Spelman College participates in the William D. Ford Federal Direct Loan Program that enables students who are enrolled half-time or more and parents to borrow low-interest loans for educational expenses directly from the U.S. Department of Education.
Direct Loans are considered self-help aid. In order for Spelman to disburse your student loan funds to your account, you must complete a master promissory note and entrance loan counseling. Also, parents must complete a PLUS application and Master Promissory Note at the Federal Student Aid website.
The National Student Loan Data System
As a consumer, you need to be aware that the U.S. Department of Education will post your Federal Direct Loan data on the National Student Loan Data System, which is accessible by federal student loan guarantee agencies, lenders and institutions which the Department of Education has authorized access to this data system. Visit the StudentAid website for more information.
There are two types of Direct Student Loans: Direct Subsidized Loans and Direct Unsubsidized Loans are both federal student loans offered by the U.S. Department of Education (ED) to help eligible students cover the cost of higher education.
The Federal Direct Subsidized Loan: The U.S. Department of Education pays the interest on the Subsidized Loan amount borrowed while you remain in school at least half-time and continues to be paid through the six-month grace period after graduation or leaving higher education. This loan is based on financial need.
The Federal Direct Unsubsidized Loan: You are responsible for paying the interest on the Unsubsidized Loan from the time the loan is disbursed until it is fully repaid. You can pay the interest while in school or allow the interest to accrue. Any accrued interest will be added to the principal balance of the loan at the end of your loan grace, or deferment period (capitalized).
Once you receive your Financial Aid Offer notice, you may “accept” your loans by completing the steps below:
In order to provide the best customer service to students, we offer our services in a variety of virtual, online formats. Email is the best way to connect with our staff. Utilizing emails helps us better serve you, giving our staff an opportunity to research your question before responding. Contact your financial aid advisor.