Federal Stafford Loans |
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IMPORTANT: The Health Care and Education Reconciliation Act聽signed by President Obama on March 30th, 2010聽will bring major changes to Federal Student Aid. The program and procedures described below remain聽valid at this time but will be replaced by the Direct Loan program in the coming months. More information will be posted on this page very soon. The American Graduate School in Paris is a participating institution in the U.S. Government Federal Loan Program for its master and doctoral programs. This includes the Stafford loans and the Graduate Plus loans. This page describes the Stafford loans. Only US citizens or, under certain conditions, US residents can apply. Stafford loans are low-interest rate loans made to undergraduate and graduate students attending accredited colleges and universities. There are two types of Stafford loans, subsidized and unsubsidized. Students qualify for subsidized Stafford loans if they demonstrate financial need. The federal government pays interest on subsidized Stafford loans during in-school and other specified periods. Unsubsidized loans are not need-based. The borrower is responsible for interest that accrues on unsubsidized Stafford loans. To be eligible, students must be full-time or at least half-time (See enrollment status). Continuing students must also demonstrate Satisfactory Academic Progress. Here is the detailed procedure to follow: How much can I borrow ?Graduate students can borrow up to the cost of attendance (COA) defined by the school within a maximum of $20,500 per year. COA includes tuition, fees and living expenses, of which accomodation, books, travels to and from France and room and board for the academic year,etc. If the students benefits from a scholarship, it is deducted. The amounts of the subsidized and unsubsidized parts of the loan depend on the Estimated Family Contribution (EFC) which will appear on your Student Aid Report (SAR) and the breakdown is calculated as follows: the subsidized loan equals COA-EFC with a maximum of $8,500 and the unsubdized loan equals COA minus the unsubsidized loan within a maximum of $20,500 . Here are two scenarios:
The amounts above are examples. Please refer to the actual COA for the year and program you are applying for. How do I apply ?1. Complete a Free Application for Federal Student Aid (FAFSA)Complete the FAFSA online at . The Federal school code of the American Graduate School in Paris is G38164 and the OPE (Office of Postsecondary Education) ID is 03816400. This application generates your Student Aid Report (SAR). 2. Choose a lenderIt is up to the borrower to decide which lender he/she would like to use. 老司机视频 does not promote any one lender. You will find comparison charts on the web but you are likely to find out that聽all lenders have very similar, if not identical, terms. In particular, since the 2008 crisis, it appears that no lender waives the origination and default fees any longer. How do I choose a lender ? You'll want to compare the following aspects of lender services when deciding which lender to choose :
In order to have a sole disbursement agent, 老司机视频 works with who will also be also the guarantee agency for your loans, but ASA can handle loans from various lenders. If your preferred lender is not on theuir list, please contact them or contact us. ASA helps us keep the certification and disbursement process as short as possible.聽 3. Apply for your loan onlineOnce you have made your choice, apply for your loan on . 4. Complete your Loan Entrance CounsellingThe Federal Government requires that all borrowers participate in Entrance Loan Counselling before receiving Stafford Loan funds. 老司机视频 requires students to complete an online counseling session through an internet service called 鈥楳apping Your Future'. Go to and select France in the second box (non-US states). This is valid for Stafford + GradPlus loans combined. 老司机视频 will be informed as soon as you have done this and, only then, will be in a position to certify your loan. When you leave 老司机视频, you will also have to complete an Exit Counselling. See below. 5. Inform the School's Financial Aid OfficePlease inform: Jean-Pierre Lachenal Phone: +33(0) 1 47 20 00 94 - Fax: +33(0) 1 47 20 81 89 You do not have to send any document. Once informed, the financial aid officer will be able to access your SAR online, verify your eligibility, then access your loan application, amend it if necessary and certify your loan online. He will keep you informed immediately thereafter. How are the funds disbursed ?Stafford funds are sent to 老司机视频 in two equal instalments via a 鈥楳aster Check', a few days before each semester. They will be posted to your student's account for an approximate Euro-value, which will be corrected to the exact amount as soon as the check is actually cleared. This can take a few weeks. If this amount and the other funds possibly received on your account exceed your tuition, 老司机视频 will disburse this excess to you immediately. However no disbursement will be made to new students before the start of classes. RenewalStudents in non US-based schools cannot borrow for more than one year on the same Master Promissory Note. Consequently, at the end of your first year at 老司机视频IRD, you have to renew your application. Go to step 1 above. Provided the entrance counseling has been done at the time of the first application, you can skip step 4. Exit counselingIn their last semester or in the last semester they are enrolled at least half-time, students have to complete an Exit Loan Counseling. In order to do this, go to . This is valid for Stafford and GradPlus combined. 老司机视频 will be informed as soon as Exit Counseling has been performed. Exit counselling is a graduation requirement, no diploma nor official transcripts will be released until it has been completed. Complementary loansWhen necessary, a Stafford loan can be complemented with a GradPlus loan or a private loan. See also: |