FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) FOR BACHELOR'S PLUS/TEACHER LICENSURE STUDENTS

Students enrolled in the Bachelor's Plus or Teacher Licensure Program may apply for a Federal Stafford Loan through Ashland University's particpation in the Federal Family Education Loan Program (FFELP). 

Federal Stafford Loan

• Subsidized or Unsubsidized: determined by the FAFSA. 

Subsidized Stafford Loan: need-based; the government pays the interest while the student is in school. 

Unsubsidized Stafford Loan: student is responsible for the interest while in school; interest can be paid quarterly or capitalized and added to the loan principal until after the borrower ceases to be enrolled at least halftime.

• Loan Amounts:

• up to $12,500 annually, but not to exceed the academic program budget for students who are enrolled half-time (at least 6 credit hours per semester) and are considered independent students according to the FAFSA.
• up to $7,500 annually, but not to exceed the student's budget, for students who are enrolled half-time (at least 6 credit hours per semester) and are considered dependent students according to the FAFSA.

• Loan Fees: 2% origination and default fees

• Interest Rate: as of July 1, 2006, interest is fixed at 6.8%. (Loans borrowed for academic terms prior to that time have variable interest rates, capped at 8.25%; rate for July 1, 2007 through June 30, 2008, is 6.62%.) .

• Repayment: begins six months after the student ceases to be enrolled at least halftime; several repayment options available; the standard plan provides up to 10 years for repayment. Further information regarding repayment options, loan deferment and loan forgiveness programs is available at www.studentaid.ed.gov .

• Application Process:

  1. Follow the FAFSA and an AU Loan Application for Bachelor's Plus/Teacher Licensure Students each year.  The priority date for completion is April 30. Students completing the forms after that date may be required to pay up front for their classes at registration.

  2. All new Stafford Loan borrowers for the AU Bachelor's Plus program must complete a Promissory Note.  In addition, new borrowers must complete Loan Entrance Counseling.

Stafford Loan Limits for

Bachelor's Plus/Teacher Licensure Students

	Subsidized	Total Subsidized & Unsubsidized
Annual Limits	$5,500	$12,500*
Aggregate Limits	$23,000	$57,500*

Note -The aggregate loan limit for all students includes any funds received for undergraduate study.

*Students who are considered dependent students according to the FAFSA are held to an annual limit of $7,500 and an aggregate limit of $31,000 including undergraduate loans.