As a result of uncertainty in the student loan industry, effective July 1, 2009, Quinnipiac University will originate all new student and parent loans through the federal government's "Direct Loan" program. The Federal Direct Loan Program (loan funds originate through the federal government) mirrors the traditional FFEL program (loan proceeds originate through a bank) with the exception of a lower interest rate on PLUS (parent) loans. Because the program is 100% guaranteed and funded through the federal government, our students and families are assured of having loan funds available when they need them. Links to the MPN and Entrance Interview for 2009/10 will be updated in March 2009.
Stafford loans are the primary loans available and offered to each student who completes a FAFSA. Stafford loans come in two types; Subsidized and Unsubsidized. Subsidized loans are need-based and available to students with demonstrated financial need. Unsubsidized loans are available to students without demonstrated need, to students whose parents are denied a PLUS loan of as a $2000 supplement to those who receive the maximum amount of subsidized/unsubsidized loans for their respective grade level.
Loan limits are as follows: Grade level Subsidized Unsubsidized Supplement Unsubsidized (Denied a PLUS) Freshmen $3500 $2000 $4000 Sophomore $4500 $2000 $4000 Junior/Senior $5500 $2000 $5000
Interest rates and fees for 2009/10 are as follows:
Direct Loan FFEL Program Interest Rate Fees Interest Rate Fees Subsidized Stafford Loan 5.6% 0.5% 5.6% 1.5% Unsubsidized Stafford Loan 6.8% 0.5% 6.8% 1.5% Parent PLUS Loan 7.9% 2.5% 8.5% 4.0%
Note: The Federal "Direct" Loan program is administered by the federal government and the "FFEL" program is the traditional student loan program administered by a lender on behalf of the federal government.
Students wishing to apply for a Stafford Loan (student loan) can complete their Master Promissory Note (MPN) and Entrance Interview via the Internet. Simply click on the appropriate link below and follow the instructions provided. The application and entrance interview process will take approximately 20 – 30 minutes to complete and students can “e-sign” their application without ever touching paper! All online loan proceeds will be electronically transferred to your student account at Quinnipiac University, so there are no checks to sign.
Click on each link below to complete your loan requirements: