Two Important Federal Website for Student Borrowers:
StudentLoans.gov
If you need to view your Direct Stafford loan documents, sign a Master Promissory Note or
complete an Entrance Interview, go to the
Federal Student Aid Direct Loan website.
You can complete these requirements online. You will need your federal PIN to access your
record. If you do not have a PIN or cannot remember your PIN, a link is provided at this
site to assist you in getting your PIN.
NSLDS.ed.gov
If you need to complete Exit Interview requirements for a Stafford Loan or you need
information about the total amount and types of student loans that have been disbursed to
you or information about federal grants you have received, go to the
National Student Loan Data System.
The federal Direct Stafford Student Loan program is the most widely used student loan
program for both undergraduate and graduate students interested in borrowing to help meet
educational expenses. Borrowing limits, interest rates and terms of repayment are determined
and regulated by the US Department of Education.
Application for a Direct Stafford Loan is made directly with the US Department of
Education. An application for a Direct Stafford Loan will be created for each student aid
applicant based on the results of the Free Application for Federal Student Aid by the
Financial Aid Office. Necessary application information will be transmitted electronically
to the US Department of Education. Funds for loans made to qualified borrowers will be
provided directly by the US Treasury through the US Department of Education.
For dependent undergraduate students who qualify for a subsidized loan, the interest rate is
4.5% for 2010-2011, 3.8% for 2011-2012. The interest rate for subsidized loans for graduate
students and all unsubsidized loans for undergraduates and graduates is 6.8%. Beginning 2012-2013
(loan periods beginning July 1, 2012 and after), the interest rates on both subsidized and
unsubsidized loans will be 6.8%. No interest is charged on a subsidized loan for
you while you are in school and during the grace and deferment periods. Subsidized loans are
made based on financial need. Unsubsidized loans can be made to any otherwise
qualified student, without regard to financial need. Interest is charged on these loans
during in-school, grace, deferment and repayment periods.
Beginning 2012 -2013 (loan periods beginning July 1, 2012 and after), the interest subsidy
for graduate and professional students has been eliminated per the Budget Control Act of 2011.
All Stafford loans for graduate and professional students will be unsubsidized with an interest
rate of 6.8%.
All potentially eligible graduate and undergraduate students are automatically considered
and reviewed by the financial aid office based on the results of the FAFSA.
Annual Loan Limits
These Direct Stafford Loan Annual and Cumulative Limits apply to loans disbursed on or after
July 1, 2008.
The following annual loan limits apply based on a student's grade level, dependency
status and enrollment in a graduate or undergraduate program. The annual loan limits apply
to the entire twelve month academic year which includes the fall, spring and summer terms.
| Grade Level |
Credit Requirement |
Subsidized Limit |
Unsubsidized Limit |
Extended Unsubsidized Limit (1) |
| First Year |
0-24 |
$3500 |
$2000 |
$4000 |
| Second Year |
25-54 |
$4500 |
$2000 |
$4000 |
| Third Year |
55-84 |
$5500 |
$2000 |
$5000 |
| Fourth Year |
85-114 |
$5500 |
$2000 |
$5000 |
| Fifth Year |
115+ |
$5500 |
$2000 |
$5000 |
| Graduate 2011-2012 |
|
$8500 |
$12,000 |
|
Graduate 2012-2013
For loan terms beginning July 1, 2012 the interest subsidy for graduate and professional
students has been eliminated per the Budget Control Act of 2011. |
|
$0 |
$20,500 |
|
| Post-Baccalaureate coursework for Graduate School admission (2) |
|
$5500 |
$7000 |
|
| Teacher Certification only (not in a master's degree program) |
|
$5500 |
$7000 |
|
Annual amounts may be limited based on the Cost of Attendance and other financial aid received.
(1) Extended Limits are available only to independent students and dependent students
whose parents have been denied a PLUS loan.
(2) Student must provide written document from a graduate school to confirm prerequisite
status.
Maximum Cumulative Loan Limits
Student borrowing is governed by federally determined maximum limits for all post-secondary
education as indicated below:
|
Total Subsidized |
Total Subsidized and Unsubsidized |
| Dependent Undergraduate |
$23,000 |
$31,000 |
| Independent Undergraduate and dependents whose parents are denied a PLUS loan |
$23,000 |
$57,500 |
| Graduate |
$65,500 |
$138,500¹ |
¹ Annual and lifetime limits for certain health programs are eligible for additional
funding at the student’s request.
Entrance Interview
Direct Loan borrowers at the University of Pittsburgh are required to complete an Entrance
Interview before loan funds can be disbursed. This requirement can be completed online at:
https://studentloans.gov
Master Promissory Note
Students are required to sign a Master Promissory Note (MPN) for a Direct Stafford Loan. Your
MPN will be valid for 10 years while you are enrolled as a student. You will not need to sign
this form each year as long as you remain continuously enrolled. You can sign your MPN on line
at https://studentloans.gov.
Based on the results of your FAFSA, the Financial Aid Office at the University of Pittsburgh
will automatically consider you for a Direct Loan and notify you of your eligibility via a
student financial aid award letter. In addition, the Financial Aid Office will send your loan
eligibility information to the US Department of Education. We will assume that you want to
borrow the maximum loan for which you are eligible for the both semesters of the academic year.
If you decide not to borrow or want to borrow less than this maximum, you will need to complete
a Student Loan Request and Adjustment form and send it to the
Financial Aid Office. Once we receive this form, we will cancel or adjust your loan according
to your request. You will be notified in writing that the change has been made.
The US Department of Education will be your guarantee and servicing agency when you enroll at
the University of Pittsburgh.
As a student borrower, you will need to complete both an Entrance Interview and a Master
Promissory Note before your Direct Loan can be disbursed to you. Completing your Entrance
Interview and Master Promissory Note will help insure that you receive your loan funds on a
timely basis. Both of these activities can be completed on line. See above for websites.
Loan Repayment
Repayment of a Stafford Loan will begin six months after graduation or any other termination of
enrollment. Students can generally have up to 10 years to repay Stafford Loans. Deferment and
forbearance options are available under certain special circumstances.
If you are graduating or leaving the University of Pittsburgh for any other reason at the end
of the spring or summer 2010 term and you borrowed under the FFELP or Direct Stafford Student
Loan program during all or any part of your enrollment, you are required to complete an Exit
Interview.
You can complete your Exit Interview obligation at:
http://www.nslds.ed.gov/nslds_SA/
If you do not complete your Exit Interview, you may be denied future University services.
For specific questions about loan repayment or deferment options, contact your federal loan
servicer. You can find the servicer contact information for of all your federal loans at
www.nslds.ed.gov.
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