<%@ Page Language="VB" AutoEventWireup="false" CodeFile="Schools.aspx.vb" Inherits="Schools" %> Student - How to Apply for a Student Loan
OSFA - The Federal Family Education Loan Program

Students


 
How To Apply For A Student Loan
 
Step 1 - Complete the online Free Application for Federal Student Aid (FAFSA) Application.
 
FAFSA Application - The U.S. Department of Education uses the data from your FAFSA application to perform a statutorily required calculation and then transmits the results to the schools you listed or selected on the FAFSA.  These results are used by those schools to determine your eligibility for aid from the federal student aid programs.
 
Step 2 - Review your Student Aid Report (SAR).  You should receive a SAR approximately four weeks after you submit the FAFSA.  Make any necessary corrections and return the SAR to the appropriate address. The school you listed on your FAFSA will also receive your SAR information.
 
Step 3 - Confirm with the financial aid office at the school you plan to attend, that the school has received all necessary information to determine your eligibility for financial aid.  The school will provide to you an award letter outlining the type of financial aid that you may receive.
 
Step 4 - Promissory Note: Read the entire Promissory Note and the Borrower's Rights and Responsibilities prior to signing the Promissory Note for a FFELP loan.   For more detailed information access the Student Guide listed below.
 
The Student Guide: (pdf - 2.95 MB - Download Time May be Lengthy) - The U.S. Department of Education provides The Student Guide to assist high school students, college students, parents, and non-traditional students with the financial aid process; as well as, detailed steps for each phase.
 
College and Career Planning - Going2college.org provides general information about career planning, resources, guidelines for students planning to attend college, and state and federal aid that is available. Going2college.org also provides information on state college resource centers, events on financial aid and college information; as well as, information on programs such as Upward Bound, Talent Search, GEAR UP and Project Grad.
 
Loan Types
 
Note:  Students should contact their lender or Financial Aid Office for application processing procedures (electronic pre-filled, hardcopy) prior to downloading and completing any application forms.  With the Health Care and Education Reconciliation Act being signed into law on March 30, 2010, the authority to make or insure new loans under the Federal Family Education Loan (FFEL) Program, ended June 30, 2010.   Existing FFEL loans continue to be eligible for program benefits.   Beginning on July 1, 2010, all new Stafford, PLUS and Consolidation loans are to be made under the Direct Loan program.
 
The Federal Stafford Subsidized Loan is awarded on the basis of financial need.  If you qualify for a subsidized loan, the federal government pays the interest on the loan until you begin repayment and during authorized periods of deferment thereafter.
  • Federal Stafford Loan Master Promissory Note Addendum - This Addendum describes the changes made to the loan terms by the Higher Education Reconcilation Act of 2005 (HERA).  Your loan is subject to those changes.
  • Federal Stafford Loan Plain Language Disclosure (PLD) - The Higher Education Reconciliation Act of 2005 (HERA) changed some of the terms of the Federal Stafford Loans made under the Federal Family Education Loan Program (FFELP).   The Federal Stafford Loan Plain Language Disclosure has been revised to include information on the statutory changes for borrower's who are receiving second or subsequent Stafford loans under a previously signed Stafford MPN, or who may have signed an MPN for the first time before the addendum was available.
The Federal Stafford Unsubsidized Loan is not awarded on the basis of need.  If you qualify for a unsubsidized loan, you will be charged interest from the time the loan is disbursed until it is paid in full. You can choose to pay the interest while you are in school or allow it to accumulate.  If you allow the interest to accumulate, it will be added to the principal amount of your loan and will increase the amount you have to repay.
 
The Federal PLUS Loan enables parents with good credit histories to borrow money for their children's education.  Their children have to be dependent undergraduate students enrolled at least half-time.  The interest rate is variable but will never exceed 9 percent.
  • Federal PLUS Loan Application Master Promissory Note Addendum (MPN) - The Higher Education Reconciliation Act of 2005 (HERA) changed some of the terms of Federal PLUS Loans made under the Federal Family Education Loan Program (FFELP).  As a result, certain terms of the loan(s) you receive under the Federal PLUS Loan MPN or endorse under the accompanying Endorser Addendum to Federal PLUS Loan Application and MPN (Endorser Addendum) differ from the terms in the MPN, Endorser Addendum and Borrower's Rights and Responsibilities Statement.  This Addendum describes the changes made by the Higher Education Reconciliation Act HERA.  Your loan is subject to those changes.
  • Federal PLUS Loan Plain Language Disclosure - The Higher Education Reconciliation Act of 2005 (HERA) changed some of the terms of the Federal PLUS Loans made under the Federal Family Education Loan Program (FFELP).  The Federal PLUS Loan Plain Language Disclosure has been revised to include information on the statutory changes for borrower's who are receiving second or subsequent PLUS loans under a previously signed PLUS MPN, or who may have signed an MPN for the first time before the addendum was available.
The Federal Consolidation Loan is designed to help student and parent borrowers consolidate several types of federal student loans with various repayments scheduled into one loan.  FFELP Consolidation loans are available from participating lenders, such as banks, and credit unions.  Most federal student loans or PLUS loans can be consolidated.
  • Federal Consolidation Loan Addendum - The Higher Education Reconciliation Act of 2005 (HERA) changed some of the terms of Federal Consolidation Loans made under the Federal Family Education Loan Program (FFELP).  As a result, certain terms of the loan(s) you receive under the Federal Consolidation Loan and Promissory Note differ from the terms in the Application and Promissory Note and Borrower's Rights and Responsibilities Statement.  This Addendum describes the changes made by the HERA.  Your loan is subject to those changes.
Graduate / PLUS - As a result of the HERA, graduate or professional students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus any other estimated financial aid in the Federal Family Education Loan Program and Direct Loan Program.  The same terms and conditions that apply to the Parent PLUS loans, apply to the Graduate/Professional PLUS loans.
 
Additional Information:
 
Foreign Schools - The Federal Family Education Loan Program is the only U.S. student financial aid program in which foreign schools participate. The program offers loans to both parents and students.
 
Forms -  Federal Family Education Loan Applications, Deferment, and Discharge Forms
 
Interest Rates - Federal Stafford, Federal PLUS, Federal SLS, and Federal Consolidation Interest Rate Calculations.
 
Participating Lenders - List of lenders currently participating in the Federal Family Education Loan Program with the Florida Department of Education, OSFA.  Loan Originator Archives
 
Participating Schools - To find out if a school is eligible or participants in the Federal Family Education Loan Program with the Florida Department of Education, OSFA, please call or e-mail Onaleah McClellan at (850) 410-6852 or Onaleah.McClellan@fldoe.org.
Contact Us

1-800-366-3475
Toll-Free

850-410-5200
Local Metro Area
Tallahassee, Fl

Email to:
OSFAStudentLoans@fldoe.org

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