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Skidmore College
Financial Aid Office

MALS Federal Direct Loan

2014/2015 Questions & Answers

What kind of loan am I eligible for?

As a result of legislative changes to the Federal Student Aid programs, effective July 1, 2012, graduate and professional students are no longer eligible to receive subsidized loans.

Graduate and professional students are only eligible for unsubsidized Federal Direct loans and may qualify for up to $20,500.

Who is my lender?

Skidmore College participates in the Federal Direct Loan program. If you borrow a Federal Direct Loan the funding will come directly from the Federal government.

"Unsubsidized" Federal Direct Loans...How do they work?

The interest on the "unsubsidized" loan is the responsibility of the borrower. Students have the option of paying the interest (usually billed quarterly) or have it "capitalized" (added to the principal and paid when the borrower enters repayment). The fixed interest rate on the Unsubsidized Federal Direct Loan for graduate students is 6.21%.

Are there fees associated with the Federal Direct Student Loan:

A 1.072% loan fee is deducted by the government for origination. Beginning October 1, 2014 the loan fee increases to 1.073% for new loans with first disbursements on or after October 1st.

How much should I borrow?

Before requesting an amount, please give careful thought to the amount of money you will need. Review the costs of attendance for the program.

How many classes must I be enrolled in to receive the loan funds?

You must be enrolled in at least 6 credit hours in an academic year to be eligible for the loan funds.

When is the loan disbursed?

The loan funds are disbursed in two equal payments. The first half is issued once you have registered for six credits. The second half is issued once the six credits are completed. The disbursements are electronically transferred directly to your student account at Skidmore. The loans will be applied to your tuition costs; any refund will be mailed directly to you upon request.

When do I enter repayment?

Generally, students enter repayment six months after graduating or when they cease being
enrolled at least half time. The U.S. Department of Education will contact you regarding your monthly payment amount and due date.

Do I need to reapply for a loan every academic year?

Yes, you will need to reapply for the loan every academic year. The MPN and entrance interview will be completed once for your enrollment at Skidmore. However, you will need to complete the loan request form and FAFSA and submit tax returns and the verification worksheet each academic year.

Skidmore College, Financial Aid Office
815 North Broadway
Atten: Lisa Tuttle
Saratoga Springs, NY 12866
518-580-5750 – Office
518-580-5752 – Fax