Subsidized Stafford Loan – The U.S. Department of Education pays the interest for a Federal Subsidized Stafford Loan while the borrower is in school and during grace and deferment periods; you must be enrolled at least half-time. Repayment of the principal and interest begins 6 months after the student ceases to be enrolled at least half-time.
Unsubsidized Stafford Loan – On an Unsubsidized Stafford Loan, the borrower is responsible for interest during the life of the loan; you must be enrolled at least half-time. The interest can either be paid monthly or quarterly, or can be capitalized (added to the loan principal) which increased the total repayment amount. Repayment of the principal and interest begins 6 months after the student ceases to be enrolled at least half-time.
All first-time borrowers are required to complete Entrance Counseling and a Master Promissory Note (MPN) at http://studentloans.gov before loan funds can be disbursed.
Federal Perkins Loan – The Federal Perkins Loan Program does not accrue interest during enrollment periods of at least half-time. Repayment of the principal and interest begins 9 months after the student ceases to be enrolled at least half-time. All borrowers are required to complete Entrance counseling and a Master Promissory Note (MPN) annually. After the student has completed the loan acceptance form, E.C.S.I. (Concord Univerisity’s Perkins Loan Servicer) will provide the student via email the link and information necessary to complete the required documentation.
By signing this form, I indicate acceptance of the Federal Direct Stafford Loan as specified above. I accept responsibility for repayment of any loans awarded to me. I understand that I must maintain at least a half-time enrollment status in order to receive and keep my student loan funds each semester and that I must be making satisfactory academic progress in order to receive any loan funds. I also understand that the total loan amount requested will be split evenly throughout the loan period.