Loans

A loan program allows a student to borrow money to help pay for college education. This money must be repaid.

Federal Stafford Loans

The Subsidized Stafford Loan is for students who can prove financial need. The federal government subsidizes (pays) the interest on the loan as long as you're enrolled in college in at least half-time status and making satisfactory academic progress.

Interest is also subsidized during the six-month grace period that starts when you leave college or your enrollment drops to less than half-time status. Payment of principal and interest begin immediately after the grace period ends.

Unsubsidized means the federal government does not subsidize (pay) the interest on the loan. The borrower is responsible for principal and interest from the time loan proceeds and is consummated (delivered to you). Unlike grants and scholarships, loans must repaid.

Applying for a Loan

If you have been offered and accepted a Federal Stafford Loan and are a first-time borrower, you will be required to complete the following steps:

• Accept your loans by returning your award letter or loan amount request form to Rogers State financial aid office. (Either by mail or in person)
• Complete Entrance Counseling
• Complete a Subsidized Stafford Loan Master Promissory Note
• Complete a PLUS Master Promissory Note
• Complete Loan Exit Counseling

Upon completion of these steps, your loan will be certified at the Office of Financial Aid. Your lender will then notify you of your loan guarantee.

Amount You May Borrow

The amount you are eligible to receive is determined by many factors. This amount will be outlined in your award letter. Consult with the financial aid office for additional information.

Repayment Information

You will begin repayment of your Stafford loan(s) six months after you graduate, withdraw or drop below half-time enrollment status.

If you receive a Subsidized Stafford Loan, the U.S. Department of Education pays interest until repayment begins. However, if you received an Unsubsidized Stafford Loan, you will be responsible for all interest that accrues. You may choose to make interest payments while you are in school on your Unsubsidized Stafford Loans.