Loans

If you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. A loan is money you borrow and must pay back with interest.

If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans.


  • Subsidized and Unsubsidized Federal Direct Loans are for eligible students to help cover the cost of higher education. Federal student loans are funded by the federal government.

    How do I apply for a Federal Direct Loan?

    • Complete the Free Application for Federal Student Aid (FAFSA).
    • Complete Entrance Loan Counseling  - Federal regulations require that
    • ALL first-time Kennesaw State University Federal Direct Stafford Loan borrowers complete Stafford Entrance Loan Counseling before being awarded a Federal Direct Stafford Loan. An electronic confirmation will transmitted to the Financial Aid Office within 24 hours.
    • Complete your Master Promissory Note. This will only need to be completed once while you attend Kennesaw State University. 


      • Dependent Student
      • Academic Level
        Annual Limit
        Subsidized &
        Unsubsidized
        Annual Limit
        Additional
        Unsubsidized
        Total
        Annual
        Limit
      • Freshman
        (≤ 29 credit hours earned)
        $3,500
        $2,000
        $5,500
      • Sophomore
        (≤ 59 credits earned)
        $4,500
        $2,000
        $6,500
      • Junior
        (accepted to a Bachelor’s
        program, 60+ credits)
        $ 5,500
        $2,000
        $7,500
      • Senior
        (accepted to a Bachelor’s
        program, 90+ credits)
        $ 5,500
        $2,000
        $7,500
      • Note: Additional Unsubsidized Loan funds of up to $4000.00 per year, (not included in chart) may be available for students whose parents are denied a Parent Loan for Undergraduate Students (PLUS).

       

      • Independent Student
      • Freshman
        (≤ 29 credit hours earned)
        $3,500
        $ 6,000
        $ 9,500
      • Sophomore
        (≤ 59 credits earned)
        $4,500
        $ 6,000
        $ 10,500
      • Junior
        (accepted to a Bachelor’s
        program, 60+ credits)
        $5,500
        $ 7,000
        $ 12,500
      • Senior
        (accepted to a Bachelor’s
        program, 90+ credits)
        $5,500
        $ 7,000
        $ 12,500

       

    • Per federal regulation KSU is required to prorate a dependent or independent undergraduate student's annual Stafford loan limits, when they are enroll in one semester and will graduate in the same academic year. This mostly will affect students that will graduate from their program of study at the end of the fall term.

      • Loan Proration Formula:
      • Number of credit hours student enrolled for undergraduate / *Number of credit hours in an academic year (24) X annual Stafford loan limit

       Examples for Students Enrolled Full-Time

      • Example of dependent student proration calculation:
      • 12 credits enrolled / 24* X 5500 subsidized loan = $2750
      • 12 credits enrolled / 24* X 2000 unsubsidized loan = $1000

       

      • Example of independent student proration calculation:
      • 12 credits enrolled / 24* X 5500 subsidized loan = $2750
      • 12 credits enrolled / 24* X 7000 unsubsidized loan = $3500

      Examples for Students Enrolled Three-Quarter Time

      • Example of dependent student proration calculation:
      • 9 credits enrolled / 24* X 5500 subsidized loan = $2062
      • 9 credits enrolled / 24* X 2000 unsubsidized loan = $750

       

      • Example of independent student proration calculation:
      • 9 credits enrolled / 24* X 5500 subsidized loan = $2062
      • 9 credits enrolled / 24* X 7000 unsubsidized loan = $2625

      Examples for Students Enrolled Half-Time

       

      • Example of dependent student proration calculation:
      • 6 credits enrolled / 24* X 5500 subsidized loan = $1375
      • 6 credits enrolled / 24* X 2000 unsubsidized loan = $500

       

      • Example of independent student proration calculation:
      • 6 credits enrolled / 24* X 5500 subsidized loan = $1375
      • 6 credits enrolled / 24* X 7000 unsubsidized loan = $1750

       

     

    For more information please visit the Federal Student Aid Website.

     

  • Kennesaw State University participates in the William D. Ford Federal Direct Loan Program (Direct Loan). The Federal Direct Grad PLUS Loan is a loan that can be obtained to help pay the cost of an education. Eligible students borrow directly from the U. S. Department of Education and can borrow up to their cost of attendance minus other financial aid received.

    The Financial Aid Office, on a case-by-case basis, may reduce or deny eligibility for Graduate PLUS Loans.  This allowance is based on Federal Statute, HEA 479A(c), and on 34 CFR 685.301(a)(8), which allows a Professional Judgment to reduce or deny a student a loan. Reviews of outstanding loan debt, length of program of study, and other items will be assessed and the student will be notified in writing if concerns are noted.

    How do I apply for a GRAD PLUS direct loan?

    • Sign In
    • Click on Request a PLUS loan.
    • Under What You Need - click on Graduate PLUS.
      • Complete Personal Information - continue
      • Select Award Year
      • Complete Student & Loan Info
      • Review Application
      • Credit Check and Submit
    • Once all steps are completed, make sure to print out a copy of your Master Promissory Note for your records.
    • An electronic confirmation will be transmitted to the Financial Aid Office within 48 hours.

    For more information please visit the Federal Student Aid Website.

  • WHAT LOANS CAN BE CONSOLIDATED

    Federal Family Education Loans (FFEL) and Direct Loans, including:

    • Stafford
    • PLUS
    • SLS
    • Previous Consolidation Loans
    • Perkins Loans
    • Health Professions Student Loans
    • Nursing Student Loans
    • Health Education Assistance Loans (HEAL)
    • Federally Insured Student Loans (FISL)

      *Alternative loans are not eligible to be included in a Federal Consolidation loan

    Pros

    • Consolidation locks the interest rate.
    • Consolidation can allow the borrower to bring together loans from multiple lenders for a single repayment
    • schedule (i.e., one monthly payment).
    • Consolidation may allow the borrower a longer repayment period, which will reduce the amount of the borrower's monthly payment.
    • Consolidation can allow a borrower to clear an overaward of Stafford loans or clear a defaulted student loan.

    Cons

    • Consolidation locks interest rate, for older Stafford loans that have variable interest rate.
    • Consolidation may increase the total cost of the borrower's loan, the longer the repayment the more interest you will pay.
    • The borrower may have to forfeit all or a portion of his or her grace period.
    • The borrower may lose certain borrower benefits with their current loans.
    • Certain deferments may be lost; however, borrowers retain their ability to request most major deferments after consolidation.
    • Borrowers who consolidate Perkins loans lose deferment subsidy and cancellation eligibility

    For Additional Information on Consolidation please visit or call: 
    Federal Consolidation Loans (“Repayment and Consolidation”)
    (800) 577-7392

  • Kennesaw State University participates in the William D. Ford Federal Direct Loan Program (Direct Loan). The Federal Direct Parent Loan for Undergraduate Students (PLUS) is a loan that parents can obtain to help pay the cost of education for their dependent undergraduate children. Eligible parents borrow directly from the U. S. Department of Education and can borrow up to their child's cost of attendance minus other financial aid received.

    The Financial Aid Office, on a case-by-case basis, may reduce or deny eligibility for Parent PLUS Loans. This allowance is based on Federal Statute, HEA 479A(c), and on 34 CFR 685.301(a)(8), which allows a Professional Judgment to reduce or deny a student a loan. Reviews of outstanding loan debt, length of program of study, and other items will be assessed and the student will be notified in writing if concerns are noted.

    How do I apply for a Parent PLUS direct loan?

    • Sign In
    • Click on Request a PLUS loan.
    • Under What You Need - click on Parent PLUS.
      • Complete Personal Information - continue
      • Select Award Year – 2016-2017
      • Complete Student & Loan Info
      • Review Application
      • Credit Check and Submit
    • Once all steps are completed, make sure to print out a copy of your Master Promissory Note for your records.
    • An electronic confirmation will be transmitted to the Financial Aid Office within 48 hours.

    For more information please visit the Federal Student Aid Website.

  • Please Note the following items regarding alternative/private loans:

    • KSU will not certify an alternative/private loan request unless the student has completed a Free Application for Federal Student Aid (FAFSA).
    • A student must be maintaining Satisfactory Academic Progress to receive an alternative/private loan.
    • Alternative/Private loans do not authorize and will disburse when the funds are released to KSU, but no earlier than the published disbursement date
    • You should allow 4-6 weeks for an alternative loan to be processed and for funds received at KSU.  To find out the date your loan funds will be released to KSU, please contact your lender.

    Private student loans are different from federal student loans in that they are not guaranteed by the federal government, require a credit check, and often a co-signer. Terms and conditions vary significantly by lender. Carefully consider your needs, and then select a loan product that best meets your individual situation.

    When researching private loans, you should pay close attention to the borrower benefits, fees, interest rates, and repayment options. To calculate the interest, lenders use the LIBOR average, Prime rate, or the 91 Day T-Bill.

    You may also read the KSU Student Loan Code of Conduct.

  • KSU offers Emergency Loans to qualified students. These loans are offered once per semester, pending availability of funds. The on-line emergency loan application will be available for submission beginning at 7:00 a.m. on the specified date. The application will be available until 12:00 p.m. or until emergency loan funds are exhausted.

    Spring 2017
    Tuition and Fees Loan, Tuesday, January 31, 2017
    Personal Emergency Loan, Tuesday, February 7, 2017

    Summer 2017
    Tuition and Fees Loan, Thursday, June 22, 2017
    Personal Emergency Loan, Tuesday, June 27, 2017

    General Information

    • A $10.00 processing fee will be added to the loan amount due at time of repayment.
    • Repayment must be made in the form of cash, credit card, or financial aid monies.
    • Repayment is due in full, on due date (45 days from date Promissory Note is signed), regardless if the student’s financial aid funds have arrived and been disbursed.
    • Students are allowed only one emergency loan per academic year (an academic year is defined as the first day of class in August through the last day of finals in July).
    • Students may not receive an emergency loan in consecutive semesters, regardless if the new loan would fall into a different academic year
    • Any student, while attending KSU, may receive a maximum of three (3) Emergency Loans.
    • It is the student’s responsibility to check their Owl Express Account for award status within 24 hours of application submission
    • Student must sign the promissory note at the Bursar's Office within 24 hours of approval
    • Neither the Financial Aid Office nor the Bursar’s Office will contact the student to sign the Promissory Note. It is the student’s responsibility to sign the promissory note by 5:00 pm the following business day after loan approval. If promissory note is not signed within the required time frame, the Emergency Loan may be canceled and will not be reinstated.
    • If a credit balance has been issued to a student, the Financial Aid staff has the right to deny the Personal Emergency Loan.
    • It may take up to 48 hours to receive Personal Emergency Loan Funds after the promissory note is signed.


    Types of Emergency Loans

    • Personal Emergency Loan - Loan amount up to $400.00 may be granted for emergencies affecting the students’ attendance or performance in school; Tuition and fees must be paid in full. Repayment is due 45 days from the date Promissory Note is signed.

    • Tuition and Fees Emergency Loan - The loan amount is limited to standard in-state tuition and fees only. The difference must be paid in full prior to receiving the loan. This loan is granted to assist a student who is unable to pay for Final Registration and Fees. Repayment is due 45 days from the date Promissory Note is signed.


    Students will NOT qualify, if

    • The student is currently on Satisfactory Academic Progress (SAP) failure.
    • The student is currently on Academic Probation or Warning.
    • The student has a prior balance on their account.
    • The student has holds with the National Student Loan Data System (NSLDS).
    • The student has ever been delinquent on previous emergency loans or Federal loans, including default clearance.
    • The student has defaulted on a payment plan with the Bursar's Office.
    • The student has an overpayment.
    • The student has other financial aid holds (i.e. loan exit counseling).
    • The student has already received a total of three (3) Emergency Loans while at KSU.
    • The student has declined or not accepted all of their Stafford Loan(s).
    • Any information on the application is missing or incorrect, including KSU Student ID#, full name, phone #, etc..


    Eligibility Requirements

    • Must be a KSU degree seeking student
    • Must be enrolled during the semester in which loan is requested
    • Must have at least a 2.0 KSU GPA for undergraduate students and a 3.0 KSU GPA for graduate students
    • Must have attended at least one prior term at KSU
    • Students must have a current, processed, FAFSA
    • Students must have accepted all of their Stafford Loan(s) offered

 

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