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Stafford Loans
SMCC Facts
Borrower Rights and Responsibilities
Loan Repayment Plans
Understanding Repayment
100
What are the two Stafford Loans available for students?
What is Subsidized and Unsubsidized
100
How many credits is part time enrollment?
What is at least 6 credits or 6 to 11 credits
100
This is a legal document that states that you agree to pay back your full loan amount including any fees and interest.
What is a Master Promissory Note
100
Fixed monthly payments over 10 years with a minimum of $50 a month.
What is Standard Repayment Plan
100
If you are having troubles paying your student loans you should ______________
What is contact your loan service as soon as possible.
200
The U.S. Department of Education pays the interest on this Stafford Loan while you are attending school at least half - time.
What is Subsidized Loan
200
When is Spring Break?
What is March 13 - March 18
200
You have to complete a Master Promissory Note ___ time(s)
What is one time, when you first take out a loan. If you transfer to a new school a new Master Promissory Note will need to be completed.
200
Lower payments at first and then gradually increase your payments over time.
What is Graduated Repayment Plan
200
Default is ______________
What is failure to make payments based on the terms of our promissory note. Typically default happens if payments are not made in more than 270 days.
300
What does FAFSA stand for?
What is Free Application for Federal Student Aid
300
What is the SMCC mascott?
What is a Seawolf
300
Change of ____________, _____________ and/or ____________ are a sample of what needs to reported to your lender immediately upon change.
What is name, address or phone number
300
Extended Repayment Plan allows for either standard or gradual payments over 25 years, however our Direct Loan balance must be greater than _____.
What is $30,000
300
If I default on my loans I will be in jeopardy of ______________
What is damaged credit rating and possible inability to borrow in the future.
400
What is a grace period?
What is the first six months after you either graduate or stop attending half time where you do not have to make any payments on your loan.
400
The Financial Aid office is located...
What is Campus Center
400
You are still responsible for repaying your student loans even if you do not __________.
What is graduate or complete your program
400
Income Contingent Repayment Plan is based on your ...
What is annual salary (spouses too if married), family size and the total amount of your Direct Loans.
400
If I default on my loans I may also have _____________
What is wages and tax refunds withheld
500
How do I get a Federal Stafford Loan?
What is completing the FAFSA
500
What is the name of SMCC's President?
Who is Ron Cantor
500
You should only borrow _____________________.
What is the amount you need.
500
You must have a financial hardship, federal student loan debt must be high relative to your income and family size.
What is Income Based Repayment Plan
500
If I do not repay my student loans and am in a profession which requires a license I am in jeopardy of ___________
What is loosing my license and endangering being able to obtain a license in the future.