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Holy Family
Financial Aid
Direct Federal Unsubsidized Stafford Loans - To be eligible for a Direct Federal Unsubsidized Stafford Loan, students must be enrolled half-time (at least six graduate credits for graduate students and at least three doctoral credits for doctoral students), be accepted in a degree or teacher certificate program, and be a U.S. citizen or national or permanent resident of the United States. Also, students must be making satisfactory academic progress to be considered for a Direct Federal Unsubsidized Stafford Loan.
Students may borrow up to $20,500** per academic year in the Direct Federal Unsubsidized Stafford Loan Program. Direct Federal Unsubsidized Stafford Loans are not based on financial need and accrue interest while the borrower is attending school. The principal payments are deferred, but the student either pays the interest or allows it to accrue through capitalization. The interest rate is fixed at 6.8%. A 1% origination fee is deducted from the loan before it is disbursed. Repayment of the loan begins six months after the student ceases to be enrolled half-time (fewer than six graduate credits for graduate students and fewer than three doctoral credits for doctoral students).
** Due to federal regulations, students enrolled in teacher certification programs who are seeking certification only (i.e., are not candidates for a master’s degree) are considered fifth-year undergraduates for financial aid purposes and may borrow up to $12,500 per academic year between the Direct Federal Subsidized and Direct Federal Unsubsidized Stafford Loans, with a maximum of $5,500 from the Direct Federal Subsidized Stafford Loan, depending on financial need and costs.
Direct Federal Graduate PLUS Loan – This loan is a non-need based federal loan designed to assist graduate students in financing their education above their Direct Federal Unsubsidized Stafford Loan eligibility. Students must be enrolled half-time (at least six graduate credits for graduate students and at least three doctoral credits for doctoral students), be accepted in a degree program (not a teaching certification only), and be a U.S. citizen or national or permanent resident of the United States. Also, students must be making satisfactory academic progress to be considered for a Direct Federal Graduate PLUS Loan.
Depending on credit worthiness, the student can borrow up to the cost of attendance minus other financial aid, including Direct Federal Unsubsidized Stafford Loans. The interest rate is fixed at 7.9% and begins accruing on the date of the first disbursement. A 4% origination fee is deducted from the loan before it is disbursed. Repayment typically begins on the date of the last disbursement.
Students who currently are in default on a federally funded loan or owe a refund on a federally funded grant received for attendance at any institution will not receive or be certified for a Direct Federal Stafford Unsubsidized Loan or Direct Federal Graduate PLUS Loan unless they can provide proof that they have rectified the aforementioned default or have made satisfactory arrangements for repayment through the federal loan rehabilitation program.
Application Procedures - To apply for a Direct Federal Unsubsidized Stafford Loan or Federal Graduate PLUS Loan, students should visit Holy Family’s website, www.holyfamily.edu/finaid/forms. Students need to complete the Free Application for Federal Student Aid (FAFSA), as well as the Direct Federal Stafford Loan Master Promissory Note (MPN), which both have links on the "forms" page. Also, students need to download, print, and complete the Supplemental Data Form and submit it to Holy Family’s Financial Aid Office. After all forms are submitted, students may be asked (by Holy Family University, the federal processor, or loan agencies) to supply additional information. It is important to respond to all requests promptly to avoid delays in processing financial aid.
Financial Aid Procedures - Students must reapply for their loan by completing the FAFSA and Supplemental Data Form each academic year. Students who borrow Direct Federal Unsubsidized Stafford or Direct Federal Graduate PLUS Loans are required to have entrance loan counseling prior to borrowing and exit loan counseling prior to graduation. Also, federal regulations require students who receive outside scholarships and/or tuition reimbursement to inform the Financial Aid Office of the name and amount of scholarship or tuition reimbursement. Students must also notify the Financial Aid Office if there are any changes in their enrollment status or housing status. Federal regulations do not allow repeated courses when evaluating eligibility for federal aid, except for failed courses and one repeat of a passed course. Students repeating a course that will not be counted for aid eligibility must make sure that they are registered for enough additional credits (without counting the repeated course) to be enrolled at least half-time.
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