Federal Stafford 2009-2010 "Loan Only" Procedures
The Office of Financial Aid will review your processed Free Application for Federal Student Aid (FAFSA), 2008 Federal Income Tax Returns for both parents and student (including all schedules filed and copies of original W-2's) and a Federal Verification Worksheet. This information will be used to determine the maximum "subsidized" Federal Stafford Loan eligibility. If the subsidized eligibility is not the full amount you are eligible to borrow based on your class standing, you may apply for the remaining amount as an "unsubsidized" Federal Stafford Loan.
Freshmen may qualify for up to $5,500 ($3,500 maximum base amount in a Federal Stafford Subsidized/Unsubsidized Loan plus an additional $2,000 Federal Stafford Unsubsidized Loan). The base amount can be a combination of subsidized and unsubsidized funding depending on financial need as determined by the FAFSA.
Sophomores may qualify for up to $6,500 ($4,500 maximum base amount in a Federal Stafford Subsidized/Unsubsidized Loan plus an additional $2,000 Federal Stafford Unsubsidized Loan). The base amount can be a combination of subsidized and unsubsidized funding depending on financial need as determined by the FAFSA.
Juniors/Seniors may qualify for up to $7,500 ($5,500 maximum base amount in a Federal Stafford Subsidized/Unsubsidized Loan plus an additional $2,000 Federal Stafford Unsubsidized Loan). The base amount can be a combination of subsidized and unsubsidized funding depending on financial need as determined by the FAFSA.
In order to process (certify) a Federal Stafford Loan for the 2009-2010 school year, the following steps must be completed.
STEP 1: You must file a 2009-2010 FAFSA with Skidmore College's code (002814). You should file electronically, after January 1, 2009, by going to the FAFSA website. Skidmore College will receive the information electronically as long as our school code is listed.
STEP 2: Submit to the Office of Financial Aid, your and your parents' 2008 Federal Income Tax Return, signed, with all schedules and copies of original W-2's attached.
STEP 3: Submit to the Office of Financial Aid a 2009-2010 Federal Verification Worksheet.
STEP 4: Federal Stafford Loans require an ENTRANCE INTERVIEW be completed for all new borrowers. Follow instructions for entrance. If you
prefer to complete this interview on paper, please stop by the Office of Financial
Aid.
STEP 5: Complete the following information and return it to the Office of Financial Aid. Once all the above steps are completed and the information is received, your loan will be certified.
Name ______________________________________ Social Security Number_____________________________
Class Year_____
(Please Print)
Complete section A and B (Your loan cannot be certified if the form is not fully completed.)
Section A: I want my loan to be ____subsidized only or ____a combination of both subsidized and unsubsidized. Please check one. (Federal Stafford Loan eligibility is determined by the FAFSA.)
My lender is _______________________________________________ and the lender code is _______________________.
I am a repeat Federal Stafford Loan borrower, please use my lender from prior Stafford Loans, please initial_________.
Section B (please check one):
(1) ___I wish to borrow the maximum Federal Stafford Subsidized/Unsubsidized Loan for which I am eligible ($5,500 subsidized/unsubsidized Freshman loan maximum; $6,500 subsidized/unsubsidized Sophomore loan maximum; $7,500 loan subsidized/unsubsidized Junior/Senior loan maximum) for the 2009-2010 academic school year.
(2) ___I wish to borrow another amount than the maximum for my grade level for the
2009-2010 academic school year.
Indicate amount $______________.
Please note on the MPN (master promissory note) if you want to pay the interest on the unsubsidized portion of the loan while in school or contact your lender to make arrangements to pay the interest on the unsubsidized portion.
I understand that the Office of Financial Aid will certify the maximum subsidized eligibility before certifying any additional amount requested in an unsubsidized loan.
Signature: ___________________________________________________________________
Date: _____________________
Please return to: Office of Financial Aid, Skidmore College, 815 North Broadway, Saratoga Springs, NY 12866-1632