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

March 2013
S M T W T F S
24 25

Women's Basketball versus Asbury University

CloseFebruary 25, 2013 @ 4:00 pm

Event Details >>

KIAC Tournament Semifinal. The game will be played at IU Southeast, which is in New Albany, Indiana.
26

Lori Farris

CloseFebruary 26, 2013 @ 1:00 pm

Event Details >>

Lori Farris, the Mediation and Senior Protection Branch Manager for the Kentucky Attorney General’s Office of Consumer Protection, guests to discuss the issues currently facing consumers.
27 28

Eagles Baseball versus Bethel University

CloseFebruary 28, 2013 @ 1:00 pm

Event Details >>

Doubleheader
1

ALC Midterm Grades Due

CloseMarch 1, 2013 @ N/A

JBS 3rd Quarter Grades Due

CloseMarch 1, 2013 @ N/A
2

Eagle Day Saturday

CloseMarch 2, 2013 @ N/A
3 4

ALC Spring Break (No Classes)

CloseMarch 4, 2013 @ N/A

JBS Spring Break (No Classes)

CloseMarch 1, 2013 March 8, 2013 @ N/A

Spring Break (No Classes)

CloseMarch 4, 2013 @ N/A

The Voices of Appalachia Spring Tour

CloseMarch 4, 2013 @ N/A

Eagles Baseball versus Ohio Mid-Western

CloseMarch 4, 2013 @ 1:00 pm

Event Details >>

Doubleheader
5

ALC Spring Break (No Classes)

CloseMarch 4, 2013 @ N/A

Spring Break (No Classes)

CloseMarch 4, 2013 @ N/A

The Voices of Appalachia Spring Tour

CloseMarch 4, 2013 @ N/A

JBS Spring Break (No Classes)

CloseMarch 1, 2013 March 8, 2013 @ N/A

Eagles Baseball versus Ohio Mid-Western

CloseMarch 5, 2013 @ 1:00 pm

Event Details >>

Doubleheader
6

ALC Spring Break (No Classes)

CloseMarch 4, 2013 @ N/A

Spring Break (No Classes)

CloseMarch 4, 2013 @ N/A

The Voices of Appalachia Spring Tour

CloseMarch 4, 2013 @ N/A

JBS Spring Break (No Classes)

CloseMarch 1, 2013 March 8, 2013 @ N/A
7

ALC Spring Break (No Classes)

CloseMarch 4, 2013 @ N/A

Spring Break (No Classes)

CloseMarch 4, 2013 @ N/A

The Voices of Appalachia Spring Tour

CloseMarch 4, 2013 @ N/A

JBS Spring Break (No Classes)

CloseMarch 1, 2013 March 8, 2013 @ N/A
8

JBS Spring Break (No Classes)

CloseMarch 1, 2013 March 8, 2013 @ N/A
9

SAT Test Date

CloseMarch 9, 2013 @ N/A
10 11 12

Jason Stowers

CloseMarch 12, 2013 @ 1:00 pm

Event Details >>

ALC instructor and coach, Jason Stowers, will spend the hour discussing “Goal Setting – Reaching Your Potential” with our students.
13 14 15

Eagles Baseball versus Brescia University

CloseMarch 15, 2013 @ 1:00 pm
16

Eagle Day Saturday

CloseMarch 16, 2013 @ N/A

Eagles Baseball versus Brescia University

CloseMarch 16, 2013 @ 12:00 pm

Event Details >>

Doubleheader
17 18 19

Eagles Baseball versus University of the Cumberlands

CloseMarch 19, 2013 @ 1:00 pm

Event Details >>

9 innings

Terri Thompson

CloseMarch 19, 2013 @ 1:00 pm

Event Details >>

Terri Thompson presents “Catch the Entrepreneurial Spirit,” in which she shares the importance of developing leadership skills and ethics to successfully achieve your goals.

Dining Etiquette Leadership Seminar

CloseMarch 19, 2013 @ 2:00 pm

Event Details >>

This event is required for all students in Leadership 101. You must be professionally dressed!
20

Dining Etiquette Leadership Seminar

CloseMarch 20, 2013 @ 1:00 pm

Event Details >>

This event is required for all students in Leadership 101. You must be professionally dressed!
21

Softball @ Indiana University Southeast

CloseMarch 21, 2013 @ 3:00 pm

Event Details >>

Doubleheader
22

Eagles Baseball versus Point Park University

CloseMarch 22, 2013 @ 1:00 pm

Event Details >>

Doubleheader

Softball @ Midway College

CloseMarch 22, 2013 @ 4:00 pm

Event Details >>

Doubleheader
23

Eagle Day Saturday

CloseMarch 23, 2013 @ N/A

Eagles Baseball versus Point Park University

CloseMarch 23, 2013 @ 12:00 pm

Event Details >>

Doubleheader
24 25 26

Eagles Baseball versus Tennessee Temple

CloseMarch 26, 2013 @ 1:00 pm

Event Details >>

Doubleheader

James V. Mongiardo Speech Competition

CloseMarch 26, 2013 @ 1:00 pm

Event Details >>

ALC’s twentieth annual speech competition!
27

Softball @ UPike

CloseMarch 27, 2013 @ 5:00 pm

Event Details >>

Doubleheader
28

Chris Mullins

CloseMarch 28, 2013 @ 1:00 pm

Event Details >>

Chris Mullins, a musician and instructor at the Kentucky School of Bluegrass and Traditional Music, will present us with a musical tour of the history of Appalachian music.
29

ALC Good Friday/Easter Break (No Classes)

CloseMarch 29, 2013 @ N/A

Easter Break (No Classes)

CloseMarch 29, 2013 @ N/A

JBS Good Friday/Easter Break (No Classes)

CloseMarch 29, 2013 @ N/A

Baseball @ Asbury University

CloseMarch 29, 2013 @ 1:00 pm

Event Details >>

Doubleheader

Softball versus Point Park University

CloseMarch 29, 2013 @ 2:00 pm

Event Details >>

Doubleheader
30

Baseball @ Asbury University

CloseMarch 30, 2013 @ 12:00 pm

Event Details >>

Doubleheader

Softball versus IU Southeast

CloseMarch 30, 2013 @ 1:00 pm
31 1

Baseball versus Johnson University

CloseApril 1, 2013 @ 3:00 pm

Event Details >>

Doubleheader @ Knott Central Baseball Field
2

Blue Jeans for Babies

CloseApril 2, 2013 @ 1:00 pm

Event Details >>

A special event, sponsored by Phi Beta Lambda, designed to increase awareness of the March of Dimes.

Softball @ Asbury University

CloseApril 2, 2013 @ 3:00 pm

Event Details >>

Doubleheader
3

Baseball @ New River Community College

CloseApril 3, 2013 @ 3:00 pm

Event Details >>

Doubleheader
4

ALC Honors Day

CloseApril 4, 2013 @ N/A

ALC Spring Play

CloseApril 4, 2013 @ N/A

ALC Honors Day

CloseApril 4, 2013 @ 1:00 pm

ALC Student Theatre

CloseApril 4, 2013 @ 7:30 pm

Event Details >>

Eagle Theatre will present a series of one-act plays.
5

ALC Spring Play

CloseApril 4, 2013 @ N/A

Softball versus Carlow University

CloseApril 5, 2013 @ 4:00 pm

Event Details >>

Doubleheader

Baseball @ IU Southeast

CloseApril 5, 2013 @ 5:00 pm

Event Details >>

Doubleheader
6

ALC Alumni Board of Directors Meeting

CloseApril 6, 2013 @ N/A

Eagle Day Saturday

CloseApril 6, 2013 @ N/A

Baseball @ IU Southeast

CloseApril 6, 2013 @ 12:00 pm

Event Details >>

Doubleheader

Softball versus Asbury University

CloseApril 6, 2013 @ 3:00 pm

Event Details >>

Doubleheader