Applying for a Stafford Loan


Financial Aid News & Events \| Campus Tour \| Search
Financial Aid Letter from the Director Forms Rights & Responsibilities How To Apply -Student Eligibility -Dependency Status -Academic Progress -Professional Judgement Frequently Asked Questions Types of Financial Aid -Scholarships -Federal & State Grants -Stafford Loans -Stafford Loans MPN -PLUS Loan -Alternative Loan -Choosing a Loan Lender -Applying for a Stafford Loan -Entrance & Exit Interviews -Federal Perkings Loans/Nursing Loan -Federal Work Study -Additional Sources of Aid What's New Internet Resources Important Terms Important Financial Aid Numbers Admissions Student Accounts Staff Calendars Directories	A Federal Perkins Loan is a low-interest (5 percent) loan for undergraduate students with exceptional financial need. Your school is your lender. The loan is made with government funds with a share contributed by the school. You must repay this loan to your school. A Federal Nursing loan is similar to the Perkins loan with the exception that it is only awarded to a student matriculated into the Nursing program. How Much Can I Borrow? Depending on when you apply, your level of need, and the funding level of the school, you can borrow up to $4,000 for each year of undergraduate study (the total amount you can borrow as an undergraduate is $20,000 if you have completed two years of undergraduate work; otherwise, the total you can borrow is $8,000). The school determines the amount awarded for the Perkins/Nursing Loan. Is There A Charge For This Loan? A Perkins/Nursing Loan borrower is not charged any fees. However, if you skip a payment, make a payment late, or make less than a full payment, you may have to pay a late charge. If your failure to make payments persists, you may have to pay collection costs as well. When Do I Pay Back This Loan? If you’re attending school at least half time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment (you may have longer than nine months if you are on active duty with the military). This is called a grace period. If you’re attending college less than half-time, check with your financial aid administrator to determine your grace period. At the end of your grace period, you must begin repaying your loan. You may be allowed up to 10 years to repay. What are Entrance & Exit Interviews for Perkins & Nursing Loans? If you are awarded a Perkins or Nursing Loan you must accept the loan on Self Service through your MYDCC account. You will then be instructed to complete the entrance interview on the Mapping-Your-Future.org website. This entrance interview will explain your rights and responsibilities regarding the loan. Please keep a copy of your confirmation for your records. The Office of Financial Aid will be notified in 24-48 hours after you complete the entrance. Prior to the end of the semester you will be required to complete an exit interview for your Perkins or Nursing Loan. This exit will explain the repayment rights and responsibilities of your loan. An exit interview will be required each semester you accept a Perkins or Nursing loan. You will be notified by letter from the Office of Financial Aid when you must complete the exit. You will be instructed to go to Mapping-Your-Future.org. Please keep a copy of your confirmation for your records. The Office of Financial Aid will be notified in 24-48 hours after you complete the exit.
[ About The College ] [ Academics ] [ Admissions ] [ DCCF/Alumni ] [ Campus Events ] [ Credit Courses ] [ Non-credit Education ] [ Financial Aid ] [ Library ] [ Registration ] [ Student Services ] NEWS & EVENTS \| Dutchess Community College HOME Comments and questions about this page can be directed to the Office of Financial Aid. Copyright © 2003