Atlanta Metropolitan State College 1630 Metropolitan Parkway, sw, Atlanta, ga 30310 student loan request form

A student loan is a serious obligation, which must be repaid. Therefore, we encourage you to carefully consider the amount of loan funds you request. Borrow wisely. Your eligibility for loan funds will be determined based upon your enrollment, expected date of graduation, and the educational costs for the period of the loan and any financial aid resources granted for the period of the loan.

To request a Federal Student Loan please complete this form in its entirety, be sure to read and check each box on the back to indicate you understand the information and return to the Financial Aid Office.

• 
  You must be enrolled in a minimum of 6 credit hours.
  
• 
  Meet all satisfactory academic progress requirements as indicated in the college catalog.
  
• 
  Complete the FAFSA
  
• 
  Not be in default on a prior student loan or have an overpayment to the Federal Government.
  
• 
  You must be enrolled in a degree or certificate program
  

Direct Stafford Loans from the William D. Ford Federal Direct Loan Program, are low-interest loans for eligible students to help cover the cost of higher education. These loans include:

• 
  Direct Subsidized Loans- Direct Subsidized Loans are for students with financial need which is determined from your Free Application for Federal Student Aid (FAFSA). You are not charged interest while you’re in school at least half-time (6+ hrs.); however interest accrues during grace periods and deferment periods.
  
• 
  Direct Unsubsidized Loans- Direct Unsubsidized Loans are not based on financial need. This loan like all aid is based on your enrollment status (6 hours or more) and budget. Interest accrues (accumulates) from the time it’s disbursed. You can pay the interest while you are in school or you can allow it to accrue and add to your balance.
  
• 
  Know how much you owe!
  

A NEW student loan borrower is a student who has never borrowed a Federal Direct STUDENT LOAN at AMSC.

• 
  Master Promissory Note (MPN) – After you complete your MPN, please only print the first page. This is a legal document you e-sign in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.
  
• 
  Entrance Counseling - After you complete Entrance Counseling, print the confirmation page. First time loan borrowers are required to complete Entrance Counseling; this helps you understand your rights and responsibilities of borrowing student loans. All of your rights and responsibilities are outlined in the Master Promissory Note (MPN) that you e-sign.
  
• 
  Financial Awareness Counseling – After you complete Financial Awareness Counseling, print the confirmation page. This type of counseling helps students understand the fundamentals of borrowing money to pay for college. Please understand there is a limit to how much you can borrow in student loans to pay for your undergraduate education. All students are responsible for being ‘Smart Borrowers’ of student loans.
  

• 
  You will receive a confirmation email after you add Atlanta Metropolitan State College in the ‘School/Organization’ field and complete the sign up process. Print the confirmation email.
  

Loan Request Form, MPN, Entrance Counseling, Financial Aid Counseling, and the SALT*

confirmation email.

* What is SALT? “SALT is a free educational resource that provides simple, smart, personalized ways for college students and recent graduates to take control of their student debt and manage their finances. With a combination of helpful tools, tailored information, and unbiased expertise, SALT helps young people borrow less, borrow smart, and repay their loans in a way that works for them.” Saltmoney.org

Step 4: Attend Loan Counseling workshop.


Complete and return to the Financial Aid Office – 1630 Metropolitan Parkway, SW, Atlanta, GA 30310

404-756-4002 or finaid@atlm.edu
Atlanta Metropolitan State College

2015-16 Student Loan Request Form
Last Name _____________________________ First Name__________________________

I.D. #:_________________ Expected date of graduation: ___________________

The maximum loan amounts are listed below. You do not have to borrow the maximum amount. Request what you need to meet your educational expenses for the “Term Requested” below.

There is a loan fee on all Direct Stafford Loans. The loan fee is a percentage of the amount of each loan you receive. Currently the loan fee is 1.073%. This fee comes out at the time of disbursements, which is the end of the fifth week of each semester. Entrance Counseling and Master Promissory Note must be complete before we can disburse. Please read the following loan information and check the box after you have understood the information.

The U.S. Department of Education (DOE) has given Atlanta Metropolitan State College (AMSC) the authority to limit the amount of unsubsidized loans that certain groups of students can borrow. As participants in the experiment 6 program, AMSC will limit the following groups to subsidized loan borrowing (max $3500 or $4500) only. These groups are:

1. 
   Students in violation of SAP who are on ‘Warning’ or an ‘Approved Probation’
   
2. 
   All Freshmen students (students with < 30 earned credits)
   
3. 
   All Sophomore students (students with < 60 earned credits)
   

□ I understand this is a loan and must be repaid to the U.S. Department of Education.

□ I understand all loans will disburse in two payments, after enrollment verified by the Registrar’s Office. Student initials required _________
□ I understand this money is to be used for educational expenses (tuition, fees, books, etc.) and I authorize Atlanta Metropolitan State College to deduct these direct costs from my loan(s).
□ I must be enrolled at least ½ time (6 credit hrs.) in an eligible program of study, taking courses within my major and be maintaining Satisfactory Academic Progress (SAP).
□ Repayment begins 6 months after I graduate or am no longer enrolled ½ (6 hours) time and I will complete Exit Counseling upon leaving Atlanta Metropolitan State College at www.studentloans.gov.
□ I understand that I can cancel my loan at any time before it is disbursed. I also understand that after my loan is disbursed I can cancel my loan within 14 days after you receive notification that the loan was disbursed to your student account.
□ I understand that allowing my loans to go into default will make me ineligible to receive any future federal aid while in default. This could have a negative impact on my credit rating, the department of education may take all or part of your federal and state tax refund, and I may have my wages garnished and accrue collection fees and interest. Do everything you can to avoid loan default, talk to your loan servicer to learn about the many different repayment options, loan deferment and forbearance before allowing your loan to go into default.
□ I am aware that I must complete Entrance Counseling and Master Promissory Note (MPN) for AMSC at www.studentloans.gov before I can receive any federal direct loans.
New Student Borrowers Only:
☐ I have completed a Master Promissory Note for Atlanta Metropolitan State College (submit copy).

☐ I have completed Entrance Counseling Session for Atlanta Metropolitan State College (submit copy).

☐ I understand that as a new student borrower at AMSC, I am required to attend a loan counseling class prior to receiving loan funds.

Please Complete:

Check one-

_____I wish to accept the full amount of loan eligibility.

_____I wish to accept the loans, however reduce all loans to meet direct charges only. Amount Requested $_________