Online Loan Filing

The Higher Education Opportunity Act was signed into law on August 18, 2008. In the interest of providing students and families with full, fair, and effective information and to comply with this Act and all federal and state law standards, the college has prepared a Goucher College Code of Conduct for Education loans link:

Goucher College Code of Conduct for Education Loans

William D. Ford Federal Direct Loan Program

Goucher College is a full participant in the William D. Ford Federal Direct Loan Program.

The Federal Direct Loan program offers many benefits to Goucher students and parent borrowers, including:

• Consistent access to loan funds directly from the U.S. Department of Education
• Competitive rates and repayment options available to all borrowers
• Simple application process
• Quick receipt of funds
• Excellent customer service

NEW INFORMATION REGARDING FEDERAL STUDENT LOANS FOR 2012!

Some important changes regarding the Federal Direct loan program will take effect with loans disbursed on or after July 1, 2012.  f you are an undergraduate student and plan to take out a Direct subsidized student loan after July 1, 2012, the interest rate will remain at 3.4%.  This rate was established by Congress in 2012 and applies to new undergraduate subsidized loans made for the 2012-13 year.

Federal Loan Fact Sheet as of July 1, 2012 

Application Procedures for Completing Federal Direct Loan Process

First-time borrowers

1. Accept Loans on FASTS at www.Goucher.edu/FASTS.

2. Apply for a FASTS PIN if you've not already done so at www.pin.ed.gov

3. Complete Entrance Counseling using Manage My Direct Loan at www.studentloans.gov

4. Complete Master Promissory Note (MPN) using Manage My Direct Loan at www.studentloans.gov

For more information on Federal student loan programs and repayment terms visit Learn More at www.studentloans.gov.

All other Federal Direct loan borrowers

Accept or decline loans on FASTS at www.Goucher.edu/FASTS

For more information on Federal student loan programs and repayment terms visit Learn More at www.studentloans.gov.

Annual and aggregate loan limits for Federal Direct Stafford Loans:

In order to receive a Federal Direct PLUS Loan the Free Application for Federal Student Aid (FAFSA) must be completed at www.fafsa.gov. Goucher's school code is 002073.

Application Procedures for Completing Federal Parent Direct PLUS (Parent Loan for Undergraduate Students) Loan Process beginning June 1, 2013

1. Complete Goucher's PLUS loan request form available here.

2. Apply for a FAFSA pin if you've not already complete FAFSA at www.pin.ed.gov.

3. Complete the Federal Direct PLUS Master Promissory note (MPN) and preapproval PLUS loan application after June 1st at www.studentloans.gov.

For more information on Federal student loan programs and repayment terms visit Learn More at www.studentloans.gov.In order to receive a Federal Direct PLUS Loan the Free Application for Federal Student Aid (FAFSA) must be completed at www.fafsa.gov. Goucher's school code is 002073.

Application Procedures for Completing Federal Graduate Student Parent Direct PLUS Loan Process

1. Complete Goucher's Graduate PLUS loan request form available here.

2. Apply for a FAFSA pin if you've not already complete FAFSA at www.pin.ed.gov.

3. Complete the Federal Direct PLUS Master Promissory note (MPN) and preaproval PLUS loan application at www.studentloans.gov.

For more information on Federal student loan programs and repayment terms visit Learn More at www.studentloans.gov. Federal Graduate PLUS Loan 

How to Complete the Federal Perkins Loan Process

The Federal Perkins loans award is based on need.  If you are the recipient of a Federal Perkins loan, visit FASTS Accept Awards and Documents tabs. You can access these documents online at E-Sign Online .  Please follow the instructions provided on the web site to confirm your receipt and understanding of these documents.  This loan will not be disbursed until you have completed this process. 

Documents to be completed: (1) Federal Perkins master promissory note and (2) Federal loan entrance counseling.

If you have any questions about these documents, please contact the Office of Student Financial Aid at 1-800-GOUCHER, ext. 6141 or finaid@goucher.edu or stop by 206 Dorsey Center.  This loan will not be disbursed until you have completed this process.  Thank you in advance for your cooperation in completing this Federal Government requirement.

How to Apply for a Goucher Study Abroad Loan

The Office of Student Financial Aid does not award institutional need-based financial aid for winter or summer programs.  Students may be awarded scholarships by the Office of International Studies Office (OIS). Students meeting specified criteria may apply for a Goucher loan in the maximum amount of $2,000.  Please contact of the Office of Student Financial Aid for eligibility requirements.

For students awarded a Goucher Loan, the new Federal Truth in Lending Act requires Goucher College to provide you with four documents of information.   You must confirm receipt of these documents in order to receive your loan.  Thank you in advance for your cooperation in completing this Federal Government requirement.

The documents are:

1. Solicitation and Application Document
2. First Disclosure Approval Document
3. Self-Certification Form
4. Final Disclosure Approval 

You can access these documents online at E-Sign Online .  Please follow the instructions provided on the web site to confirm your receipt and understanding of these documents.  This loan will not be disbursed until you have completed this process. 

If you have any questions about these documents, please contact the Office of Student Financial Aid at 1-800-GOUCHER, ext. 6141 or finaid@goucher.edu or stop by 206 Dorsey Center.  This loan will not be disbursed until you have completed this process.

How to Apply for a Private Educational Loan

We suggest completing a Free Application for Federal Student Aid (FAFSA) and considering the Federal Stafford or Federal PLUS before applying for this type of loan.

NEW --The Federal Reserve and Department of Education have recently implemented new rules and regulations that impact students borrowers who use private educational loans. All private lenders to whom the regulations apply must be in compliance no later than February 14, 2010. For more information, read the Private Loan Application information. As part of the process borrowers will be asked to complete a Private Education Loan Applicant Certification. Contact the financial aid office if you need assistance completing this form at finaid@Goucher.edu.

• Please borrow wisely.
• Your Award Notification lists the maximum amount you are eligible to borrow from each loan program.
• Please borrow only what is needed to cover your educational and living expenses for this academic year.
• If you choose to borrow less than you are offered, you will be eligible to request the remaining funds later in the semester.
• Requests for additional loans should be submitted at least 30 days before the last day of classes. Set a realistic budget and stick to it.
• Exhaust all alternatives before borrowing.
• Only borrow what you really need.
• Understand the features and benefits of your loan.
• Stay in touch with your lender and the Office of Student Financial Aid.
• Avoid interest accrual on unsubsidized loans.
• Keep a log of whom you talk to about your loan.
• Keep records of all correspondence with your lender.
• Contact your lender about payment options if you can't make a payment.
• Borrow for the year, not the semester.
• PLUS loan borrowers should determine the annual amount needed and remember that your lender will charge a 4% fee before disbursing funds.
• A credit preapproval for the PLUS loan annual requested amount is required.
• GradPLUS borrowers will also need to complete Federal loan entrance counseling.
• Learn to control and manage your debt. The Department of Treasury has helpful information http://www.usa.gov/topics/money/credit/debt/out-of-control.shtml
• For more information on financial literacy visit http://www.goucher.edu/x39787.xml

RESOURCE LINKS

Federal Loan Income Based Repayment Plan

Student Loan Borrower Assistance

Credit Counseling Services

 National Student Loan Data System (NSLDS)

Students receiving a Federal Direct or FFELP Stafford, Federal Parent Loan for Undergraduate Students (PLUS), Federal Grad PLUS or Federal Perkins loan while attending Goucher may access their information at any time using the NSLDS and the Free Application for Federal Student Aid personal identification number. This information includes the type of loan, amount, status of student loan and lender information. 

In order to receive federal loan funds all students must complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. Goucher's school code is 002073.