Auto Pay is a requirement for MVP eligibility. Your borrowing limit is determined by college costs, grade level, who is paying for college costs, other financial aid awarded and maximum limits set by the government. Parents may borrow up to the total cost of attending college, less any financial aid awarded to you. The Financial Aid Office at your college will determine the exact amount you can borrow. Rules and restrictions such as aggregate limits, prorated amounts and subsidy limits may also apply.
Amount includes subsidized and unsubsidized loans.
The SAR will outline the estimated amount you and your family are expected to pay for your education. Private lenders like First National Bank provide the actual funds. When you apply for a loan through your school's financial aid office, you will be asked to select a participating lender to distribute the loan proceeds to your school. You must begin repaying your Stafford Loans six months after you graduate, withdraw or drop below half-time attendance. PLUS loan borrowers must begin repayment within 60 days of final disbursement.