Alice Lloyd College

Applying for a Federal Direct Loan

Applying for a Federal Direct/Stafford Loan

  1. The FAFSA results must be received (and must be correct) in our office. You may complete the FAFSA at www.fafsa.ed.gov. You will need a PIN # to sign the FAFSA and to sign your Master Promissory Note. You may get or view your PIN here
  2. Look over your current award letter for the loan amount you qualify for. You may request this amount or any amount less than this.  
  3. If you are a first-time borrower at ALC, you must complete an Entrance Interview
  4. You must sign a Direct Loan Master Promissory Note one time, even if you have already signed a promissory note with a bank or other lender, because the federal government will be your lender.

Applying for Federal Direct Parent PLUS Loans

ALC will begin administering a Federal Direct Loan Program in the fall of 2010. Subsequently, all parents who have had previous Parent Plus Loans with banks and other lenders will have to complete the steps below to receive a Parent Plus Loan.

Parent Plus Loan applications are now available from studentloans.gov.

  1. The FAFSA results must be received and complete in our office. If you have not completed the FAFSA, you may complete it at www.fafsa.gov.
  2. Complete a Federal Direct Parent Loan request sheet (available in the Financial Aid Office) and return it to our office (fax, mail, or drop it off). This will allow us to start the credit approval process with the federal government and certify the loan. If you are not the parent listed on the FAFSA, you must include the student’s birth certificate with the request.
  3. You must also complete a Federal Direct Master Promissory Note with the federal government one time. This must be completed with the federal government even if you have signed a Master Promissory Note with a bank or lender earlier.

Federal Direct Stafford Loans

The Federal Direct Student Loan Program offers students a streamlined process with a known lender, the federal government. For more information about the Stafford Direct Student Loan, click here (pdf). The loans are guaranteed by the federal government and disbursed by the federal government. Federal Stafford Loans are either subsidized or unsubsidized.

General Direct Loan Information

There is a grace period of 6 months after graduation or dropping below half-time attendance before repayment of the principal of the loan begins. Loan amounts are awarded based on grade level and cannot exceed the established cost of attendance for the school, including other aid received. Your awards may include both subsidized and unsubsidized loans.

Direct Subsidized Loan

The Direct Subsidized Loan is awarded on the basis of financial need as determined by the FAFSA. The federal government pays the interest on the loan until the student begins repayment and during authorized periods of deferment.

Direct Unsubsidized Loan

The Direct Unsubsidized loan is not always based on financial need. For unsubsidized loans, the student is responsible for accrued interest from the time the loan is disbursed until it is paid in full. You may choose to pay the interest as it accrues while you are enrolled, or you may defer the interest payments and allow them to accumulate (capitalize). If you choose to pay the interest as it accumulates, you will repay less in the long run. If you defer the interest, you will increase the amount you have to repay.

Direct Stafford Loan Limits

Undergraduate Dependent Student Total School Year Loan Limits:

 

FRESHMAN 

SOPHOMORE

JUNIOR

SENIOR

LIFETIME

Maximum Subsidized $3,500 $4,500 $5,500 $5,500 $23,000
Total Subsidized and Unsubsidized $5,500 $6,500 $7,500 $7,500 $31,00

*Independent students can contact the Financial Aid Office to determine your loan amount.

Direct Stafford Loan Disbursements

If you apply for a loan that covers two semesters, loan funds will be disbursed by the lender in equal amounts at the first of each semester.

To be eligible to receive a loan disbursement, all students must be officially enrolled in a degree-seeking program and be attending at least half-time (6 hours for undergraduate).

Direct Loan Entrance Counseling

All first-time Direct Loan borrowers at ALC must complete an Entrance Interview before receiving any loan funds.

Direct Loan Exit Counseling

The federal government requires all students who stop attending school to complete an Exit Interview. This exit counseling session will give you important information about repaying your loan. This counseling session must be completed by students who drop below half-time, withdraw or graduate from ALC.  

Stafford Loan Application Procedure

  • The results of your Free Application for Federal Student Aid (FAFSA) MUST be on file in the Financial Aid Office and all verification must be complete.
  • Loan eligibility will be listed on your current award letter.  You must accept your awards for the loan to be processed. DO NOT BORROW MORE THAN YOU NEED!
  • All first-time borrowers at Alice Lloyd College for Direct Stafford Loans must complete the Entrance Loan Counseling session by going to and selecting Entrance & Exit Counseling at the top of the page.
  • Beginning in fall 2010, all borrowers at Alice Lloyd College must complete the Master Promissory Note with Direct Lending.
  • You will be required to use your U.S. Department of Education issued PIN number (the one used to complete the FAFSA) to complete the MPN.

Loan Servicer Information

To find out who services your student loan and how to contact them, you can access the National Student Loan Data System (NSLDS) for students.

Federal Parent PLUS Loans

With the cost of education increasing each year, many parents need help in paying for their student’s post-secondary education.  The federal government created the PLUS Loan Program for this purpose.

PLUS (Parent Loan for Undergraduate Students) is a low-interest, federally-funded loan for parents of dependent students. The interest rate on the Direct Parent PLUS loan is 7.9%. These loans enable parents with good credit histories to borrow funds to pay educational expenses. The amount of the loan may not exceed the cost of attendance minus other financial aid the student will receive. The loan amount cannot exceed the cost of attendance. Repayment for a PLUS Loan begins 60 days after the loan is fully disbursed. A parent borrower is classified as:

  1. The natural parent, adoptive parent or spouse of a remarried parent of an eligible dependent, undergraduate student
  2. A U.S. citizen, U.S. national, or eligible non-citizen
  3. Not in default on any Title IV loan program
  4. Must have a good credit history. Any adverse credit may cause the application to be denied.
  5. Student must be enrolled at least half-time.
  6. Student must be maintaining Satisfactory Academic Progress.

For more information on the Federal Parent PLUS Loan, click here (pdf). To apply for the Direct Parent PLUS Loan, please complete the Parent PLUS Loan application. You must also complete the Master Promissory Note. If the parent is denied by Direct Lending for the Parent PLUS Loan, the student might be eligible for additional funds.

Parent Plus Loan Applications are now available from studentloans.gov.

Private Loans

Private alternative education loans may assist students with the gap between the actual cost of education and the federal loan amount limits you are able to borrow. We encourage students to look first into the federal loan programs. These loans may assist students who have reached their aggregate Stafford Loan limits to complete their education. Eligibility for private student loans often depends on the student’s credit score. These loans are offered by private lenders. The actual amount you may borrow varies and depends on each individual student’s circumstances.

NOTE: Borrowing should be done conservatively to avoid heavy loan debt and the potential for default.

Upcoming Events

Calendar

April 2014
S M T W T F S
30 31

Baseball versus Johnson University

CloseMarch 31, 2014 @ 1:00 pm

Event Details >>

Doubleheader
1

Softball versus Asbury University

CloseApril 1, 2014 @ 3:00 pm

Event Details >>

Doubleheader

Elaine McMillion: Hollow Documentary

CloseApril 1, 2014 @ 7:30 pm

Event Details >>

Alice Lloyd College will be treated to a very special event as award-winning documentary filmmaker Elaine McMillion presents her most recent project, Hollow.
2

Softball versus Asbury University

CloseApril 2, 2014 @ 12:00 pm

Event Details >>

Doubleheader
3

Spring Play

CloseApril 3, 2014 @ N/A

Eagle Theatre Spring Play: Censored on Final Approach

CloseApril 3, 2014 @ 7:30 pm

Event Details >>

ALC’s Eagle Theatre presents its spring production, Censored on Final Approach. STUDENTS: If you bring a canned food item with you to this convo, you may wear casual clothes.
4

Spring Play

CloseApril 3, 2014 @ N/A

Golf @ Berea Spring Tee Off Tournament

CloseApril 4, 2014 @ N/A

Event Details >>

@ Battlefield Golf Club in Richmond, KY
5

Alumni Board Meeting

CloseApril 5, 2014 @ N/A

Golf @ Berea Spring Tee Off Tournament

CloseApril 5, 2014 @ N/A

Event Details >>

@ Battlefield Golf Course in Richmond, KY

Spring Alumni Board Meeting

CloseApril 5, 2014 @ 11:00 am

Alice Lloyd - Stay On, Stranger

CloseApril 5, 2014 @ 1:00 pm

Event Details >>

Jacqueline Hamilton plays Alice Lloyd in this performance of the Kentucky Humanities Council’s Kentucky Chautauqua. Everyone is welcome to attend!

Baseball @ Point Park University

CloseApril 5, 2014 @ 1:00 pm

Event Details >>

Doubleheader

"Alice Lloyd: Stay On, Stranger" - A Kentucky Chautauqua Performance

CloseApril 5, 2014 @ 1:00 pm

Event Details >>

The Kentucky Humanities Council’s Jacqueline Hamilton visits us to perform her skit as Alice Lloyd.

Softball versus Midway College

CloseApril 5, 2014 @ 2:00 pm

Event Details >>

Doubleheader.
6

Baseball @ Point Park University

CloseApril 6, 2014 @ 12:00 pm

Event Details >>

Doubleheader.

Softball versus Midway College

CloseApril 6, 2014 @ 1:00 pm

Event Details >>

Doubleheader.
7

Pre-Registration

CloseApril 7, 2014 @ N/A
8

Pre-Registration

CloseApril 7, 2014 @ N/A

Blood Drive

CloseApril 8, 2014 @ N/A

Baseball versus Hiwassee College

CloseApril 8, 2014 @ 2:00 pm

Event Details >>

Doubleheader

Softball @ Berea College

CloseApril 8, 2014 @ 5:00 pm

Event Details >>

Doubleheader
9

Pre-Registration

CloseApril 7, 2014 @ N/A

Baseball versus UPike

CloseApril 9, 2014 @ 3:00 pm

Event Details >>

9 innings
10

Pre-Registration

CloseApril 7, 2014 @ N/A

All-Campus Cookout

CloseApril 10, 2014 @ N/A

Voices of Appalachia Spring Concert

CloseApril 10, 2014 @ 7:30 pm

Event Details >>

Event will be held on the lawn in front of Miss June’s House.

Voices of Appalachia Spring Concert

CloseApril 10, 2014 @ 7:30 pm

Event Details >>

Event will be held on the lawn in front of Miss June’s House.

Voices of Appalachia Spring Concert

CloseApril 10, 2014 @ 7:30 pm

Event Details >>

Alice Lloyd’s choir, the Voices of Appalachia, present their spring concert. The event will be held on the lawn in front of Miss June’s House.
11

4th Quarter Mid-Term Ends

CloseApril 11, 2014 @ N/A

Softball versus Carlow University

CloseApril 11, 2014 @ 1:00 pm

Event Details >>

Doubleheader

Floyd County Alumni Banquet

CloseApril 11, 2014 @ 6:00 pm

Spring Alumni Banquet @ Jenny Wiley State Park

CloseApril 11, 2014 @ 6:00 pm

Event Details >>

This annual alumni banquet is hosted by Alice Lloyd College each spring at Jenny Wiley State Park.
12

Golf @ Berea College

CloseApril 12, 2014 @ N/A

Event Details >>

Ryder Cup-style friendly at Gibson Bay Golf Course in Richmond, KY.

Softball versus Carlow University

CloseApril 12, 2014 @ 11:00 am

Event Details >>

Doubleheader

Men's Tennis vs. SLCOP @ Asbury

CloseApril 12, 2014 @ 1:00 pm

Event Details >>

Matches will be played at Asbury University.

Men's Tennis @ Asbury University

CloseApril 12, 2014 @ 3:00 pm

Baseball @ Brescia University

CloseApril 12, 2014 @ 5:00 pm

Event Details >>

Doubleheader
13

Baseball @ Brescia University

CloseApril 13, 2014 @ 12:00 pm

Event Details >>

Doubleheader
14 15

Honors Day

CloseApril 15, 2014 @ 1:00 pm

Event Details >>

Required of students, faculty, and staff.

Honors Day

CloseApril 15, 2014 @ 1:00 pm

Event Details >>

This convocation is dedicated to honoring students for academic excellence. All students are required to attend.
16 17

Student Work Awards Convocation

CloseApril 17, 2014 @ N/A

Event Details >>

Required of students, faculty, and staff. Work-Study Olympics will follow this convocation.

Work-Study Day

CloseApril 17, 2014 @ N/A

Student Work Awards

CloseApril 17, 2014 @ 10:00 am

Event Details >>

This convocation will honor students for their achievements within the Student Work Program. Attendance is required of all students. Students are allowed to wear casual clothes.

Baseball versus Asbury University

CloseApril 17, 2014 @ 1:00 pm

Event Details >>

Doubleheader
18

Good Friday

CloseApril 18, 2014 @ N/A

Good Friday

CloseApril 18, 2014 @ N/A

Baseball versus Asbury University

CloseApril 18, 2014 @ 12:00 pm

Event Details >>

Doubleheader – SENIOR DAY

Softball @ Point Park University

CloseApril 18, 2014 @ 3:00 pm

Event Details >>

Doubleheader
19

Softball @ Point Park University

CloseApril 19, 2014 @ 12:00 pm

Event Details >>

Doubleheader
20 21

K-9 Achievement Test

CloseApril 21, 2014 @ N/A
22

K-9 Achievement Test

CloseApril 21, 2014 @ N/A
23

K-9 Achievement Test

CloseApril 21, 2014 @ N/A
24

K-9 Achievement Test

CloseApril 21, 2014 @ N/A
25

Spring Board Meeting

CloseApril 25, 2014 @ N/A
26

JBS Prom (Tentative)

CloseApril 26, 2014 @ N/A
27 28

Final Exams Week

CloseApril 28, 2014 @ N/A
29

Final Exams Week

CloseApril 28, 2014 @ N/A
30

Final Exams Week

CloseApril 28, 2014 @ N/A
1

Senior Spotlight

CloseMay 1, 2014 @ N/A
2

Academic/Athletic Awards

CloseMay 2, 2014 @ N/A
3

Baccalaureate/Commencement

CloseMay 3, 2014 @ 10:30 am

Event Details >>

Baccalaureate begins at 10:30 AM. Commencement exercises are scheduled for 12:15 PM. We will have more details soon!