Student/Parent Loans
Student loans are the primary source of student aid
at UNA. Loans must be repaid,
although principal and/or interest payments may be
deferred while the student is enrolled at least
half-time.
Student loan
programs provide long-term, low interest loans to
students demonstrating a need for assistance.
Application
To be considered for loans at
UNA, file the
FAFSA.
Federal Stafford Loans*
The
University of North Alabama participates in the
Federal Family Education Loan Program (FFELP). The
FFELP program provides incentives and services that
benefit our students and parents.
Federal
Stafford Subsidized Loans are based on financial
need as well as annual and aggregate loan limits.
Interest on this loan does not accrue during
eligible periods of enrollment and stated grace
periods. The interest rate is variable not to
exceed 8.25%. Both interest accrual and repayment
begins six months after graduation or when a student
is no longer enrolled at least half time (6 semester
hours).
Federal
Stafford Unsubsidized Loans are based on annual and
aggregate loan limits and is not need-based.
Interest on this loan begins to accrue upon the
first disbursement. The interest rate is variable
not to exceed 8.25%. Principal repayment begins six
months after graduation or when a student is no
longer enrolled at least half time (6 semester
hours).
Loan Amounts
Annual Loan Limits (combined maximum for
subsidized and unsubsidized) under the Stafford Loan
Programs effective July 1, 2008:
-
Dependent
Undergraduate students
-
Freshmen -
$5500
-
Sophomores -
$6500
-
Juniors and
Seniors - $7500
The aggregate limit is $31,500 (no more than $23,000
may be in subsidized loans)
The aggregate limit is $57,500 (no more than $23,000
may be in subsidized loans).
-
Graduate Students
–
-
$20,500
annually, limited to cost of attendance (no
more than $8500 of this amount may be in
subsidized loans).
The aggregate limit for graduate students is
$138,500 (no more than $65,500 of this amount may be
in subsidized loans).
Master Promissory Note
After you have accepted your loan you must
sign a Master Promissory Note (MPN). The
instructions below tell you how to E-sign your MPN.
By completing and signing the MPN, you are promising
to repay all student loans made under this note. You
may have to sign only one MPN for the life of your
student loan. However, if you change lenders or
transfer to another school that requires an annual
note, a new MPN must be signed. An MPN expires ten
years after the note is signed. An MPN is revoked if
a disbursement is not made within one year.
SPECIAL NOTE FOR 2008-2009: ALL student
borrowers must sign a new Master Promissory Note (MPN).
Even if you have previously obtained a Stafford loan
while a student at UNA, you must complete this step
before your loan can be applied to your student
account.
Complete the following steps to receive your
Stafford loan:
1.
Review your
award notification on your UNA Portal email account.
2.
To accept,
reduce, or decline your financial aid, access your
UNA PORTAL account and click on the
Self-Service Tab, then click on “Financial Aid”,
choose “Award” and then select “Accept Award
Offer”.
3.
If you have not
previously completed loan entrance counseling, it
must be completed before your loan will disburse.
In Self-Service, click on “Financial Aid”, and click
the link to Loan Entrance Counseling. Once you have
successfully completed loan entrance counseling, the
Office of Student Financial Services will receive an
electronic confirmation.
4.
You must select
a lender (even if you have previously obtained
student loans while enrolled at UNA). In
Self-Service, click on “Financial Aid”, choose
“Lender Selection”, select a Lender from the
drop-down box and submit.
5.
After you have
selected a lender, you must complete a student loan
application and sign an MPN for that lender. In
Self-Service, click on “Financial Aid” and choose
the link to “Suggested Lenders”.
a.
This will take
you to the ELMSelect web site where you will find a
list of suggested lenders for UNA students.
b.
Make sure to
choose the “tab” for Stafford loans.
c.
Review the
lenders and click the “apply now” button for the
lender of your choice. Follow the lenders
instructions for completing your application and MPN.
6.
Your lender
will notify the University of North Alabama when you
have completed all required steps.
Required Loan Entrance and Exit Interviews
-
Entrance
Interview
Students must complete the Entrance
Counseling requirement before Stafford Loan
funds can be disbursed. Mapping Your Future is
our student loan entrance interview partner for
all Stafford Loans. Mapping Your Future is an
online student loan entrance counseling service
that provides details about what a student loan
is, advice on how much you should borrow, and
when you should expect to repay your loans. To
complete Entrance Counseling, visit
Mapping Your Future 
. After
your data is submitted, Mapping Your Future will
notify our office electronically within 24-48
hours that you have completed the requirement.
-
Exit Interview
During the term that you expect to graduate, you
will be asked to complete an Exit Interview if
you have had a Stafford loan while at UNA. To
complete the Exit Interview Requirement, visit
Mapping Your Future . At this
time, information regarding your rights and
responsibilities relative to the repayment of
your loan will be provided. When your grace
period ends and your loan becomes due, you will
be sent a repayment schedule from your lender
outlining the monthly principal and interest
payments and number of months required to repay
your loan balance. It is very important to
notify your lender of address changes so that
you will receive your repayment information.
Federal Perkins
Loans**
Federal
Perkins Loans are federally funded loans that are
awarded to students with exceptional financial need.
Repayment and accrual of interest at the rate of 5%
begin nine months after the student is no longer
enrolled at least half time (6 semester hours). The
minimum repayment is $40 per month and repayment may
be extended for up to 10 years. These loans are
awarded by the Office of Student Financial
Services. You will be notified via your UNA Portal
email account if you are eligible for a Federal
Perkins Loan.
Non-federal Certified Private Loans
(Alternative Loans)
Many private
lenders offer
Certified Private Loans to supplement federal
eligibility. Applications are available through the
individual lenders. Review the suggested lenders on
our
Suggested Lender List. Choose the “Apply Now”
button for the lender of your choice and complete
their application and promissory note. If you
choose a lender that is not on our Suggested Lender
List, please contact our office for further
instructions.
Federal Parent Plus Loans
Attention
Parents - If you are the parent of a dependent
student, you may be eligible to borrow under the
Federal PLUS loan program. To receive a PLUS loan,
your dependent student:
-
Must have a
completed FAFSA on file at the University of
North Alabama
-
Must be enrolled
at least half time
-
Must be
maintaining Satisfactory Academic Progress
-
Must meet all
other requirements of Title IV aid, as
determined by the Department of Education.
The maximum amount that the parent may borrow under
the Federal PLUS loan program, is Cost of Attendance
minus any other aid (scholarships, grants, loans,
waivers, etc) received by the student.
Please visit our
Parent PLUS Lender List for benefits,
incentives, websites, and phone numbers of the
lenders that participate electronically with the
University of North Alabama. To obtain a PLUS loan:
-
You will apply
directly through your chosen lender, either by
choosing the 'Apply Now' link on the electronic
lender list, or by calling the lender.
-
If you choose a
lender not listed on this electronic list,
please call our office for special instructions.
-
Your lender will
contact UNA for a Loan Certification once your
application is approved and a Master Promissory
note has been collected.
-
You must complete
the
2008-09 PLUS Institutional Supplement Form -
In addition to an application with your lender,
the University of North Alabama will need an
Institutional Supplement Form. Please complete
and submit this form online.
*New Stafford loan borrowers (on/after 10-1-98) who
have taught in certain eligible elementary and
secondary schools that serve low-income families may
qualify for "loan forgiveness." To finds out
whether your school is considered a low-income
school, visit the
Department of Education website or
call 1-800-4-FED-AID.
**Perkins borrowers who have graduated from UNA and
are now engaging in teaching, public service,
service in Peace Corps or Action, or service in the
military may qualify for postponement or
cancellation. For more information on Federal
Perkins Loan cancellation
click
here.
