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Financing Your Antioch Education With Loans, 2008-2009
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Checklist
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Financing Your Antioch Education With Loans
Choosing a Lender | Preferred Lenders | Financial Aid Links |
For help organizing your finances, download our Budget Worksheet (PDF 138K).
Stafford Loan Program Types:
- Subsidized Federal Stafford Loans are based on financial need. “Need” is determined by subtracting the Expected Family contribution (determined by federal formula based upon FAFSA information provided by the student) from ANE Cost of attendance/budget. The federal government pays the interest for you while you are enrolled in school at least half-time; during the six-month grace period after you stop attending school at least half-time; and during periods of authorized deferment.
- Unsubsidized Federal Stafford Loans are not based on financial need and are available to students regardless of income. Because this loan is not subsidized by the government, the student is responsible for all interest that accrues during in-school, grace, and deferment periods. You may choose to make periodic interest payments to the lender or opt to have the accrued interest capitalized (added to) the principal loan amount. Eligibility is determined by subtracting all other aid from the Cost of Attendance/Budget up to the annual maximum.
- Cost of Attendance/Budget is equal to the sum of tuition, fees, living allowance, and books for the period of enrollment during the academic year June 2008—May 2009. For 2008/2009, the living allowance is $1,710/month and the book allowance is $400/term.
Interest Rates:
New loans in 08-09 are at 6.8%.
Program Annual Maximums:
The maximum loan amounts you are eligible to receive during the academic year (summer/fall/spring) are as follows:
Federal Stafford Loan Eligibility Terms of Enrollment
| Summer ’08, Fall ’08, Spring ’09 (3 terms) | |||
| max/term Sub | max/term Unsub | term total | annual total |
| $4,250 | $6,000 | $10,250 | $30,750 |
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| Fall ’08 and Spring ’09 (2 terms) | |||
| max/term Sub | max/term Unsub | term total | annual total |
| $4,250 | $6,000 | $10,250 | $20,500 |
Doctoral Students in Clinical Psychology have additional eligibility for unsubsidized loans. ($12,500 in the first year and $16,667 in years 2-4)
Loan Fees: (0-4%) based on lender policy may apply, and will be deducted by lender from each disbursement.
Stafford Loan Cumulative Maximum: $138,500 including undergraduate loans. For Doctoral Students in Clinical Psychology the maximum is $188,500, including undergraduate loans.
Loan Amounts: What you borrow will be split in two or three disbursements determined by the number of terms for which you are enrolled for the academic year.
Note: If your cost of education exceeds your maximum Stafford eligibility for the award year, you may apply for a Graduate PLUS Loan through your Stafford lender. The total aid amount from ALL types of aid may not exceed the Cost of Attendance/Budget.
Graduate PLUS Loan is an unsubsidized loan, limited to the cost of attendance minus aid received. Students apply for the PLUS loan (once the maximum Stafford loan has been reached) through their Stafford loan lender, who in turn will notify Antioch of their eligibility. PLUS loans have a fixed interest rate of 8.5%.
© 2007 Antioch University New England, 40 Avon Street, Keene, NH 03431-3516 800.553.8920