Federal Subsidized Stafford Loan
This loan program is available to students who demonstrate financial need and who are enrolled in at least three credits each semester in the graduate distance education programs at UNE. The interest rate is fixed at 6.8%. The Federal Government subsidizes interest on this loan until the repayment period begins, usually 6 months after the student leaves the University or drops below half-time status (3 credits).
Federal Unsubsidized Stafford Loan
This loan program is very similar to the Subsidized Stafford Loan program, except that students do not have to demonstrate financial need to qualify. However, the student is responsible for the interest that accrues while the student is in school. The student has the option of paying the interest while in school or during other periods of deferment, or having the accrued interest capitalized when the loan repayment period begins.
UNE's Federal Stafford Loan Program
Incoming distance education students who elect to borrow through the Federal Stafford Loan programs will receive their funding through the William D. Ford Direct Loan program. This is a program whereby the U.S. Department of Education acts as the lender to the student. First time borrowers are required to complete an electronic master promissory note (E-MPN) and the required student loan entrance interview. Select the link for loan conseling and then entrance counseling. Entrance Counseling is required for all first time student loan borrowers at UNE.
The Department of Education has verified this is a secure site, although a security certificate error may pop up when you attempt to access the website.
Disbursement of your Loan Funds to Your Student Account
Your Federal Stafford Loans will be scheduled to disburse each semester to your student account, approximately three weeks after the start of classes. Once the add/drop period is complete and your enrollment for the semester has been finalized, the Financial Aid Office will authorize the disbursement of your Stafford Loan funds to your student account.
Exit Interviews
Students who have borrowed Federal Stafford Loans while attending the University of New England must complete a student loan exit interview prior to leaving the University. The purpose of the exit interview is to provide the student with important information regarding loan repayment, including deferments, grace periods, loan consolidation, and loan default. Students may complete the exit interview online.
U.S. Department of Education Federal Student Loan Ombudsman
The U.S. Department of Education has established the Student Financial Aid Ombudsman to assist federal student loan borrowers. The Ombudsman works informally to help borrowers resolve loan disputes and problems. The Ombudsman Customer Service Line is (877) 557-2575.
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