Stafford Loan

To accept your Stafford Loans please complete the following through WebAdvisor:

  1. Select the Financial aid award letter link to view your award and loan eligibility.
  2. Select the Stafford Loan Request link and enter the specific ANNUAL amount for both Subsidized and Unsubsidized loans, you will also need to complete the Title IV authorization before submitting your request.

If you are a first time Stafford Loan borrower at Simpson University please complete the following additional steps through http://studentloans.gov:

  1. Sign in with your FSA ID
  2. Select the Complete MPN (Master Promissory Note) link, then Subsidized/Unsubsidized and continue through the process until you receive confirmation that you have successfully completed the MPN.
  3. Select the Complete Entrance Counseling link, then continue through the process until you receive confirmation that you have successfully completed entrance counseling.
  • Stafford Loan Limits
    Academic Grade Level/
    Loan Type
    Maximum Loan Amount
    Preparatory Coursework for Enrollment in Undergraduate Programs Dependent Student Independent Student or Dependent Student Whose Parent is Ineligible for PLUS
    Base Stafford loan eligibility (subsidized and unsubsidized) $2,625 $2,625
    Additional unsubsidized Stafford loan eligibility N/A $6,000
     
    Maximum Preparatory Undergraduate Coursework Totals $2,625 $8,625
    First-Year Undergraduates Dependent Student Independent Student or Dependent Student Whose Parent is Ineligible for PLUS
    Base Stafford loan eligibility (subsidized and unsubsidized) $3,500 $3,500
    Additional unsubsidized Stafford loan eligibility $2,000 $6,000
     
    Maximum First-Year Total $5,550 $9,500
    Second-Year Undergraduates Dependent Student Independent Student or Dependent Student Whose Parent is Ineligible for PLUS
    Base Stafford loan eligibility (subsidized and unsubsidized) $4,500 $4,500
    Additional unsubsidized Stafford loan eligibility $2,000 $6,000
     
    Maximum Second-Year Total $6,500 $10,500
    Third- and Subsequent-Years Undergraduates    
    Base Stafford loan eligibility (subsidized and unsubsidized) $5,500 $5,500
    Additional unsubsidized Stafford loan eligibility $2,000 $7,000
     
    Maximum Third- and Subsequent-Years Total $7,500 $12,500
    Preparatory Coursework for Graduate/Professional Programs Dependent Student Independent Student or Dependent Student Whose Parent is Ineligible for PLUS
    Base Stafford loan eligibility (subsidized and unsubsidized) $5,500 $5,500
    Additional unsubsidized Stafford loan eligibility N/A $7,000
     
    Maximum Preparatory Graduate Coursework Total $5,500 $12,500
    Teacher Certification    
    Base Stafford loan eligibility (subsidized and unsubsidized) $5,500 $5,500
    Additional unsubsidized Stafford loan eligibility N/A $7,000
     
    Maximum Teacher Certification Total $5,500 $12,500
    Graduate and Professional Students    
    Base Stafford loan eligibility (subsidized and unsubsidized) N/A N/A
    Additional unsubsidized Stafford loan eligibility N/A $20,500
     
    Maximum Graduate/Professional Total N/A $20,500
    Aggregate Loan Limits
    Dependent Undergraduate Student $31,000 (no more than $23,000 of which may be subsidized)
    Independent Student or Dependent Student Whose Parent is Ineligible for PLUS $57,500 (no more than $23,000 of which may be subsidized)
    Graduate/Professional Student* $138,500 (no more than $65,500 of which may be subsidized)
    150% DIRECT Subsidized Stafford Loan Time Limit
    As of July 1, 2013 subsidized Stafford loan eligibility will be limited to enrollment of 150% of the published length of the student's program of study. For example, if a student is in a four-year bachelor's degree program, that student would be limited to 6 full time years of enrollment in which they can receive subsidized Stafford loans, if all other eligibility requirements met. After the 150% limit is met, a student could still be eligible for unsubsidized Stafford loan funds. Please see this federal student aid announcement for more guidance on these regulation changes.

    This time limit affects new subsidized Stafford loan borrowers and prior borrowers with no outstanding loan balance.

    Subsidized: All accrued interest is paid by the United States government until the student begins repayment of the loan.

    Unsubsidized: All accrued interest is paid by the student while in school; however, the student may elect to postpone or capitalize the interest until repayment of the loan begins.


    *Higher limits may apply to certain health professional students.

  • SU Academic Grade Level Designations for Stafford Loan Eligibility
    Academic Grade Level  Simpson University Students / Program
    Preparatory Coursework for Enrollment in Undergraduate Programs No Financial Aid Eligible Programs offered at Simpson University
    First Year Undergraduates Freshman standing 0-29 credits already completed
    Second Year Undergraduates Sophomore standing: 30-61 credits already completed
    Third and Subsequent Year Undergraduates Junior standing: 62-91 credits already completed
    Senior standing: 92 or more credits already completed
    ASPIRE students
    Preparatory Coursework for Enrollment in Graduate/Professional Programs Students pursing M.A. in Counseling Psychology, completing program per-requisites
    Teacher Certification Credential Program, PASC (Credential)
    Graduate and Professional Students A.W. Tozer Theological Seminary Students
    M.A. in Counseling Psychology
    M.A. in Education
    M.A. in Teaching
  • Interest Rates and Fee Amounts

     

    Per the Bipartisan Student Loan Certainty Act of 2013, Stafford interest rates are as follows for the 2014-15 year. These rates will be adjusted each year.

    • Direct Subsidized Loans for Undergraduates: 4.66%
    • Direct Unsubsidized Loans for Undergraduates: 4.66%
    • Direct Unsubsidized Loans for Graduate Students: 6.21%

    All Stafford loans borrowed are subject to an origination fee. This fee is taken from the gross loan amount prior to disbursement. This fee is as follows:

    • Direct subsidized and unsubsidized loans first disbursed on or after October 1, 2014 and before October 1, 2015: 1.073%