FINANCIAL AID
 Direct Loans
The William D. Ford Federal Direct Loan Program
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department), though the entity you deal with, your loan servicer, can be a private business.
With Direct Loans, you:
- Borrow directly from the federal government and have a single contact—your loan servicer—for everything related to repayment, even if you receive Direct Loans at different schools.
- Have online access to your Direct Loan account information via your servicer's website.
- Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change
The Direct Loan Program offers the following types of loans:
- Subsidized: for students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, and during deferment periods.
- Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
- PLUS: unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
- Consolidation: Eligible federal student loans can be combined into one Direct Consolidation Loan.
Student borrowers are not required to begin making payments until after they drop below half-time attendance. See When you graduate or leave school for more information.
Please Note:
All Federal Direct loans originated after July 1, 2012 will have an increased Origination Fee. The Budget Control Act of 2011, signed into law on August 2, 2011, eliminated the upfront rebate for all federal direct loans. Starting July 1, 2012 Federal Direct Subsidized and Unsubsidized loan disbursements will have a 1% origination fee, and Federal Direct PLUS loans will have a 4% origination fee applied at disbursement.
Undergraduate borrowers will begin accruing interest on new loans during the six-month grace period. The Consolidated Appropriations Act of 2012, dated December 14, 2011, initiated Federal Direct Subsidized loan interest to begin accruing during the six-month grace period for all loans originated from July 1, 2012 through June 30, 2014.
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)
Upon completion of these steps, your loan will be certified at the Office of Financial Aid.
Students and Parents, please be aware that the loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
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.
- 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.
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. |
