aid Office of your selection by providing the name of the lender you have chosen (and their six-digit lender code) in the appropriate spot on your UNH aid award letter. Federal Parent Loan (PLUS) The PLUS loan is a federal program in which parents of dependent undergraduates are permitted to apply for up to the Cost of Attendance minus any financial aid. Financial need is not required and the parent borrower can not have an adverse credit history. The interest rate is fixed at 8.5%. As with the Federal Stafford program you have the right to choose any lender. We encourage you to carefully research and review various lenders and choose the one that you feel offers you the best benefit(s). Please review our Suggested PLUS Lender List. If you are interested in applying you should contact the lender at the telephone number listed to learn more about their benefits and to be pre-approved for the PLUS loan. Our office will automatically be notified of your approval or denial. A denial will result in the student becoming eligible for the additional Unsubsidized Stafford loan amount as stated in the above chart. 2008-09 Suggested PLUS Loan Lender List Academic Management Service (AMS) 1.888.272.5543 Citizens Bank 1.888.272.5543 Nelnet 1.866.463.5638 Wells Fargo Education Financial Services 1.800.658.3567 For information on how we choose our suggested lender list please click here. Alternative Financing Options Click on the name to view loan and application information. To find the best alternative loan program for you and your family click here to access the Certfied Private Loan website which offers a dynamic comparison of the top certified private student loans on the market. | |||||||||||||||