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1. Student loans must be repaid.
2. Your loan disbursement will be canceled if your enrollment drops below six credit hours at any time during the loan period.
3. If you withdraw or stop attending you must complete the Exit Counseling requirement.
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Loans
Requests for Loans to begin Fall Qtr must be submitted by 11/16/09. Any loan request submitted after 11/16/09 will be processed beginning Winter Qtr.
Federal Stafford Student Loans are the main type of loan for NC State students. They are provided by banks and are governed by Federal government rules. They do not have to be repaid while you are attending the College at least half-time. A Stafford loan is not the same as a “Direct” loan which students at some colleges, such as Ohio State or Ashland University, can receive. Direct loans are not available at NC State.
How much can I borrow with a Stafford loan?
If you are a dependent undergraduate student, you can borrow up to the following amounts each year for loans disbursed on or after July 1, 2008:
- $5,500 if you are a first-year student enrolled in a program of study that is at least a full academic year. (Up to $3,500 may be in subsidized loans.)
- $6,500 if you are a second-year student (earned at least 50 credit hours at NC State) enrolled in a program of study that is at least a full academic year. (Up to $4,500 may be in subsidized loans.)
If you are an independent undergraduate student or a dependent student whose parents were denied a Federal PLUS loan, you may be able to borrow up to the following amounts each year:
- $9,500 if you are a first-year student enrolled in a program of study that is at least a full academic year. (Up to $3,500 may be in subsidized loans.)
- $10,500 if you are a second-year student (earned at least 50 credit hours at NC State) enrolled in a program of study that is at least a full academic year. (Up to $4,500 may be in subsidized loans.)
In addition to annual loan limits, the total amount of all Federal Stafford loans that you take out for all years of enrollment may not exceed the following aggregate limits:
- $31,000 for dependent undergraduate students.
- $57,500 for independent undergraduate students.
Second year students are those who have earned at least 50 credit hours at NC State.
Am I eligible for a Stafford loan?
Yes, if:
- You are not in default on a Federal student loan and do not owe a repayment on a Federal grant; and
- You are enrolled for at least six credit hours in a program eligible for Federal aid; and
- You have already had your Federal Pell Grant eligibility determined; and
- You are meeting Satisfactory Academic Progress standards; and
- You have unmet need in paying for your NC State education; and
- You have completed all loan application procedures.
What are the Stafford loan application procedures?
After you have:
- Filled out and filed the FAFSA
- Completed all other general financial aid application procedures
- Had your eligibility for a Federal Pell Grant determined
You apply for a student loan by completing or submitting:
- Entrance Counseling - is required for all first time borrowers. You will be provided with important information about student loans and how to manage indebtedness. Entrance Counseling is completed on-line from this site.
- NC State Loan Request Form - gathers information from you which is needed to process a loan. The form is accessed on-line from this site.
- Master Promissory Note (MPN) - is the legal contract between you and the bank by which you promise to repay the loan. The MPN requires you to provide your driver’s license number, and the names, addresses, and phone numbers of two people who know you well and who do not live with you nor with each other. An MPN may be accessed on-line from this site. It may be electronically signed using your Federal financial aid PIN.
The school, once all required procedures have been completed and it has determined that you are eligible for a loan, certifies your eligibility and requests that loan proceeds be disbursed according to an established schedule.
The servicer completes its specific processes and sends the loan’s proceeds, either electronically or by check, to the school.
The NC State Cashier’s Office receives the loan proceeds, credits them to the student’s account, and mails any refund of excess funds to the student. |
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Apply for Stafford Loan
Exit Counseling
Repayment Calculator
Do I need a school loan?
Yes – if grants and personal funds don’t cover all tuition and book expenses.
Apply for Stafford Loan
No – if tuition and book expenses are already covered. Loans are not meant to pay for your personal living expenses and cannot legally be used to purchase an automobile.
Other Loans
Federal PLUS Loans are made to parents of dependent students to help pay college expenses. They are provided by banks and require credit approval. Repayment begins soon after funds are paid out. Contact the NC State Financial Aid Office for application materials.
Alternative Loans (also called Private Loans) are made by banks to students, but unlike Stafford Loans, they are not subject to government rules. A credit check, and a co-borrower is required. Alternative loans are typically taken out by those who don’t qualify for, or who want more than they can receive from, a Stafford loan.
We encourage you to investigate the benefits of more than one lender before deciding from whom you will borrow. More fundamentally, we suggest you realistically evaluate your need to apply for an alternative loan. Many find that Stafford loans, which usually have less expensive borrowing costs, provide enough funding to cover their direct education charges. Borrowing more than is needed to pay for tuition and books is highly discouraged.
Repayment Calculator
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