Federal Direct Stafford Loans for Summer are available only for students whom:
If you submit a summer loan request, we will calculate your summer loan eligibility based on your planned enrollment which includes your exact courses, costs and dates of your summer enrollment. Applications received will be processed on a rolling basis in order of date received. Please allow a minimum of two weeks for processing.
Summer loans will be processed only after we verify you have enrolled in at least 6 units for summer (5 units of required degree coursework for Graduate students). We will send you an email notification confirming your loan eligibility once the loan has been processed. Disbursement will occur approximately 10 days after we process your loan, but not earlier than 10 days prior to the first day of your first summer class.
SAP for the Spring 2013 term will be run after Spring grades have been posted (approximately June 10). If your current (Spring 2013) SAP Status is “Warning” or “Probation,” your loan request will not be processed until after SAP is run and it is determined that you are eligible to receive Federal loans. If you are found to not be meeting SAP standards once SAP is run, you will be ineligible to receive the Stafford Loan. If a loan has been processed, it will be cancelled and you will be required to return any funds that have disbursed.
Please note: you cannot rollover your summer charges to Fall 2013.
The Federal Direct PLUS loan is a non-need based loan, and eligibility is based on the credit history of the borrower. The maximum amount borrowed cannot exceed the student’s cost of education minus any other financial assistance (including scholarships, work-study awards, and the Federal Stafford Loan). Since there is no “annual maximum” for the PLUS Loan (other than cost of attendance):
As with Stafford Loans, PLUS Loan eligibility cannot be determined until the student is registered for the Summer Session. The PLUS loan request should be submitted as soon as possible after the student registers for summer classes. The loan application will take approximately 7-10 business days to review. We will send you an email notification confirming your loan eligibility once the loan has been processed.
SAP for the Spring 2013 term will be run after Spring grades have been posted (approximately June 17). If the student’s current (Spring 2013) SAP Status is “Warning” or “Probation,” your loan request will not be processed until after SAP is run and it is determined that the student is eligible to receive Federal loans. If the student is found to not be meeting SAP standards once SAP is run, you will be ineligible to receive the PLUS. If a loan has been processed, it will be cancelled and you will be required to return any funds that have disbursed.
The Federal PLUS loan cannot be disbursed until the promissory note has been completed, and the loan credit approved.