![]() These loans for both undergraduates and graduates are not based on need the student is responsible for repaying both the principal and interest. The repayment period begins six months after the student is no longer enrolled at least half time, but interest that accrues during those six months is the responsibility of the student. Federal Subsidized LoansĪwarded on the basis of need to undergraduate students, the federal government pays interest on the loan while the student is enrolled at least half-time. Repayment for federal student loans are deferred until a student graduates, withdraws from school (formally or informally), or drops below half-time status. For more information, visit Federal Student Aid. Loan terms and current interest rates are determined by federal statue and may vary by year. FEDERAL SUBSIDIZED/UNSUBSIDIZED STUDENT LOANSĪvailable to meet the cost of attendance expenses, the subsidized and/or unsubsidized loans require students to be matriculated and enrolled for a minimum of 6 credits for undergraduates and 5 credits for graduates. The amount of a student's financial aid package, including loans, can vary from year to year and must be accepted every year via Maritime Self-Service. They must be renewed annually by refiling the FAFSA. Annual Renewalįederal student loans are not carried over automatically from year to year. The Exit Counseling advises the student on how much they have borrowed to date, the loan service entity and repayment. Upon graduation or when the student drops below half-time status, they are required to complete an online Exit Counseling. As with any type of loans, only borrow want is needed. For steps on how to accept your student loan(s) see our guide.įirst-time borrowers must complete a Master Promissory Note (MPN) and Entrance Counseling at before the loan can be credited to the student's account and disbursed. Once a student has received and reviewed their award offer, they must accept (full or partial amount) or decline the loan(s) via Maritime Self-Service. Student loans are also available from private lenders for those who are not eligible for federal loan programs or whose federal loans do not cover all their costs. Department of Education offers low-interest student loan programs for U.S. Students applying for federal student loans must complete a Free Application for Federal Student Aid (FAFSA® ) using the school code 002853. Students and their families may apply for federal or private loans to pay for costs that are not covered by scholarships, grants, or other types of financial aid. Higher Education Emergency Relief Fund (HEERF).ASIS Preferred CPE Provider Pre-Approved Courses.Celebrating 150 Years of Learning at Sea. ![]() The HEA authorizes an "experimental sites" initiative that allows schools that apply and qualify for participation to use alternative methods to meet some of the requirements for administering the Federal Student Aid programs.We have an Ombudsman's office to assist borrowers in resolving student loan issues.At the PEPS website you'll find reports of closed schools, the Case Management and Oversight weekly institutional updates, and other information. Also for financial aid professionals is the Postsecondary Education Participants System or PEPS. ![]() You will find Dear Colleague Letters, electronic announcements, the FSA Handbook and other publications, and much more. The Knowledge Center website is an indispensable source of guidance for financial aid administrators, auditors, and others who are involved with the Federal Student Aid Programs.Call 1-800-4-FED-AID to speak to a specialist about the programs. The Federal Student Aid Information Center helps students complete the FAFSA and provides the public with free information about our programs. Visit for complete information on receiving federal financial aid for college.Applying for federal grants, loans, and work-study costs nothing! More than 21 million students used the Free Application for Federal Student Aid (FAFSA) last year, and many of them apply online at FAFSA on the Web. ![]()
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