{"id":23080,"date":"2020-03-04T18:19:24","date_gmt":"2020-03-04T18:19:24","guid":{"rendered":"http:\/\/pre-production.taftcollege.edu\/financial-aid\/?page_id=23080"},"modified":"2023-09-14T07:34:47","modified_gmt":"2023-09-14T15:34:47","slug":"student-loans","status":"publish","type":"page","link":"https:\/\/archive.taftcollege.edu\/financial-aid\/student-loans\/","title":{"rendered":"Federal Direct Student Loans"},"content":{"rendered":"

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left”][vc_column][vc_row_inner row_type=”row” type=”full_width” use_row_as_full_screen_section_slide=”no” text_align=”left” css_animation=””][vc_column_inner][vc_empty_space][\/vc_column_inner][\/vc_row_inner][vc_column_text]<\/p>\n

<\/h1>\n

Federal Direct Loan Information<\/strong><\/h1>\n

The Federal Direct Loan program offers loans at a low interest rate with repayment terms designed with students in mind.\u00a0 In most cases, students will not have to start repaying the loans until six months after a student graduates and\/or enrolls in less than six units (half-time).<\/p>\n

Loans must be repaid with interest so it is important to understand the rights and responsibilities as a borrower.\u00a0 All borrowers are required to complete the Loan Entrance Counseling<\/a> before the office processes a loan.<\/p>\n

Taft College participates in the William D. Ford Federal Direct Loan Program.\u00a0 The U.S. Department of Education is the lender for the William D. Ford Federal Direct Loan Program.\u00a0 Direct Loans are issued by the federal government.\u00a0 The loan is serviced by the Federal Direct Loan Servicing Center.\u00a0 There are no banks or lending institutions.<\/p>\n

Taft College Title IV Loan Code of Conduct<\/a><\/h4>\n

Types of Direct Loans<\/h2>\n

Subsidized Loans<\/h3>\n

Subsidized Loans are available to eligible students who demonstrate financial need<\/a> to help cover the costs of higher education at a college or career school.\u00a0 If you qualify, the federal government will pay the interest on the loan while students are in school and during periods when students are authorized to defer loan payments.<\/p>\n

Unsubsidized Loans<\/h3>\n

Unsubsidized Loans are available to students regardless of financial need.\u00a0 Students are responsible for the interest which accumulates on the unsubsidized loan while the student is attending school, during the grace period and during any periods when the student is authorized to defer the loan payments.\u00a0 The students have the option to pay the interest during while enrolled in school or pay it later.\u00a0 If students delay payment the interest will be added to the principal balance.\u00a0 This addition of interest to the principal balance of the loan is known as capitalization.[\/vc_column_text][vc_column_text]Annual Loan Limits<\/span><\/p>\n

\n\r\n\r\n
Limits<\/th>\n Dependent<\/th>\n Independent<\/th>\n<\/tr>\n<\/thead>\n
First-Year Undergraduate Annual Loan Limit<\/td>\n $3500 subsidized + Up to $2000 additional unsubsidized<\/td>\n $3500\u00a0 subsidized + Up to $6000 additional unsubsidized<\/td>\n<\/tr>\n\r\n
Second-Year Undergraduate Annual Loan Limit<\/td>\n $4500 subsidized + Up to $2000 additional unsubsidized<\/td>\n $4500 subsidized + Up to $6000 additional unsubsidized<\/td>\n<\/tr>\n<\/tbody><\/table><\/div>[\/vc_column_text][vc_column_text]<\/p>\n

Fees and Interest Rates<\/span><\/h3>\n

For all Direct Subsidized Loans and Direct Unsubsidized Loans with a first disbursement date on or after October 1, 2021 and before October 1, 2022 the origination fee is 1.057%<\/p>\n

For all Direct Subsidized Loans and Direct Unsubsidized Loans with a first disbursement date on or after October 1, 2022 and before October 1, 2023 the origination fee is 1.057% (rate subject to change after July 1st)<\/p>\n

For all Direct Subsidized Loans and Direct Unsubsidized Loans with a first disbursement date on or after October 1, 2021 and before October 1, 2022, the interest rate is 3.73%<\/p>\n

For all Direct Subsidized Loans and Direct Unsubsidized Loans with a first disbursement date on or after October 1, 2022 and before October 1, 2023, the interest rate is 4.99% (rate subject to change after July 1st)[\/vc_column_text][vc_column_text]<\/p>\n

Repayment of Federal Direct Student Loans<\/span><\/h2>\n

After graduating, leaving school or enrolling in less than half-time (6 or less units), a student will have a six month “grace period” before the first loan payment is due.\u00a0 All Direct Loans must be paid back with interest.\u00a0 Typically, a student will have 10 years to repay the Direct Loan.\u00a0 The Exit Counseling Guide<\/a> will provide a complete picture of repayment options.[\/vc_column_text][vc_empty_space][vc_column_text]<\/p>\n

\u00a0<\/strong><\/span><\/h1>\n

For more information contact:<\/h1>\n

email: agarcia@taftcollege.edu<\/p>\n

phone: (661) 763-7745[\/vc_column_text][vc_empty_space][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left”][vc_column]

Student Loan Request Checklist<\/span><\/div><\/a>[\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left”][vc_column][vc_row_inner row_type=”row” type=”full_width” use_row_as_full_screen_section_slide=”no” text_align=”left” css_animation=””][vc_column_inner][vc_empty_space][\/vc_column_inner][\/vc_row_inner][vc_column_text] Federal Direct Loan Information The Federal Direct Loan program offers loans at a low interest rate with repayment terms designed with students in mind.\u00a0 In most cases, students will not have to start repaying the loans until six months after<\/p>\n","protected":false},"author":18,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","inline_featured_image":false,"footnotes":""},"class_list":["post-23080","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/archive.taftcollege.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/23080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.taftcollege.edu\/financial-aid\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/archive.taftcollege.edu\/financial-aid\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/archive.taftcollege.edu\/financial-aid\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.taftcollege.edu\/financial-aid\/wp-json\/wp\/v2\/comments?post=23080"}],"version-history":[{"count":62,"href":"https:\/\/archive.taftcollege.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/23080\/revisions"}],"predecessor-version":[{"id":24226,"href":"https:\/\/archive.taftcollege.edu\/financial-aid\/wp-json\/wp\/v2\/pages\/23080\/revisions\/24226"}],"wp:attachment":[{"href":"https:\/\/archive.taftcollege.edu\/financial-aid\/wp-json\/wp\/v2\/media?parent=23080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}