On March 30, 2010 the President signed new legislation to reform the existing Federal Student Loan Programs. This means that effective July 1, 2010 all federal student loans must be originated as Direct Loans by the U.S. Department of Education and the bank based Federal Stafford Loan program will end.
Before the Financial Aid Office will originate a Federal Direct Loan on your behalf, you must complete a Federal Direct Master Promissory Note (MPN) at www.studentloans.gov. You will need the four (4) digit PIN number used to file your Free Application for Federal Student Aid (FAFSA) to access and sign your MPN. In addition to a MPN, you need to complete loan entrance counseling at www.mappingyourfuture.org.
Once the Financial Aid Office has confirmed you have completed the Federal Direct Master Promissory Note and you have done entrance counseling, your loan will be originated. You must continue to meet all eligibility criteria in order for your loan to be disbursed. Loans will be disbursed once a week on Wednesdays. After your loan has been originated you can view and print an electronic disclosure statement (s) at www.studentloans.gov.
The interest rates remain the same.
Please contact our office at 248-823-1360 or at finaid@walshcollege.edu if you have any questions.
Federal Family Education Loan Program (FFELP)
Loan Maximums per Academic Year:
| Dependent Undergraduates: |
$7,500* |
| |
Maximum $5,500 Subsidized |
|
|
| Independent Undergraduates: |
$12,500* (Effective 07/01/08) |
| |
$5,500 Subsidized and $7,000 Unsubsidized |
| |
|
| Graduate Students: |
$20,500 |
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$8,500 Subsidized and $12,000 Unsubsidized |
| |
|
Current Interest Rates (7/1/09 - 6/30/10):
Loans guaranteed on or after 07/01/06 have fixed rates.
Subsidized Federal Stafford Loans for Undergraduates - 5.6%
All other Subsidized and Unsubsidized Federal Stafford Loans - 6.8%
*Under federal guidelines, undergraduate students enrolled for less than an academic year must have their Stafford Loan eligibility prorated. For example, a student who enrolls for the full year is eligible for $5,500 in loan funds. If that student is an undergraduate and will graduate at the end of the fall semester, which represents 1/4 of the academic year and the student is eligible for 25%, or $1,375. If that student will graduate at the end of the winter, he/she would be eligible for 50%, etc.
Forms:
2009-2010 Federal Stafford Loan Request Form and Fact Sheet
Entrance and Exit Interview Sessions:
Mandatory student loan entrance and exit interview sessions can now be done on-line at: http://mappingyourfuture.org
- Select
or 
- Select "Walsh College of Accountancy & Business Administration" from the pull-down menu to send notification of your completion to us.
Borrower Hotlines
Servicers
Servicers handle loan application processing, disbursement and repayment for a group of lenders.
| Sallie Mae |
|
|
888-272-5543 |
| Lenders: |
Fifth Third Bank
|
808780 |
www.salliemae.com |
| |
National City Bank |
826947 |
|
| |
Sallie Mae Education Trust |
802218 |
|
|
AMS Education Loan Trust |
833079 |
|
| Nelnet |
|
|
877-804-3603 |
| Lender: |
Nelnet Academic Loan |
824573 |
www.nelnet.net |
| Charter One Bank |
808140 |
800-721-3969 |
| Great Lakes |
|
|
800-366-0032 |
| Lender: |
Bank Of America (No longer originating new loans) |
802176
|
http://www.mygreatlakes.org |
|
MHESLA (MI Higher Ed) |
825585
|
800-874-3150 |
Lenders
Some lenders handle the loan application processing, disbursements and servicing themselves.
Guaranty Agencies
Guaranty Agencies are organizations that monitor the rules & regulations of the Federal Loan Programs.