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 a student loan and are a first-time borrower, you will be required to complete the following steps:

• First time borrowers must accept loans by returning the award letter or loan amount request form to Rogers State financial aid office. (Either by mail or in person)
• Complete Entrance Counseling
• Complete a Master Promissory Note

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.

Exit Counseling

Before you leave school or graduate, you are required to complete Exit Counseling.

• Complete Exit Counseling

The purpose of Exit Counseling is to:

• select a repayment plan
• review deferment, forbearance, and cancellation provisions
• review loan consolidation
• review serious consequences of delinquency and default

You will receive a notice when it is time for you to complete the Exit Counseling requirement. If the Exit Counseling requirement is not met within the designated time frame--typically one semester, you may experience a delay in the disbursement of your financial aid. Also, a hold will be placed on your account and no transcripts will be released.

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.

Rogers State University Student Loan Code of Conduct

Rogers State University Student Loan Code of Conduct was developed in adherence with the requirements of the Higher Education Opportunity Act (HEOA) of 2008. HEOA requires all institutions participating in the Title IV Loan Programs to develop, publish, and administer specific bans and prohibitions on certain conduct as it relates to student lending. The Student Loan Code of Conduct was created to ensure that student and families continue to receive sound and impartial advice from the Office of Financial Aid and all offices at the Rogers State University as they relate to education loans.