2012-2013 - Marquette University Bulletin

52 Student Financial Aid
3. Must show financial need.
4. U.S. citizen or eligible non-citizen.
5. Making satisfactory progress toward a degree.
Amounts:
Students may borrow up to $8,500 per academic year. The exact amount will vary depending upon financial need. Cumulative maximum for
graduate and professional students is $65,500 for both undergraduate and professional studies combined.
Terms:
1. Interest rate is fixed at 6.8 percent.
2. No interest is charged while enrolled at least half-time and during the grace period. Repayment begins 6 months following enrollment
of less than half-time.
3. Standard repayment period is 10 years. Other repayment options are available.
4. A 0.5 percent processing fee is deducted from the loan proceeds when the funds are disbursed. See loan disclosure statement for
details.
Application Process:
1. File the free Application for Federal Student Aid.
2. Eligible students who have accepted the Stafford Loan on CheckMarq will receive instructions on completing the electronic Master
Promissory Note (eMPN) and entrance counseling.
William D. Ford Federal Direct Loan - Unsubsidized (Stafford Loan)
Eligibility:
1. Enrolled at least half-time.
2. Not in default on prior federal student loans.
3. U.S. citizen or eligible non-citizen.
4. Making satisfactory progress toward a degree.
Amounts:
Loan limits are calculated in combination with any amounts borrowed from the Subsidized Stafford Loan. Annual combined limit cannot
exceed $20,500.
Terms:
1. Interest rate is fixed at 6.8 percent.
2. Interest accrues while in school.
3. Students may choose to make quarterly interest payments, or have the interest deferred and capitalized once prior to repayment.
4. A 0.5 percent processing fee is deducted from the loan proceeds when the funds are disbursed. See loan disclosure statement for
details.
5. No prepayment penalty.
Application Process:
1. File the free Application for Federal Student Aid.
2. Eligible students who have accepted the Stafford Loan on CheckMarq will receive instructions on completing the electronic Master
Promissory Note (eMPN) and entrance counseling.
Federal Direct Grad PLUS Loan
Eligibility:
1. Enrolled at least half-time in a degree program.
2. Not in default on prior federal student loans.
3. U.S. citizen or eligible non-citizen.
4. Making satisfactory progress toward a degree.
5. Completed the FAFSA.
6. Must be credit worthy.
Amounts:
Students may borrow up to the difference between the cost of attendance minus the other financial aid.