2015-2016 Spring Loan Form: March 1st, 2016
REQUIREMENTS FOR STUDENT LOAN
2015-2016 SPRING LOAN APPLICATION
FIRST TIME BORROWERS MUST ATTEND A LOAN SEMINAR BY APPOINTMENT ONLY
On May 16, 2013, Federal Student Aid published regulations implementing the Moving Ahead for Progress in the 21st Century Act (MAP-21) (Public Law 112-141) that added a new provision to the Direct Loan statutory requirements that limits a first-time borrower's eligibility for Direct Subsidized Loans to a period not to exceed 150 percent not to exceed 150 percent of the length of the borrower's educational program ("the 150% limit"). Underr certain conditions, the provision also causes first-time borrowers who have exceeded the 150 percent limit to lose the interest subsidy on their Direct Subsidized Loans.