Unsubsidized Federal Stafford Loan

This loan is available to students who might not be eligible for a subsidized loan. The term unsubsidized means that payments on the interest should be made while you are enrolled. Like a Subsidized Federal Stafford Loan, these loans are insured by a guarantee agency and the Federal government. Students who are continuously enrolled at least halftime make no payments on the principal of this loan while in school. Payments begin six months after graduation (or when enrollment is reduced to less than halftime or terminated). Unlike subsidized Stafford and Perkins loans, interest begins accumulating immediately.

*This is a loan and it must be paid back.

è If a student is enrolled in courses that do not count toward his/her degree and/or if a student is repeating a course in which a passing grade was previously earned (unless repeating for ADDITIONAL credit is allowable), they cannot be used to determine enrollment status for aid purposes.

Federal Stafford Loan recipients who have never received a student loan while enrolled at UAM are required by federal regulation to complete a loan counseling session. No loan can be disbursed prior to completion of this requirement. Students will receive important information about the Federal Stafford Loan at this counseling session.

FIRST-YEAR, FIRST TIME BORROWERS...

As a freshman you may borrow up to the maximum loan amount of $3,500 in the first academic year.
Your first disbursement of your loan will be delayed for thirty days from the first day of class.
You must complete a loan counseling session.

*When you graduate, withdraw, or drop below half-time from UAM, you must complete an exit interview through the UAM Financial Aid Office.

Return of Title IV - Students who receive Title IV aid and do not complete at least 60% of the semester for which they are enrolled may be required to return a portion of the Federal funds received. Title IV aid includes, but is not limited to, Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (SEOG), Academic Competitiveness Grants (ACG), National Science & Mathematics Access to Retain Talent (SMART) Grants, Perkins Loans, and Stafford Loans. In most cases, the withdrawal date for students who officially withdraw will be the actual date of withdrawal as determined by the Registrar’s Office. Students who cease attending without officially withdrawing are considered “unofficial withdrawals.” The midpoint of the semester (or in some cases, the last date of attendance) will be used in determining the amount of aid to be returned for unofficial withdrawals.

Withdrawing from the University, either officially or unofficially, may require that you return a substantial amount of the Title IV funds that you received. If you should have to withdraw at any point, contact the Financial Aid Office.

PLEASE NOTE:

Receipt of additional financial assistance such as scholarships, grants-in-aid, or vocational rehabilitation grants may change eligibility for awards that have already been processed. Federal Stafford Loans, Federal Supplemental Educational Opportunity Grants (SEOG), Academic Competitiveness Grants (ACG), National Science & Mathematics Access to Retain Talent (SMART) Grants, and/or Federal Perkins Loans may be decreased or canceled if the student receives additional assistance. IT IS YOUR RESPONSIBILITY TO KEEP THE FINANCIAL AID OFFICE INFORMED OF ALL ASSISTANCE YOU WILL BE RECEIVING.