Description

This is a low-interest loanA loan is a type of financial aid that must be repaid, with interest. The Federal Student Loan Program is a good method of financing the costs of your college education. These loans are better than most consumer loans because they have lower interest rates. The Federal Loans and Perkins Loans also provide a variety of deferment options and extended repayment terms. for both undergraduate and graduate students who have financial needThe difference between the COA and the EFC is the student's financial need - the gap between the cost of attending the school and the student's resources. The financial aid package is based on the amount of financial need. The process of determining a student's need is known as need analysis..  Your school is your lenderA lender is a financial institution that provides funds to the student or parent for an educational loan.. The loan is made with government funds.

Amount

• Undergraduate - up to $5,500 a year
• Graduate - up to $8,000 a year

Cumulative limits for undergraduate loans is $27,500.

Cumulative limits for undergraduate and graduate loans combined is $60,000.

Eligibility

• Must be enrolled half-timeDuring each term, 6-8 credit hours is considered half-time for undergraduate students. For graduate students, 5 hours is considered half-time.
• Fulfill Satisfactory Academic ProgressA student must maintain Satisfactory Academic Progress to continue to receive financial aid. Students must maintain a certain qualitative standard (i.e. cumulative GPA) in addition to maintaining a quantitative standard (i.e. successfully completing a required number of credit hours). Students must also complete their degree or certificate program within a maximum timeframe, which may vary according to the student’s status and program. If a student does not maintain the required standards, the student may lose their financial aid eligibility. Requirements

Payment

Loan funds will not disburse (pay) until you have submitted all documentation requested by UNT, and your aid application is considered to be complete. You'll see a note on your myUNT "To Do List" if you need to complete more steps before the disbursement. If your file is complete, disbursements can be made as early as ten days prior to the first day of a fall or spring fee payment (August/January) period. However, disbursements can occur throughout an enrollment term upon completion of a file.

Interest Rate

The interest rate is 5 percent. All interest rates and fees are valid only from July 1, 2011 through June 30, 2012.

Repayment

LoanA loan is a type of financial aid that must be repaid, with interest. The Federal Student Loan Program is a good method of financing the costs of your college education. These loans are better than most consumer loans because they have lower interest rates. The Federal Loans and Perkins Loans also provide a variety of deferment options and extended repayment terms. funds must be repaid with interest. Repayment begins nine months after graduation or the last day of half-timeDuring each term, 6-8 credit hours is considered half-time for undergraduate students. For graduate students, 5 hours is considered half-time. enrollment. Interest begins at the time the loan is received. You'll repay UNT.

For more information regarding the Federal Perkins LoanFormerly the National Direct Student Loan Program, the Perkins Loan allows students to borrow up to $4,000/year for undergraduate school and $6,000/year for graduate school. The Perkins Loan has one of the lowest interest rates and is awarded to students with exceptional financial need. The student must have applied for a Pell Grant to be eligible. The interest on the Perkins Loan is subsidized while the student is in school. At UNT, graduate students are given first priority for Perkins funding. Program, please see the attached PDF.

Repayment Length

It takes up to 10 years to repay, depending on the amount owed.

Additional Information

Each Federal Perkins Loan borrower at the University of North Texas is required to complete Student Exit Counseling shortly before completing a degree, leaving UNT (i.e., withdrawing, graduation) or ceasing half-time enrollment.