We've partnered with Inceptia to answer all of your student loan repayment questions. Inceptia, a division of National Student Loan Program (NSLP), is a nonprofit organization providing expertise in higher education access, student loan repayment, analytics, default prevention, financial education and verification. Inceptia educates students on how to pay for college, guides borrowers through loan repayment counseling, and provides default prevention strategies and services to schools. You can reach an Inceptia counselor at 855-471-1614.
Federal Direct Stafford Loans are federal loans available to degree-seeking undergraduate and graduate students enrolled at least half-time. Half-time at Concord University is defined as six credit hours for undergraduates and five credits for graduate students. Federal Direct Loans can be subsidized and/or unsubsidized. These loans are not credit-based and carry a current origination fee of 1.068%. The origination fee is deducted from the loan amount prior to its disbursal to the university. The Federal Direct Loan is borrowed directly from the U.S. Department of Education.
Repayment of all Federal Direct Loans typically begins six months after a student graduates, withdraws, or drops below half-time enrollment. This period of time is called a grace period. Students are granted one grace period. Students may have longer than six months if they are on active duty in the military.
The Federal Direct Subsidized Loan is awarded on the basis of financial need as determined by the FAFSA. As long as the student is enrolled at least half-time, no interest will accrue prior to repayment of the loan or during authorized periods of deferment.
The Federal Direct Unsubsidized Loan is not awarded on the basis of financial need. Unlike a subsidized loan, interest will begin to accrue immediately from the time the loan is disbursed until it is paid in full. Students are permitted the option of paying the interest each quarter or deferring interest payments until they enter repayment. If the student allows the interest to accrue while they are in school or during other periods of nonpayment, it will be capitalized – that is, the interest will be added to the principal amount of the loan, and additional interest will be based on that higher amount.
Depending on a student’s financial need, their Federal Direct Loan could be a combination of both subsidized and unsubsidized.
Annual Subsidized & Unsubsidized Direct Loan Limits for Undergraduate Students
||Independent Students or
Dependents with PLUS Denial
|Freshman (0-29 Earned Credits
||$3,500 Subsidized + $2,000 Unsubsidized
||$3,500 Subsidized + $6,000 Unsubsidized
|Sophomore (30-59 Earned Credits)
||$4,500 Subsidized + $2,000 Unsubsidized
||$4,500 Subsidized + $6,000 Unsubsidized
|Junior (60-89 Earned Credits)
$5,500 Subsidized + $2,000 Unsubsidized
|$5,5*00 Subsidized + $7,000* Unsubsidized
|Senior (90+ Earned Credits)
||$5,500 Subsidized + $2,000 Unsubsidized
||$5,500 Subsidized + $7,000 Unsubsidized
||Undergraduate Subsidized Limit $23,000
Undergraduate Dependent Combined Limit (subsidized and unsubsidized) $31,000
|Undergraduate Subsidized Limit $23,000
Undergraduate Independent Combined Limit (subsidized and unsubsidized) $57,500
Graduate and Professional School Students
The Federal Stafford loan is a low-cost, fixed-rate federal student loan available to graduate and professional school students, not just undergraduate students. Federal Stafford loans are the most common – and among the lowest-cost – way to pay for graduate and professional school. As of July 1, 2012, only unsubsidized Federal Stafford loans are available to graduate students. Listed below are some benefits of the Federal Stafford Loan for Graduate and Professional School Students:
1. Low fixed interest rate
2. Borrow up to $20,500 per year.
3. No payments while enrolled in school.
4. Acceptance not based on credit.
5. Graduate Subsidized Limit (including all undergraduate loans) $65,500
Graduate Combined Limit (including all undergraduate loans) $138,500
What additional steps must I take to receive my loan?
If your financial aid package includes federal student loans, you can view your awards, as well as the Terms and Conditions, on your MyCU account by following these steps:
1. Log into your MyCU Account
2. Click on Financial Aid tab
3. Click on Award
4. Click on Award by Aid Year
5. Select aid year
6. Click on Accept Award Offer
If it is your first time receiving a Direct Loan, you MUST go to https://studentloans.gov/myDirectLoan/index.action to complete:
Entrance counseling, a tool to ensure you understand your obligation to repay the loan; and
Sign a Loan Agreement or (Master Promissory Note), agreeing to the terms of the loan.