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Derek Thompson '06
Vice Principal, Plymouth North High School
Major: Master of Education
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Federal Loan Programs
In order to receive consideration for any of these programs, you must complete a FAFSA annually. You can file your FAFSA form for 2013-2014 beginning January 1, 2013.
For additional information about Federal financial aid programs view the U.S. Department of Education Student Guide
Federal Direct Loan Program
These loans are administered by the U.S. Department of Education and they are federally funded. These loans, known typically as Stafford Loans and GradPLUS Loan require repayment of the full amount of the loan. You can decline a Direct Stafford Loan offered on your award letter without impacting any other forms of aid offered to you by either completing and signing the reverse side of the award letter indicating your intention to decline the offered loan or send a signed, written request by mail, fax or email to:
Student Financial Services Office, Curry College, 1071 Blue Hill Avenue, Milton, MA 02186, fax 617-333-2915, firstname.lastname@example.org.
Each Stafford borrower is entitled to a six month grace period which begins the day you graduate, withdraw** or become enrolled less than half-time. While the borrower is in a grace period, no payment is made.
**Note: Official withdrawal is made with the Registrar's Office at the College. Additionally, you should visit the Student Financial Services Office to discuss your status change and how it impacts your student loans.
For more information about these loans; contact the U.S. Department of Education's Direct Loan Customer Service Department at 800-848-0979
Direct Loan Servicing Center, Borrower Services Department, PO Box 5609, Greenville, TX 75403-5609.
Federal Direct Unsubsidized Stafford Loans
A federal funded loan, not need-based, available to eligible student borrowers, enrolled at least half time. A Free Application for Federal Student Aid (FAFSA) must be filed with the school the student plans to attend. First time borrowers at the College must complete an entrance interview and sign a Master Promissory Note (MPN) before funds can be disbursed. For newly enrolled students, the amount of the loan awarded will be credited to the student's Curry College tuition account approximately thirty days after the start of the semester. For all other students, loan funds will be credited to the tuition account no earlier than ten days prior to the start of the semester.
- Interest and principal may be deferred until student ceases to be enrolled
- Interest accrues during in-school grace and deferment periods
- Variable interest rate of 6.21%
- Interest is not paid by the government. Borrower is responsible for all interest payments
- Repayment begins 6 months after the student graduates, withdraws or stops attending school at least half-time with a $50 minimum monthly payment
- Up to a 10 year repayment period
- A 1.073% fee will be deducted from loan proceeds prior to disbursement
Aggregate Loan Limits - Federal Direct Stafford Loans
Combined Base Limit for Federal Direct Subsidized and Federal Direct Unsubsidized Loans
Additional Limit for Federal Direct Unsubsidized Loans
Total Limit for Federal Direct Unsubsidized Loans(minus Federal Direct Unsubsidized amounts)
Dependent Undergraduate Students (whose parents were not denied a PLUS loan)
Independent Undergraduate Students (and dependent students whose parents were denied a PLUS loan)
Graduate and Professional Students
Federal Direct Loan Entrance Counseling is a Federal requirement for all students borrowing a Federal Direct Subsidized and/or Unsubsidized Stafford Loan for the first time at Curry College. Students are required to complete Federal Direct Loan Entrance Counseling before the proceeds from the Federal Direct Loan can be disbursed to the student account.
The Federal Direct Stafford Loan Master Promissory Note (MPN) is a legally binding agreement to repay the student loan. This agreement is between the student and the Department of Education. A parent cannot complete the Federal Direct Stafford Loan Master Promissory Note (or Entrance Counseling) on the student's behalf. Once the student borrower signs the MPN for enrollment at Curry College, she/he will not need to sign again as long as she/he remains continuously enrolled at the College in a degree program.
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Please note that Federal Direct Loan funds will not be disbursed to your student account until you have completed the Entrance Counseling requirement, the Federal Direct Loan Promissory note and received confirmation from the Department of Education that both requirements have been satisfactorily completed.
Any student who ceases to be enrolled at least half-time in a degree program and who borrowed a federal student loan (FFELP and/or Federal Direct) subsidized and/or unsubsidized at any time while enrolled at the College is required to complete Loan Exit Counseling either online at StudentLoans.gov or in person with a representative of the Student Financial Services Office.
Information that you borrowed from the Federal Direct Loan Program will be sent to the National Student Loan Data System (NSLDS), and will be accessible by guarantee agencies, lenders and institutions determined to be authorized users if the data system.
The federal government offers graduate students enrolled at least half-time in a degree program in need of additional financial resources beyond that offered as a result of filing the FAFSA, an opportunity to apply for a Federal Direct GradPLUS Loan. To be eligible for this loan program which must be repaid; you must first file a FAFSA and be awarded your eligibility under the Federal Direct Stafford Loan Programs (Subsidized and Unsubsidized). There is a minimal credit check requirement. Information that you borrowed from the Federal Direct Loan Program will be sent to the National Student Loan Data System (NSLDS), and will be accessible by guarantee agencies, lenders and institutions determined to be authorized users if the data system.
Students may borrow up to the cost of attendance minus any financial aid. The loan has a fixed interest rate of 7.21%. There is a maximum repayment period of 10 years, with a minimum monthly payment of $50. Fees for this loan are 4.288% which is subtracted from the requested loan amount prior to disbursement of the funds to the College.
Before Federal Direct GradPLUS Loan proceeds can be credited to a student's tuition account, the Office of Student Financial Services must receive confirmation from the Department of Education that the applicant has successfully completed a Federal Direct GradPLUS Loan Master Promissory note and passed a credit check.
Federal Loan Repayment (FFELP and Direct Loans)
All FFELP and Direct Loans (Stafford, PLUS and GradPLUS) require repayment. View information on Repayment Terms and Plans. Failure to repay your loan will result in a default status. Default is failure to repay a loan according to the terms agreed when you signed your promissory note. The consequences of default can be severe. If you are having trouble making your monthly payments, take the initiative to contact your lender as you might be eligible for an alternative repayment plan, deferment or forebearance. You may also contact the Direct Loan Servicing Center for assistance at 800-848-0979.
Remember, you are responsible for notifying your lender when you graduate, leave school or move. Not sure who your lender is, view your loan history online at the National Student Loan Data System. To access your information on this site you will need your FAFSA PIN.
Each Stafford borrower is entitle to a six month grace period which begins the day you graduate, withdraw or become enrolled less than half-time. While the borrower is in a grace period, no payment is made.
Need help estimating your monthly loan payments? A Loan Calculator is available to help you estimate what your payments might look like.
Federal Perkins Loans
A federally funded, need-based educational loan for students with exceptional need, enrolled at least half time. This is a loan and requires repayment. The interest rate is 5 percent. Repayment* of the full amount of the loan borrowed is required and begins nine months after a student graduates, withdraws from the College, or attends on a less than half-time basis. Depending on the total amount borrowed, the student may have up to ten years to repay this loan. Award amounts vary and funds are very limited as future loans to borrowers made from this revolving loan fund are dependent on federal funding levels and repayment by prior borrowers.
There are no fees for this loan. There is no interest charged on this loan while the student is enrolled at least half-time in a degree program and for nine months after the student graduates, withdraws from the College or drops below half-time status. The maximum amount an eligible student may borrow is $4,000 per award year for a student who has not successfully completed a program of undergraduate education or $6,000 per award year for a graduate or professional student. The maximum aggregate amount an eligible student may borrow is: (1) $20,000 for an undergraduate student who has completed two academic years and is pursuing a bachelor's degree; (2) $40,000 for a graduate or professional student, including loans borrowed as an undergraduate student; and (3) $8,000 for any student who has not completed two academic years of undergraduate work. The amount of the loan awarded by Student Financial Services will be credited to the student's Curry College tuition account approximately one week after the end of the Add/Drop period each semester. First time borrowers must complete an entrance interview online at Mapping Your Future.
Students who are awarded these funds must sign a Promissory Note before funds can be disbursed. You will be notified during the summer about completing your Promissory Note. Information that you borrowed this loan will be sent to the National Student Loan Data System (NSLDS), and will be accessible by guarantee agencies, lenders and institutions determined to be authorized users if the data system. Students are required to complete a FAFSA annually for consideration. Funds are credited to the student's tuition account approximately one week after the end of the add/drop period for the semester. Federal Perkins Loans are serviced by ACS. ACS can be contacted via telephone by calling 1-800-835-4611 Monday through Friday 8:00 am - 11:00 pm EST.
For additional information reference the U. S. Department of Education Student Guide: Federal Perkins Loans.
Any student who ceases to be enrolled at least half-time in a degree program as a result of graduation, withdrawal or leaving the institution and who borrowed a Federal Perkins Loan at any time while enrolled at the College is required to complete Loan Exit Counseling either online at Mapping Your Future or in person with a representative of the Student Financial Services Office. Additionally, you are responsible for notifying ACS, the servicer for your Federal Perkins Loan, when you graduate, leave school or move. NOTE: Official withdrawal is made with the Registrar's Office at the College. You should visit the Student Financial Services Office to discuss your status change and how it impacts your student loans.
*Under certain circumstances repayment of a Federal Perkins Loan may be deferred or cancelled. During deferment payments are not required and interest does not accrue. After deferment, the borrower is entitled to a post-deferment grace period of six consecutive months. Borrowers may be eligible for deferment, cancellation, forbearance or discharge under certain circumstances. View the Federal Perkins Loan Addendum Information. http://www.curry.edu/NR/rdonlyres/0F834C90-A4E8-4AF7-9996-41FCB2E01A4F/0/PerkinsAddendum.pdf Federal Perkins Loans are serviced by ACS. ACS can be contacted via telephone by calling 1-800-835-4611 Monday through Friday 8:00 am - 11:00 pm EST.Please contact the Student Financial Services Office for additional information.
Alternative Loan Programs
Many families supplement their college financing plan with private educational loans. Private loans are available from a variety of lending sources and provide additional funding when the other types of aid do not cover costs. These loans are not guaranteed by the federal government but by private financial institutions. Terms and conditions applicable to these loans vary greatly. Interest rates on these loans are typically higher than federal loans but lower than personal loans. For any private loan which requires the student to be the eligible primary applicant, the student borrower will need a credit-worthy co-signer for approval to borrow from these loan programs.
There are many opportunities available to finance a Curry College education. Your options may include a deferred payment plan, a long-term loan program or a combination of both to reduce immediate out-of-pocket expenses and help spread out college payments over a manageable period. The Student Financial Services Office will work with students and their families to assist them in selecting the option(s) that are best for their circumstances.
For more detailed information on each option, please download Financing Options Chart (PDF).
For online comparisons of our suggested alternative loan lenders, please visit:
Loan disclosure statements for each of our suggested alternative loan lenders are available at www.elmselect.com.
Most lenders offer their own loan programs to help you meet education costs. The Financing Options chart includes some suggested lenders that the College has worked with to help families meet their financing goals. However, the College will work with and process loans for any lender of your choice. Parents and students have the right to select the lender of their choice without penalty by the College and are not required to use any lenders on the suggested lender list. When selecting the option best suited for your circumstances, you should compare interest rates, borrowing limits, credit requirements and repayment options. Please contact our offices for more information.
If you have borrowed multiple federal student loans from different lenders, you might be eligible to consolidate them in to a single loan. Note: you cannot consolidate private education loans with your federal loans. Consolidation allows you to combine multiple loans in to one new loan. This process may assist you in reducing your monthly loan payment. Your new consolidated loan is a fixed interest rate based on the weighted average of your loans interest rates at the time you consolidate and rounded up to the nearest one-eighth of a percent. There are no fees to consolidate. View additional information about Loan Consolidation.
Jeannine Hatch, M.Ed. '06 shares her experience going back to school to change her career from Accountant to Elementary School teacher.