General Information

Rollins participates in the federal Direct Loan program for all federal Stafford and PLUS loans. Rollins has established a Student Loan Code of Conduct.

Federal Stafford Loans

A federal Stafford loan is a low interest rate loan for students that can be used to help pay for your college education. There are two types of federal Stafford loans: subsidized and unsubsidized.

Subsidized

If you meet certain financial need criteria (based upon information supplied on your FAFSA), the federal government will pay the interest on your federal Stafford Subsidized loan while you attend school at least half time or during times when you qualify for an authorized deferment. Note: Effective July 1st, 2012 the Department of Education has eliminated the interest subsidy on all new federal Stafford Loans foir graduate students.  All graduate Stafford loans issued with a first disbursement date on or after July 1st, 2012 will be unsubsidized.  If you were issued a federal subsidized Stafford loan prior to July 1st, 2012 you will continue to retain your interest subsidy during qualified periods of deferment.

Unsubsidized

If you do not meet the financial need criteria (based upon information supplied on your FAFSA) to qualify for a Subsidized loan, you still can receive a federal Stafford Unsubsidized loan. You are responsible for paying the interest while you are in school. If you do not make the interest payments, the interest will be added to your principal balance through a process called capitalization.

Interest Rates

All Subsidized loans for graduate borrowers and Unsubsidized loans for graduate and undergraduate borrowers first disbursed on or after July 1, 2006 will have a fixed interest rate of 6.8 percent.

All Subsidized loans for undergraduate borrowers have a fixed interest rate that will be based on the first disbursement date as listed in the table below:

Borrowing Limits

The annual borrowing limit is determined by your degree status grade level and your dependency status (based upon information you supplied on your FAFSA). In addition to annual loan limits, there are also lifetime Stafford loan borrowing limits, also known as the aggregate limit.

Annual limits for loans disbursed on or after July 1, 2008

In addition to the annual borrowing limits, there is also an aggregate, or cumulative, lifetime borrowing limit.

Repayment

With either the federal Stafford Subsidized or Unsubsidized loans, repayment on the principal begins six months after graduation, leaving school, or dropping below half-time status. There are multiple repayment plans ranging from 10 years to 30 years.

Federal Stafford Loan Entrance and Exit Counseling

New federal Stafford Loan recipients are required to complete entrance counseling. New federal Stafford Loan borrowers are notified and typically complete entrance counseling online as they sign the Master Promissory Note (MPN).

Exit counseling is required for all students who have received a federal Stafford Loan and who are expected to graduate or will not be attending Rollins at least half-time. An exit interview is your opportunity to review the amount of your loans and your rights and responsibilities in repaying these loans.

Federal Stafford Borrower's Rights and Responsibilities

• Remember that the MPN certifies your loans for the maximum amount you are eligible to borrow. Because you may accrue debt with each year of your education, you should be certain that you need the full amount of your education loan each year. You can decline or reduce your loan amount each year.
• You are required to repay education loans, even if you do not finish your academic program or your academic program does not meet your expectations.
• You are responsible for notifying your school and lender if you have received student loans from more than one lender.
• You must use money received from education loans for education-related expenses only.
• You must notify your lender in writing of:

• Name or address changes
• Failure to enroll at Rollins
• Failure to enroll on at least a half-time basis or for the loan period certified
• Withdrawal from school or reduction of attendance to less than half time
• Transfer from one school to another
• Graduation

If you meet the eligibility requirements, you have a right to repayment deferments, which suspend principal loan payments for specified periods of time.

PLUS Loans for Parents and Graduate/Professional Students

The William D. Ford Federal Direct PLUS Loan is available to the parents of dependent undergraduate students and graduate/professional students. The PLUS loan is offered at a fixed interest rate of 7.9 percent. Applicants with no adverse credit history can apply for a PLUS loan up to the full cost of attendance, less other financial aid. The student for whom the parent PLUS loan is being borrowed must complete the Free Application for Federal Student Aid (FAFSA).  In the cases of a non-custodial parent PLUS applicant, even though their financial information is not required on the FAFSA, certain general federal aid eligibility requirements must be met.  For more information regarding this program or to apply online, click here.