Federal School Code : 002314
SVSU participates in the William D. Ford Direct Loan Program, which means that our students have only one lender when it comes to Federal Stafford Loans -- 
the U.S. Department of Education. The following federal loans are available to qualified students. These loans require submission of the Free Application for Federal Student Aid (FAFSA), www.fafsa.ed.gov. A student's federal loan eligibility is conveyed in the Financial Aid Award Letter.
If you are a first time student borrower at SVSU, you will have to complete Entrance Loan Counseling before federal loan funds can be credited to your account or sent to you. You may complete this requirement on line at www.studentloans.gov.
You must have a Department of Education PIN in order to complete loan counseling online. If you have forgotten your PIN or do not have one, go to www.pin.ed.gov to have your PIN sent to you.
Be sure that you indicate Saginaw Valley State University as the school that you want to be notified about your results.
As a first time borrower you must complete a Direct Loan Electronic Master Promissory Note (MPN). The electronic MPN site allows you to complete and sign a MPN over the web as an alternative to using a paper MPN. Please do not go to the site to complete the process until we have sent you correspondence to do so.
You must have a Department of Education PIN in order to complete the electronic MPN. If you have forgotten your PIN or do not have one, go to www.pin.ed.gov to have your PIN sent to you.
To complete your electronic MPN, you will need to provide the following information: your social security number, your permanent address and telephone number, your driver's license number and state, and names, addresses, and phone numbers for two references.
Go to www.studentloans.gov to complete the electronic MPN. Allow enough time to complete the MPN process in a single session. You cannot save your work and return to it at a later time. Once you are at the website, be sure to review the "What You Need". Then select the type of loan that you have and proceed through the process.
When you graduate or leave school, you must complete Exit Loan Counseling at www.studentloans.gov, where the emphasis is on being informed about your repayment obligations and selecting a repayment plan. Once you log into the website with your Federal PIN, you will want to select "Choose Counseling", then choose "Exit Counseling".
Current in-school interest rate: 0% for the student
Minimum Enrollment Status: Half-time (6 undergraduate credits/5 graduate credits)
Satisfactory Academic Progress Required? Yes
U.S. Citizenship Required? Yes
This loan program requires a minimum of half-time enrollment (6 credits) per semester and demonstrated financial need. The interest rate is variable (adjusted every year on July 1) and has a current maximum of 8.25%. With a subsidized loan, the interest is paid by the government while a student is in school and during periods of grace and deferment.
Annual Federal Stafford Loan Limits
Loan amounts are pro-rated for students whose program of study is less than a full academic year. For financial aid purposes, the scheduled academic year starts with the Fall Semester and ends with the Spring/Summer Semester. Beginning March 1, 2013, a 1.051% fee will be deducted from the loan by the federal processor. Repayment on this loan begins 6 months after a student graduates, leaves school, or drops below half-time enrollment.
Current In-School Fixed Interest Rate: 6.8%
Interest Rate Change: Fixed for New Loans (per current federal legislation)
Minimum Enrollment Status: Half-time (6 undergraduate credits/5 graduate credits)
Satisfactory Academic Progress Required? Yes
U.S. Citizenship Required? Yes
This loan program requires a minimum of half-time enrollment (6 credits) per semester and is available regardless of financial need. With an unsubsidized loan, interest is charged to the student from the day the loan is disbursed. The student may choose to pay the interest as it accumulates or have it capitalized (added to the loan principal when repayment begins). Undergraduate annual loan limits for dependent students are the same as for the Federal Direct Subsidized Stafford Loans.
Annual Federal Stafford Loan Limits
Loan amounts are pro-rated for students whose program of student is less than a full academic year. For financial aid purposes, the scheduled academic year starts with the Fall Semester and ends with the Spring/Summer Semester. Beginning March 1, 2013, a 1.051% fee will be deducted from the loan by the federal processor. Repayment on this loan begins 6 months after a student graduates, leaves school, or drops below half-time enrollment.
Current Fixed Interest Rate: 7.9%
Interest Rate Change: Fixed for New Loans (per current federal legislation)
Minimum Enrollment Status: Half-time (6 undergraduate credits/5 graduate credits)
Satisfactory Academic Progress Required? Yes
U.S. Citizenship Required? Yes
Payment Deferment? Yes, as long as the student is maintaining half-time enrollment, the parent is able to REQUEST deferment on the payments of this loan through the loan servicer
The Grad PLUS and Parent PLUS loan programs require a minimum of half-time enrollment (6 credits) per semester and is for graduate students or parents who want to borrow for their dependent undergraduate students. Eligibility is not based on financial need but is based on credit history. The interest rate is currently fixed at 7.9% and has a current maximum of 9%. Grad Students and parents are responsible for the interest and are limited to borrowing up to a student’s cost of attendance minus any other financial aid. Beginning March 1, 2013, a 4.204% fee will be deducted from the loan by the federal processor. Repayment begins within 60 days after the final loan disbursement.
Online Application Process Instructions:
The application process is strictly an electronic application.
Note: When we receive your PLUS application during the academic year, we will assume that you are requesting the loan for the Fall and Winter semesters. If you would like the loan for only one semester, please contact the Campus Financial Services Center as soon as possible at 989.964.4900.
