General Requirements
Once you are awarded a Federal Direct Student Loan, you must fulfill certain conditions before loan funds can be credited to your account. All first time Stafford Loan borrowers with Siena Heights University must complete three loan steps prior to their loan being certified and disbursed.
1. Entrance Counseling
2. MPN
3. Accept your student loan eligibility via MySiena
The first two steps should be completed at studentloans.gov.
1. Student borrowers will log in using their FSA ID and password.
2. If you do not already have a FSA ID and password or if you are unable to remember your FSA ID or password, you can request a new one or more information at fsaid.ed.gov
ANNUAL LOAN LIMITS - STAFFORD LOAN
|
| Dependent Students (whose parents were not denied a PLUS loan) |
Combined Base Limit for Subsidized and Unsubsidized Loans |
Additional Limit for Unsubsidized Loans |
Total Limit for Unsubsidized Loans(minus subsidized amounts) |
| First-Year Undergraduate (Freshman) 0-23 credit hours completed |
$3,500 |
$2,000 |
$5,500 |
| Second-Year Undergraduate (Sophomore) 24-55 credit hours completed |
$4,500 |
$2,000 |
$6,500 |
| Third-Year and Beyond Undergraduate (Junior, Senior) 56+ credit hours completed |
$5,500 |
$2,000 |
$7,500 |
| |
|
|
|
Independent Students
(and dependent students whose parents were denied a PLUS loan) |
Combined Base Limit for Subsidized and Unsubsidized Loans |
Additional Limit for Unsubsidized Loans |
Total Limit for Unsubsidized Loans (minus subsidized amounts) |
| First-Year Undergraduate (Freshman) 0-23 credit hours completed |
$3,500 |
$6,000 |
$9,500 |
| Second-Year Undergraduate (Sophomore) 24-55 credit hours completed |
$4,500 |
$6,000 |
$10,500 |
| Third-Year and Beyond Undergraduate (Junior, Senior) 56+ credit hours completed |
$5,500 |
$7,000 |
$12,500 |
| |
|
|
|
| Graduate and Professional Students |
Limit for Subsidized Loans |
Limit for Unsubsidized Loans |
Total Limit for Unsubsidized Loans |
| Graduate and Professional Students |
$0 |
$20,500 |
$20,500 |
AGGREGATE LOAN LIMITS - STAFFORD LOAN
|
| |
Combined Base Limit for Subsidized and Unsubsidized Loans |
Additional Limit for Unsubsidized Loans |
Total Limit for Unsubsidized Loans (minus subsidized amounts) |
| Dependent Undergraduate Students (whose parents were not denied a PLUS loan) |
$23,000 |
$8,000 |
$31,000 |
| Independent Undergraduate Students (and dependent students whose parents were denied a PLUS loan) |
$23,000 |
$34,500 |
$57,500 |
| Graduate and Professional Students |
$65,500
(including undergraduate Stafford loans) |
$73,000 |
$138,500 |
Interest Rates
|
| Loan Type |
Grade Level |
Direct Loans |
| |
7/1/2018 to
6/30/2019 |
| Subsidized Loans |
Undergraduate |
5.05 |
| Unsubsidized Loans |
Undergraduate |
5.05 |
| Graduate |
6.6 |
Loan Repayment
The Direct Loan Program offers loan repayment plans designed to meet the needs of almost every borrower. Direct Loans are funded by the U.S. Department of Education through Siena Heights University and are managed by the Direct Loan Servicing Center, under the supervision of the Department. The Direct Loan Program allows you to choose your repayment plan and to switch your plan if your needs change.
Stafford loan repayment begins 6 months after you graduate, fall below half time (6 credit hours for both Undergraduate and Graduate Student), or leave school. If you return to school or if your enrollment increases to at least half time, there are deferment options that you could qualify for which will delay your repayment. It is important that you contact your loan servicer if your enrollment changes or if you are having problems making your payments.
If you would like to obtain information on any past or current loans and grants, you can do so by accessing information from the National Student Loan Data System at www.nslds.ed.gov/nslds_SA/