Student Handbook 2012-2013 - Union Presbyterian Seminary

• The subsidized aggregate limit is $65,500; the aggregate lifetime limit is $138,500 for combined subsidizedand unsubsidized loans.• There is a 1.0% origination fee which is assessed by the Department of Education.Stafford Loan EligibilityTo be eligible, one must:• Use the loan only to pay for the cost of attending Union Presbyterian Seminary.• Be enrolled at least half-time as a degree-seeking student in the M.Div., M.A.C.E., any dual degree program,Th.M., or Ph.D. program, on any platform.• Be a U.S. citizen or permanent resident of the U.S.• Have a valid social security number.• Be making satisfactory progress in a program of study as determined by Union Presbyterian Seminary,and as defined by federal regulations. (Ph.D. students may not receive Stafford Loans for more thanseven years of full-time study.)• Not owe money on a federal student grant or have a satisfactory arrangement to repay it.• Not have defaulted on a federal loan (unless the student has made satisfactory arrangements to repay thedefaulted loan).• Must not have property subject to a judgment lien for a debt owed to the United States government.• Not have been convicted of violating certain felony drug statutes.Stafford Loan Application Information• Complete your 2011 tax return.• Complete the 2012-2013 Free Application for Federal Student Aid. Students may do so atwww.fafsa.ed.gov. Be sure to enter the UPSem school code, G03743, on the FAFSA. Make sure to print acopy for your files.• After the FAFSA is delivered electronically to UPSem, the financial aid office will send the student a2012-2013 Direct Loan Request Form along with a letter detailing how much the student is eligible toborrow. Return this application indicating the desired loan amounts.• The financial aid office will send a confirmation of receipt of the loan application by email. If required,the email will explain how to complete the Master Promissory Note and Entrance Counseling electronically.Stafford Loan Verification• An applicant for federal aid may be selected for verification by the FAFSA processor.• The financial aid office will ask the applicant in writing to supply a federal tax return as well as any otherapplicable documents.• The student’s application for federal aid will not be processed until all documents requested for theverification process are provided and the verification process is complete.• Students are expected to submit requested documentation within 30 days of the date of the request.Failure to comply with verification will result in the loan application not being processed.• If the verification process results in a change in the applicant’s Expected Family Contribution, the studentwill be notified in writing of the effect on his or her application for federal aid. If an error is found,the applicant will be notified and told how to resolve it.• If there is reason to suspect that an applicant may have engaged in fraud or other criminal misconductin connection with the FAFSA, a letter stating the grounds for suspicion will be mailed to the Office ofthe Inspector General of the Department of Education. A copy of the letter will be given to the applicant.Stafford Loan Delivery• Prior to approving the delivery of loan funds, the director of financial aid must verify the student’s eli-36 8.30.12