Application
Federal Stafford Loans
Choosing A Lender
Loan Limits
Federal Parent PLUS Loan
Entrance Counseling
Master Promissory Note (MPN)
Alternative Education Loans
Repayment
Loan Repayment Calculators
Deferment
Forbearance
Who is/are my lender(s)?

Applying for Federal Loans

To apply for any Federal Loans at UNC Asheville, you must first complete a Free Application for Federal Student Aid (FAFSA). Based on the information provided by the FAFSA, the Office of Financial Aid will award you the loans for which you qualify.

Federal Stafford Loans

Federal Subsidized Stafford Loan
Awarded on the basis of financial need as determined by the FAFSA. Students must be enrolled in at least 6 credit hours. The Federal government pays the borrower's accrued interest while the student is enrolled at least half-time, thereby "subsidizing" these loans. Repayment will be begin 6 months after the student is no longer registered at least 6 hours.

All subsidized loans for the 2009-2010 Academic Year have a 5.6% interest rate.

Federal Unsubsidized Stafford Loan
Students must file a FAFSA and be enrolled in at least 6 credit hours. The borrower is responsible for accrued interest throughout the life of the loan. Repayment will be begin 6 months after the student is no longer registered at least 6 hours.

All unsubsidized loans for the 2009-2010 Academic Year have a 6.8% interest rate.

Choosing a Lender

To assist you in choosing a lender, UNC Asheville has developed a list of recommended lenders that we believe are committed to providing benefits and quality service to our students and families.

The lenders on this list have been carefully selected using a process that evaluated criteria considered important for meeting the borrowing needs of students and their families. To view the evaluation process used to select the lenders below, click here.

This lender list has been compiled only as a guide. You are NOT required to use any lender on this list. You may and should do your own research and select the lender that best meets your borrowing needs.

2009-2010 Federal Stafford Lender Selection Form

Loan Limits

Dependent Undergraduates
Freshmen (0-29 credit hours): $5,500
Sophomore (30-59 credit hours): $6,500
Junior (60-89 credit hours): $7,500
Senior (90+ credit hours): $7,500

The maximum total debt from Stafford loans that a dependent undergraduate may borrow is $31,000 (no more than $23,000 of which can be subsidized).

Independent Undergraduates
(Also for dependent undergraduates whose parents are denied a PLUS Loan.)
Freshmen (0-29 credit hours): $9,500 (No more than $3,500 of this amount may be subsidized)
Sophomore (30-59 credit hours): $10,500 (No more than $4,500 of this amount may be subsidized)
Junior (60-89 credit hours): $12,500 (No more than $5,500 of this amount may be subsidized)
Senior (90+ credit hours): $12,500 (No more than $5,500 of this amount may be subsidized)

The maximum total debt from Stafford loans that an independent undergraduate may borrow is $57,500 (No more than $23,000 of of which can be subsidized).

MLA Students
Each Academic Year: $20,500 (No more than $8,500 of this amount may be subsidized)

The maximum total debt from Stafford Loans that a MLA student may borrow is $138,500 (No more than $65,500 of which can be subsidized).

Federal Parent PLUS Loan

Federal PLUS Loan
Available to parents of undergraduate dependent students who are enrolled in at least 6 credit hours. You must have a FAFSA on file to be eligible to apply for a PLUS Loan.

2009-2010 Federal Direct PLUS Loan Application

2009-2010 Federal PLUS Loan Statement of Understanding

Entrance Counseling

Entrance counseling is required for all first time borrowers.

If your loan is through Direct Loan, please complete your Entrance Counseling here.
If your loan is through any other lenders, please complete your Entrance Counseling through Mapping Your Future.

Master Promissory Notes (MPN)

Master Promissory Notes must be signed if you are a first time borrower or have not previously signed a Master Promissory Note with your chosen lender.

If your lender is Direct Loan, then you may sign your Direct Loan MPN here.
For all other FFELP Loans, your lender will contact you about how to sign your Master Promissory Note.

Alternative Education Loans

Alternative Education Loans may be necessary for students who do not qualify for Stafford loans or need additional funds to cover their cost of attendance. These loans are private loans offered by individual lenders that require the borrower to have good credit or to obtain a co-signer with good credit. Be advised that the interest rates are variable from lender to lender and are higher than those of Stafford loans.

The Office of Financial Aid cannot certify any Alternative Education Loans until the student is enrolled in classes. In addition, the Office of Financial Aid will not certify any amount that takes the student over their cost of attendance.

Repayment

Your loans aren’t going to go away and you’ll want to repay them as quickly and easily as possible.

You will receive a notice on exit counseling when you graduate or attend school less than half-time. The exit counseling will provide information on your loans and when repayment begins.

When you graduate or withdraw you will have six months before your first payment is due. This is called a grace period. (PLUS Loans do not have a grace period). This time allows you to get financially settled, select your repayment plan and determine the amount of income you need to put toward your student loan each month.

There are flexible repayment options to help students manage this important financial responsibility. Contact your loan provider to discuss specific options.

More Information on Repaying Your Student Loans

Loan Repayment Calculators

CFNC Loan Calculator
Direct Lending Loan Calculators

Deferment

A deferment is a period in which repayment of the principal balance is postponed. During a deferment, if the loan is subsidized, the government pays the interest charged. For unsubsidized, PLUS, unsubsidized consolidation, and PLUS consolidation loans in deferment, you are responsible for the interest that accrues during the deferment period. If you have unsubsidized loans, when you re-enter repayment at the end of the deferment period, any unpaid interest capitalizes (is added to the principal balance).

For complete information on deferment of your loan, contact your lender(s). If you are not eligible for a deferment you may still be eligible for a forbearance.

Forbearance

A forbearance is an arrangement to postpone or reduce your monthly payment amount for a limited and specific period during which you are charged interest. If you indicate a temporary inability, but willingness to pay the loan(s), you may ask for or be offered a forbearance. Interest that accrues during a forbearance is the responsibility of the borrower. When you re-enter repayment at the end of the forbearance period, any unpaid interest capitalizes (is added to the principal balance).

For complete information on the forbearance of your loan, contact your lender(s). If you are not eligible for a forbearance you may still be eligible for a deferment.

Who is/are my lender(s)?

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct/FFELP Loan program, and other Department of Education programs.

NSLDS Student Access provides a centralized, integrated view of all loans and grants so that students can access and inquire about their loans and/or grant data.