1. Know….  “ to have learned or found out something”  “ to realize or understand something”  “ to be familiar with a process”

2. Getting Started Types of Loans Grade Level Loans Loan Limits Disbursement/Credit Balance (refund) Enrollment Management Loan Default Links to Know

3. Getting Started www.studentloans.gov Federal student loans are used for educational purposes only Repayment Calculators New federal student loan borrowers must complete the Master Promissory Note and Entrance Counseling You earn your federal student aid by attending your classes. If you withdraw, drop, or stop attending your classes, your student loans and other aid may be returned to the federal programs, which may result in owing a balance to DU.

4. TYPES OF LOANS “KNOW” the Difference……. Subsidized Loans are awarded based on financial need. Interest does not accrue until six months after you graduate or are no longer attending school. Graduate PLUS Loan is an optional credit based loan awarded to GRADUATE students based on financial need. You may borrow up to your estimated cost of attendance minus all other awarded aid. All loans require each student to be enrolled at least half-time each semester. (6 credits undergraduate / 3 credits graduate ) Unsubsidized Loans do not require financial need. Interest is charged from the time the loan is disbursed until it is paid in full. Interest may be paid while you are in school or when your loan goes into repayment. Parent Plus Loan is an optional credit based educational loan for parents to borrow on behalf of their dependent child. This loan can be used to help pay for tuition and school related expenses.

5. “KNOW ” Your Grade Level Loans… Dependent Students Freshman $3,500 Subsidized $2,000 Unsubsidized Sophomore $4,500 Subsidized $2,000 Unsubsidized Junior/Senior $5,500 Subsidized $2,000 Unsubsidized Independent Students Freshman $3,500 Subsidized $6,000 Unsubsidized Sophomore $4,500 Subsidized $6,000 Unsubsidized Junior/Senior $5,500 Subsidized $7,000 Unsubsidized Graduate Students $20,500 Unsubsidized Freshman: 0-30 credits Sophomore: 31-60 credits Junior: 61-90 credits Senior: 91 and above credits Freshman: 0-30 credits Sophomore: 31-60 credits Junior: 61-90 credits Senior: 91 and above credits The above grade level amounts are awarded over two semesters. At Davenport we strongly encourage students to borrow only what they need to cover their direct cost (tuition, fees, books, W.A. Lettinga residence halls).

6. DEPENDENT UNGRADUATE The Maximum Life- time Limits for dependent undergraduate students excluding those whose parents are unable to borrow a PLUS Loan is $31,000 (no more than $23,000 may be subsidized) INDEPENDENT UNDERGRADUATE The Maximum Life- time Limits for independent undergraduate students and dependent undergraduates whose parents are unable to borrow a PLUS loan is $57,500 (no more than $23,000 may be subsidized) GRADUATE OR PROFESSIONAL The Maximum Life-time Limits for graduate or professional students is $138,500 (no more than $65,500 may be subsidized; includes loans for undergraduate study) These aggregate limits include both Direct Subsidized and Unsubsidized Loans and any subsidized and unsubsidized Federal Stafford Loans received through the Federal Family Education Loan (FFEL) Program. To View Your Personal Loan History Visit: NSLDS.ed.gov

7. Disbursement Dates Second Session Only Students Fall 1: 09/27/12 Fall 2: 11/19/12 Winter 1: 01/28/13Winter 2: 3/25/13 Spring 1: 6/3/13Spring 2: 7/25/13 If you have not dropped or withdrawn from any of your courses and you have excess financial aid, you are eligible to receive the credit balance (refund). The Bursar’s Office will process a credit balance (excess financial aid) within 14 days after your financial aid is disbursed to your account. Once the Bursar’s Office audits your account, the resulting credit balance will be delivered to you based on your refund preference. Bursar’s Office phone number: 1-800-266-6158 If you have not dropped or withdrawn from any of your courses and you have excess financial aid, you are eligible to receive the credit balance (refund). The Bursar’s Office will process a credit balance (excess financial aid) within 14 days after your financial aid is disbursed to your account. Once the Bursar’s Office audits your account, the resulting credit balance will be delivered to you based on your refund preference. Bursar’s Office phone number: 1-800-266-6158

8. You may be eligible for deferments & forbearance (postponing payments) You may receive a deferment while you are enrolled at least half time, studying full time in a graduate fellowship program, an approved disability rehabilitation program, are unemployed or meet the rules for economic hardship. If you can’t make your loan payments and don’t qualify for a deferment, you may be eligible for a forbearance. A forbearance allows you to temporarily stop making payments, make smaller payments or extend the time for making payments (for more information on forbearance, contact your lender). If you drop below half-time status (6 credits for undergrad & 3 credits for graduate), you will be required to complete an exit interview.

9. The consequences of loan default: Your entire unpaid loan amount becomes due and payable. You will be reported to national credit agencies. You may be sued, or your wages can be garnished and federal tax refunds may be withheld. You will have to pay collection fees and costs, plus court costs and attorney fees. You’ll lose eligibility for other federal student aid and other federal benefit programs. You will no longer be eligible for loan deferments while in school, unemployed or experiencing economic hardship.

10. davenport.edu studentloans.gov nslds.ed.gov direct.ed.gov loanconsolidation.ed.gov