Loan Programs & Information
Applying for Loans at UNCG
Federal Stafford and Federal PLUS Loans are available through the Federal Family Education Loan Program. Before applying for a federal loan, a student must submit a Free Application for Federal Student Aid (FAFSA). Based on the student's FAFSA report, the Financial Aid Office will determine the maximum amounts and types of loans for which the student and his or her parents may apply.
Requests for loans must be submitted no later than three weeks prior to the end of the semester. Loan funds cannot be disbursed until all necessary paperwork is completed and processed. If all paperwork has not been completed before semester bills are printed, loan amounts will not be deferred from UNCG bills for tuition and fees. In order to reduce or decline your loans, you must notify the Financial Aid Office in writing.
Choosing a Lender
If you are planning to borrow a Federal Stafford loan, a Federal Parent PLUS loan or a Federal Graduate PLUS loan while you are at UNCG, you must select the lender that you would like to borrow your money from. Federal guidelines regulate the primary features of the federal student loan programs (such as interest rates and terms) but different lenders offer various savings and repayment programs.
In order to assist you in making your lender decision, UNCG has developed a list of “recommended” lenders that we believe are committed to providing favorable benefits and a quality service to our students and their families from the origination of the loan through repayment.
- Recommended Lenders for Federal Stafford Loans
- Recommended Lenders for Federal PLUS Loans
- Recommended Lenders for Federal Graduate PLUS Loans
The lenders on our “recommended” lender list have been carefully selected using a systematic ranking process that identified, reviewed and evaluated factors and criteria considered important in meeting the borrowing needs of students and families (see the link below to view the UNCG Financial Aid Office’s policy on developing a recommended lender list).
Please keep in mind that our recommended lender list is intended to be used as a guide only. You are not required to use any of our recommended lenders. You should always do your own research and select the lender that would best suit your borrowing needs. If you opt to use a lender other than one of our recommended lenders, you will need to provide complete lender information to our office when you submit your loan request form.
Federal Stafford Loans
The Federal Stafford Loan Program consists of subsidized and unsubsidized loans. Repayment of Federal Stafford Loans may be deferred while a student is attending the university on a half time or full time basis.UNCG requires that all students who are first-time Federal Stafford Loan borrowers complete the entrance counseling activity at www.MappingYourFuture.org before loan funds are disbursed to their account. It is highly recommended that you complete this process before borrowing the full amount of your awarded Federal Stafford Loan.
The Federal Stafford Subsidized Loan is awarded according to demonstrated financial need. Interest is paid by the federal government as long as a student is enrolled at least half time at the university. The student must begin repayment of the loan six months after leaving school or dropping below half time.
The Federal Stafford Unsubsidized Loan is awarded regardless of a student's demonstrated need. Interest begins accruing from the date of disbursement. By making interest payments while in school, a student can avoid capitalization of the interest. When interest is capitalized, it is added to the principal amount of the loan upon which further interest charges are based.
Federal Stafford Loan Request Form
Knowing the Limits
For loan periods beginning after July 1, 2008, Dependent undergraduate students who are enrolled as regular students in eligible programs may be able to borrow per year up to:
- $5,500 as a freshman ($3,500 of which can be in subsidized loans)
- $6,500 as a sophomore ($4,500 of which can be in subsidized loans)
- $7,500 as a junior or senior ($5,500 of which can be in subsidized loans)
The maximum aggregate loan amount a dependent undergraduate student may borrow is $31,500 (no more than $23,000 of which can be in subsidized loans).
For loan periods beginning after July 1, 2008, Independent undergraduate students (and dependent students whose parents have been denied access to a Federal PLUS Loan) who are enrolled as regular students in eligible programs may borrow per year up to:
- $9,500 as a freshman ($3,500 of which can be in subsidized loans)
- $10,500 as a sophomore ($4,500 of which can be in subsidized loans)
- $12,500 as junior/senior ($5,500 of which can be in subsidized loans)
The maximum aggregate loan amount an independent undergraduate student may borrow is $57,500 (no more than $23,000 of which can be in subsidized loans).
Graduate students are generally allowed to borrow up to $20,500 each academic year. $8,500 of this amount may be in subsidized loans.
The maximum aggregate loan amount a graduate or professional student may borrow is $138,500 (no more than $65,500 of which can be in subsidized loans).
Federal Plus Loans
Federal PLUS loans are federally sponsored loans that parents can obtain to help pay the cost of education for their dependent undergraduate children. PLUS loans feature low interest rates and long-term repayment options. While parents of all income levels are eligible a credit-worthiness evaluation is required.Parents may borrow up to the cost of attendance less any other aid received by the student annually. In order to obtain a PLUS loan, the student must first complete the Free Application for Federal Student Aid (FAFSA). Based on the student’s FASFA information, the Financial Aid Office will determine the maximum amount of PLUS loan eligibility. Parents may opt to borrow less than the maximum amount awarded. To initiate the PLUS loan borrowing process, a PLUS Loan Request form must be submitted to the Financial Aid Office.
Federal PLUS Loan Request Form
Federal Graduate Plus Loans
Federal Graduate PLUS loans are federally sponsored loans that are available to graduate students who have borrowed up to their annual or aggregate limit under the Federal Stafford loan program. Graduate PLUS loans feature low interest rates and long-term repayment options. While graduate students of all income levels are eligible, a credit-worthiness evaluation is required.Graduate students may borrow up to the cost of attendance less any other aid received by the student annually. Students must first apply for all Federal Stafford loan eligibility before a Graduate PLUS loan can be awarded. In order to obtain a Graduate PLUS loan, a student must first complete the Free Application for Federal Student Aid (FAFSA). Upon request, the Financial Aid Office will then determine the maximum amount of a student’s Graduate PLUS loan eligibility. To initiate the Graduate PLUS loan borrowing process, a Graduate PLUS Loan Request form must be submitted to the Financial Aid Office.
Federal Graduate PLUS Loan Request Form
Alternative Education Loans
Alternative education loans (also known as private education loans) are loans that are often used help bridge the gap between a student’s cost of attendance and the amount of federal, state and institutional financial aid that a student is awarded. Alternative loans are credit based loans that are offered by private lenders and often require a good credit history and/or a co-signer with a good credit history. These loans are usually more costly than federal education loans with interest rates and repayment terms that usually are not as advantageous to the borrower.
UNCG strongly encourages all students to complete the FAFSA and apply for federal and state programs before applying for an alternative loan. Federal loans (Stafford, Perkins and PLUS) should always be the first option to consider when borrowing money to finance an education. If you are considering an alternative loan, you should carefully evaluate each loan program to determine if it best meets your needs.
If you are planning to file a FAFSA it is best to wait to apply for an alternative loan until you receive your financial aid award from UNCG so you can see what financial aid you may be qualified for.
Our office will gladly certify an alternative education loan from the lender of your choice if the loan’s eligibility requirements are met. However, if you choose not to apply for federal aid and want to use an alternative education loan to pay for school, the following consent form needs to be submitted to our office before certification can take place.
Recommended Lenders for Alternative Loans
E-Sign Your Master Promissory Note
Your application will be transmitted electronically to your chosen lender after you have been awarded and returned the Loan Request Form to the Financial Aid Office. If you have not borrowed before or if you did not complete a Master Promissory Note (MPN) with your chosen lender in the past, the guarantor/lender will mail you notification to complete your MPN. You can now complete and sign your Federal Stafford and Federal PLUS Loan MPN online with our preferred lenders. This option allows you to speed up the application process and delivery of funds.
Links to Local Resources
Mapping Your Future is a web site designed to help students become informed borrowers. This site provides online loan counseling and helpful financial strategies for financing your college education.
National Student Loan Data System (NSLDS) is a U.S. Department of Education database. The NSLDS web site allows students to obtain information on their loan amounts, previous loans, outstanding loan balances, loan statuses, and disbursements.
Repaying Your Student Loans is a comprehensive resource guide on how to pay back student loans received from the U.S. Department of Education. This guide is available in both English and Spanish versions.
Managing Your Loan
CFI Stafford Loan Repayment Calculator
CFI PLUS Loan Repayment Calculator
Citibank Student Loan Repayment Calculator
NSLP Student Loan Repayment Calculator