Arcadia University participates in the Federal Direct Stafford Loan
Program. As such, students have their
Stafford Loans processed directly through Arcadia University and
the U.S. Department of Education. In
addition to submitting this form, first-time Federal Direct Stafford borrowers at
Arcadia must do the following:
- Complete a Federal Direct Stafford Loan MPN (Master Promissory
Note) at www.studentLoans.gov (click
on complete MPN ). You must have your federal
PIN to do so.
- Complete a Federal Direct Loan Entrance Counseling session at www.studentLoans.gov (click
on complete Entrance Counseling).
Note: Repeat Stafford Loan borrowers who previously borrowed through a lender must complete the above steps as well.
Only Matriculating (those enrolled in a degree program or a certificate program through which Arcadia confers a certificate) graduate
students taking at least 6 credits per semester (6 credits over the
course of all summer sessions during the summer term suffices) are
eligible to apply for a Federal Direct Stafford Loan.
If you drop below half-time status (6 credits/semester),
depending upon the point in the semester when this occurs, a portion or all of your loan funds may need
to be returned. Additionally, if you are planning to use any of the amount indicated below to cover a prior
semester balance, you must complete the Title IV (Federal) Authorization Form for Students, available on
MyArcadia under the One-Stop Shop module.
Your eligibility for the loan is based on the period of the loan, the educational
costs for this period and the anticipated financial resources you
will receive during the period of the loan. The annual maximum amount a
graduate student may borrow, provided his/her cost of attendance warrants
it, is $20,500. Effective for loan periods beginning on or after July 1, 2012, all
Federal Direct Stafford Loans for graduate students will be unsubsidized (i.e.-interest will accrue on the loan during students in-school, grace and repayment periods).
Students may choose
to pay the interest quarterly during the in-school period, or capitalize
the interest until repayment of the loan begins. Federal Direct Stafford Loans presently
have a fixed interest rate of 6.8%. There is a 1.05% origination fee charged on Direct Stafford Loans.
For example, net proceeds on an $8,500 Stafford Loan amount to $8,411 once the 1.05% origination fee is deducted.