1213 CTD Student Loan Request - Pima Community College
1213 CTD Student Loan Request - Pima Community College
1213 CTD Student Loan Request - Pima Community College
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What is the difference between subsidized and unsubsidized loans?<br />
Subsidized loans are loans for which the government pays the interest while you are in school (enrolled for 6 credits<br />
or more) and for periods of in-school deferment. Your eligibility is based on your demonstrated need as determined<br />
on the Free Application for Federal <strong>Student</strong> Aid (FAFSA).<br />
Unsubsidized loans are those loans for which you, the borrower, have to pay all accrued interest. The government<br />
does not offer any assistance relating to interest payments for unsubsidized loans. The interest begins accruing at<br />
the time of the first disbursement.<br />
Federal Stafford loans are available to students who have not reached their lifetime borrowing limits.<br />
How much can I borrow?<br />
Award amounts will vary depending upon program and number of clock hours attended.<br />
Dependent <strong>Student</strong>s<br />
Annual Stafford <strong>Loan</strong> Limits<br />
Subsidized and/or Unsubsidized Additional Unsubsidized<br />
Maximum Yearly Award Maximum Yearly Award<br />
<strong>CTD</strong> Eligibility $3500 $2000<br />
Independent <strong>Student</strong>s Subsidized and/or Unsubsidized Additional Unsubsidized<br />
Annual Stafford <strong>Loan</strong> Limits<br />
Maximum Yearly Award Maximum Yearly Award<br />
<strong>CTD</strong> Eligibility $3500 $6000<br />
*Aggregate/Cumulative Limits Subsidized<br />
Total (Subsidized and<br />
Unsubsidized)<br />
Dependent $23000 $31000<br />
Independent $23000 $57500<br />
*Includes ALL undergraduate Federal Direct Stafford <strong>Loan</strong>s for certificate, associate degrees and bachelor degrees.<br />
What are my next steps?<br />
1. Complete an online <strong>Loan</strong> Entrance Counseling Session<br />
Go online to your My<strong>Pima</strong>, select Financial Aid Tab, under Quick Links select Entrance Counseling.<br />
<strong>Loan</strong> Entrance Counseling will cover:<br />
A. What is the interest rate?<br />
B. What are processing fees?<br />
C. The difference between a Federal Direct Stafford Subsidized and Unsubsidized <strong>Loan</strong>.<br />
D. Understanding the Grace Period and your repayment options.<br />
E. What are your enrollment requirements?<br />
2. Once awarded, you will receive a financial aid award letter notifying you that your file has been processed.<br />
Log on and complete your Master Promissory Note (MPN) at http://studentloans.gov .<br />
Go to My<strong>Pima</strong>, select Financial Aid Tab, under Quick Links select Managing Your <strong>Loan</strong>/My Stafford MPN.<br />
3. Check your My<strong>Pima</strong> frequently for additional updates and/or messages the Financial Aid Office has for you.<br />
Remember to always borrow wisely …
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