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Catalog 2007-2008
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Financial Assistance

LOANS
SUBSIDIZED FEDERAL DIRECT LOANS
Through this program students can receive loans from the Federal Government. The interest, variable but capped at 8.25 percent, is paid by the government while the student is enrolled, and for the six-month grace period after the student graduates or ceases at least half-time attendance. Loan repayment begins at the termination of the grace period. All borrowers are required to complete a FAFSA form. Undergraduate students at the freshmen level can borrow $2,625; sophomores, $3,500; juniors and seniors, $5,500 per loan period (three semesters), to an aggregate maximum of $23,000. Graduate students can borrow $8,500 per loan period (three semesters), to an aggregate maximum of $65,000 (undergraduate and graduate borrowing combined).

UNSUBSIDIZED FEDERAL DIRECT STUDENT LOANS
Students who do not demonstrate documented need may borrow under this program. The student borrower will be charged interest from the time the loan is disbursed until it is paid in full. The loan limits are the same as for subsidized loans.

FEDERAL GRAD PLUS LOAN
This is a new federal loan program available to graduate students. The Grad PLUS loan allows a graduate student to borrow up to the total cost of education minus any other financial aid. The interest rate is fixed, and repayment is generally deferred while in school. Half-time (6 graduate hours) enrollment, satisfactory academic progress, and a credit check are required. Additional information and application procedures are available on our website, uwf.edu/finaid.

FEDERAL DIRECT PARENT LOANS (PLUS)
These loans are annual variable interest loans for parents of any dependent undergraduate student and are capped at nine percent. Parents may borrow annually up to the cost of attendance minus any financial aid. There is no maximum aggregate PLUS loan limit. Parent borrowers? repayment period begins the day the loan is disbursed with the first payment due 60 days after disbursement.

FEDERAL PERKINS LOAN PROGRAM
Funds are available to undergraduate and graduate students who demonstrate financial need. Loans range from $100-$1500 per semester. The aggregate limit for undergraduate students is $20,000, the limit for graduate students is $40,000. Loans have a five percent interest rate with no interest being charged until repayment of the principal begins ? that is, nine months after the student is no longer at least a half-time student. Repayment may be deferred for an additional three years during service in the armed forces, Peace Corps, or VISTA; or for any time a student who has dropped out returns to at least half-time study. There are cancellation provisions for students who enter certain fields of teaching and for military service. These loans must be paid back to UWF or its designated billing agency.

INSTITUTIONAL SHORT-TERM LOAN PROGRAM (STL)
These loans are available to ease a temporary cash-flow problem. They carry a modest service charge and must be repaid during the same semester in which they are received. Limited to a maximum of $750, STLs are not considered financial aid. Applications are available in the Financial Aid Office.

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