DIRECT SUBSIDIZED LOAN: 

A William D. Ford Federal Direct Loan Program in which eligible undergraduate students can borrow money from the U.S. Department of Education at participants schools. Under this type of loan, the student must demonstrate financial need to help cover college expenses. For the 2022-2023 academic year, the interest rate is 5.50 % and the maximum amount the student can borrow will depend on the year in school and the dependency status, but the ranges are in $3,500 to $5,500 per year. Making a student loan is a serious responsibility, with which debts that must be paid are incurred, so it is recommended that before requesting it, the student exhaust other means of help and request it as a last alternative. https://studentaid.gov  

 DIRECT UNSUBSIDIZED LOAN:

Available to undergraduate and graduate students; there is no requirement to demonstrate financial need. PRSNA determines the amount you can borrow based on your cost of attendance and other financial aid you receive. The student is responsible for paying the interest on a Direct Unsubsidized Loan during all periods. If choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, the interest will accumulate and be capitalized, that increases the principal amount of your loan.

In the case of undergraduates’ students, the interest rate is 5.50% and the maximum amount which the student is eligible will depend on grade level and dependency status between $2,000 to $7,000. For the graduates’ students, the interest rate is 7.05% and the maximum amount eligible for up to $20,500.. https://studentaid.gov

REQUIREMENTS:

1. Create a Federal Student Aid Identification (FSA ID) that gives you access to Federal Student Aid’s online systems and use it as your legal signature. If a student is enrolled in undergraduate program and is under 24 years old, their parent will also need an FSA ID account.

To create it or update the information go to: https://fsaid.ed.gov/npas/index.htm or https://fsaid.ed.gov/npas/pas/pub/ForgotPassword

2. Complete the Free Application for Federal Financial Aid (FAFSA): School Code 042789.

https://fafsa.ed.gov or download the app Federal Student Aid.

Required documents for the student needed at the time to complete the application:

• • Copy of 2020 Income Tax Return (if applicable) of student, parent, or spouse if you the student is married. Please consider that the capitulations do NOT apply in this case.
  • Copy of Withholding (W-2)
  • Any other evidence of income such as: Veteran’s benefits, Social Security, child support received or paid, money received as family assistant or SNAP benefits.

In case of verification by the ED, the Financial Aid Office will have to require other documents not included in the list. An undergraduate student selected for the verification process will need to complete it before any disburse can be made.

In case of Direct Loans participants:

Complete the institutional process for loan application.

3. Processes required by the ED in https://studentaid.gov

a. Entrance Counseling

b. Master Promissory Note (MPN)

c. Annual Student Loan Acknowledgement

d. Exit Counseling: if student leave school, reduce enrollment less than half time or when applies for graduation.

Note: The student loan payment pause is extended until the U.S. Department of Education is permitted to implement the debt relief program or the litigation is resolved. Payments will restart 60 days later. If the debt relief program has not been implemented and the litigation has not been resolved by June 30, 2023 — payments will resume 60 days after that, and the DEF will notified borrowers.

For more information, please visit https://upcjbr.university/.