Southern University and Agricultural and Mechanical College

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Loans

Loans are available to Southern University and A&M College students through federal, state and institutional programs to assist with educational costs. Some loans require financial need, but others are available to students with no financial need.

Code of Conduct

Loan Question and Answers

Information

Federal Stafford Loan (subsidized)
  1. Maximum Annual Amount: $3,500 for freshman, $4,500 for sophoores, $5,500 for juniors/seniors.
  2. Open to US citizens or perrmanent residents with financial need.
  3. Send FAFSA to processor by March 31.
  4. Loan Terms: Variable interest rate - Maximum of 8.25%. Repayment begins six months after student leaves school.
Federal Stafford Loan (unsubsidized)
  1. Maximum Annual Amount: Same as Federal Stafford Loan less amount of subsidized loan.
  2. Open to U.S. citizens or permanent residents with financial need.
  3. Send FAFSA to processor.
  4. Variable interest rate - Maximum of 8.25% Payment of principal can be deferred but interest accrues and is due while student is in school.
Federal Plus Loan 
  1. Maximum Annual Amount: Same as Federal Stafford Loan less amount of subsidized loan.
  2. Open to U.S. citizens or permanent residents with financial need.
  3. Send FAFSA to processor.
  4. Variable interest rate - Maximum of 8.25% Payment of principal can be deferred but interest accrues and is due while student is in school.
Alternative Loans
  1. Amounts are based on attendance and other financial aid, not on financial need and is credit based.
  2. Interest is charged while you are in school, but payment of interest cab be deferred until after you graduate.
  3. Depending on the lending agency, repayment can begin immediately or beginning six months after you graduate or cease minimum enrollment.
  4. Interest rates are low; repayment terms vary.
  5. Only offered to students as a last option for funding.

Forms

  1.  
    1. Direct Subsidized/Unsubsidized

             Entrance Counseling
             Master Promissory Note
    2. Lender Selection Form

 


Please complete the necessary form. Print, sign, date and return it to the Southern University Office of Financial Aid
.

Our office will assist you in determining the best, most practical program and lending agency in applying for loans.