DeSales MBA – IMPORTANT Federal Loan Information

4 May 2012 by Tina Hicks, No Comments »

The following was brought to our attention by DeSales’ Financial Aid department.  If you’re a part-time MBA student using Federal loans, please read this!

Effective July 1st, 2012, the U.S. Department of Education will only process Unsubsidized Federal Direct Loans for Graduate Students.  This is a mandated change per the Budget Control Act of 2011 implemented by the Federal government.  The current interest rate of unsubsidized loans is fixed at 6.8%. Unsubsidized loan payments are deferred until after you graduate, however the interest accrues from the start of the loan period.  Also, semesters will no longer be divided by Summer/Fall and Winter/Spring.  The semesters will be the standard: Fall, Winter, Spring and Summer.  You will need to take a least one course in the semester that you use loans.

If you are interested in more information about changes in the federal student aid programs, please visit www.studentloans.gov and click on the “Recent Changes to Student Aid Programs” link under the Learn More section of the page.

We also want to advise you of a new process for requesting a Federal Direct Loan for the 2012-2013 academic year.  After registering for courses, simply access your WebAdvisor account and select “Financial Aid Loan Application” under the Financial Aid section to request your loan.  We hope that you utilize this helpful tool.

Please contact the Financial Aid office at 610-282-1100 ext. 1287 if you have any questions.

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