LOANS AND FEDERAL PROGRAMS

The Davin Loan
This is an institutional, long-term loan with an interest rate of 6.5 percent and a fee of 5 percent of the total loan amount is charged. Students and their co-signors must sign a promissory note prior to disbursement of funds.

Federal Programs
Completion of the FAFSA is required each year in order to determine eligibility for federal student aid. The FAFSA deadline is March 30.

Federal Pell Grants
Eligibility and award amount are determined on the basis of the FAFSA. For 2012-13, the value of the award is from $577 to $5,550. Awards are available to eligible students who enroll for at least three credit hours per semester.

Federal Supplemental Educational Opportunity Grants
This is a federal grant for students with high financial need. Award amounts vary depending on available funds.

Federal College Work Study
Campus jobs may be awarded to full-time students as part of their financial aid packages to help meet need. Students are restricted in the number of hours they may work per semester and the maximum amount they may earn.

Federal Perkins Loan
This is a federal student loan administered by Jacksonville University. The interest rate is 5 percent and is paid by the federal government on behalf of the student as long as the student maintains half-time enrollment. Students make no payments until nine (9) months after ceasing at least half-time enrollment. Normal repayment is over ten years. Awards vary depending on available funds. Students must endorse a master promissory note prior to disbursement of funds.

Subsidized Federal Direct Student Loans
This is a need-based federal student loan with variable interest depending on the date of disbursement. Funds are available from the U.S. Department of Education. Interest is paid by the federal government on behalf of the student as long as the student maintains half-time enrollment. Students make no payments until six months after ceasing at least half-time enrollment. Normal repayment is over ten years. The loan limit for freshmen is $3,500; for sophomores $4,500; for juniors and seniors $5,500. Students must submit a signed and completed application/promissory note to the U.S. Department of Education in order to receive the funds. 

Unsubsidized Federal Direct Student Loans 
Similar to the Subsidized Federal Direct  Student Loan, this loan is available to students regardless of need. Effective July 1, 2008, undergraduate students may receive up to $2,000 in unsubsidized funds in addition to the subsidized loan limit for their grade level. Interest begins to accrue and payments may be required while the student is enrolled. Students must submit a signed and completed application/promissory note to the U.S. Department of Education in order to receive the funds. Repayment begins six-months after the student ceases at least half-time enrollment.

Federal Direct PLUS Loans for Graduate and Professional Students
This is a credit-based federal loan available to graduate students. Graduate students may apply to borrow an amount up to the cost of education minus financial aid. The interest rate is 7.9 percent. Effective for loans first disbursed on or after July 1, 2008 borrowers may request deferment during any period when they are enrolled at least half-time and during the six-month period that begins the day after the date when the student ceases at least half-time enrollment. The loan will be deferred while the borrower is enrolled in school at least half-time and the borrower may request forbearance to align repayment with Federal Direct Student Loans. Students must complete the FAFSA and first apply for annual loan amount maximum eligibility under the Federal Direct Student Loan program. Students must submit a signed and completed application/promissory note to receive funds.

Federal Parent Loans for Undergraduate Students (PLUS)
This is a credit-based federal loan available to parents. Parents may apply to borrow an amount up to the student’s cost of education minus financial aid. The interest rate is 7.9 percent. Effective for loans first disbursed on or after July 1, 2008 parent borrowers may request deferment during any period when they themselves are enrolled at least half-time or when the student on whose behalf the loan was borrowed is enrolled at least half-time and during the six-month period that begins the day after the date the student ceases at least half-time enrollment. Parents must submit a signed and completed application/promissory note to the Financial Aid Office in order to receive the funds. The FAFSA is not required for PLUS Loan approval.

All first-time borrowers must participate in pre-loan counseling before they receive their first disbursement. The requirement can be satisfied on-line at www.studentloans.gov. At the time of graduation or termination of student status, students will be directed to the government website to complete exit counseling.  An explanation of loan repayment terms and repayment schedule will be given to students at each interview. Students and parents (PLUS borrowers) also complete the application/promissory note at www.studentloans.gov.


--==Back to Top==--


​​