Federal loan program offered to students in
cooperation with private lending institutions. The interest rate is fixed with
an interest rate of 6.80%. Students demonstrating sufficient financial need
will qualify for federal in school interest subsidy. Applicants not
demonstrating eligibility for interest subsidies may still borrow, but will be
responsible for interest during enrollment and grace periods. Freshmen may
borrow up to $3,500, sophomores $4,500 as of July 1, 2007, and juniors and
seniors $5,500 per academic year.
The University, of Scranton, in cooperation with the
American Education Services (AES), participates in a precertification program
that simplifies the application requirements for our students. All applicants
completing the Free Application for Federal Student Aid (FAFSA) will be
contacted by AES when the loan is certified. Those wishing to borrow need only
complete the Master Promissory Note (MPN), and student loan entrance
counseling. Further instructions will be given when the loan is certified. The
MPN is good for up to 10 years.
The University of Scranton suggests using our preferred
guarantor, AES, and our preferred lender, PNC Bank, because they reduce the
total loan fees from 4% to 0%. We also use AES because of their electronic
pre-certification and funds transfer (EFT) capabilities, which will allow your
loan funds to be sent directly to your student account. Funds are received at
the beginning of each semester depending on when the loan was processed.
Satisfy your Stafford Loan Entrance Interview Requirement and
Sign your Stafford Loan Master Promissory Note (MPN)
For more information on the Federal Stafford Loan see
www.scranton.pnc.com.
