You are a U.S. citizen attending AUB
then
You may be entitled for a U.S. federal Stafford loan
to assist you financially in your education.
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US Federal Financial Aid |
US financial aid includes several types of programs, however AUB only participates with the Federal Stafford loan. There are other programs such as Pell Grants, PLUS loans, Campus-Based programs, the Perkins Loan and the Supplemental Educational Opportunity Grant (SEOG), but these are not offered to students enrolled in universities located outside the US.
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Federal stafford loan |
Federal Stafford loans are student loans that must be repaid. They are available to both AUB undergraduate and graduate students except for medical students (there are special laws that govern federal financial aid for students enrolled in medical medical schools located outside the U.S.). AUB participates in the Stafford loan under the Federal Family Education Loan (FFEL) program, where a private lender provides the funds which are guaranteed by the government (as compared to the Direct Stafford loan where the funds come directly from the federal government).
First-year undergraduates are eligible for loans up to $3,500, of which a processing fee is subtracted from the proceeds by the lender. Amounts increase for subsequent years of study, with the highest amounts going for graduate students. The interest rate is variable, but it never exceeds 8.25 percent. The table below shows the maximum amounts that students may receive for each year of study.
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Undergraduate Student |
Graduate Student |
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Subsidized Amount |
Unsubsidized Amount* |
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1st year |
$3,500 |
Each year a student can borrow an additional unsubsidized amount of $2,000 |
Up to $20,500 each academic year (only $8,500 of this amount may be in subsidized loans). |
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2nd year |
$4,500 |
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3rd & 4th years |
$5,500 |
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Maximum Total Debt when Student Graduates |
$23,000 |
$138,500 as a graduate or professional student (only $65,500 of this amount may be in subsidized loans). The graduate debt limit includes the loans received for undergraduate study. |
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* This is optional, the student has to ask for the unsubsidized amount and should be aware that the interest will be charged on the student as soon as the amount is disbursed.
Most Stafford loans are subsidized, the U.S. Department of Education pays the interest on your loan while you are still at the University, during grace periods, and during any deferment periods. You are responsible for paying all of the interest during the life of the unsubsidized loan.
For more specific information about federal student aid, you can explore the U.S. Department of Education's web site at www.studentaid.ed.gov
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Eligibility requirements |
To receive aid from the federal student financial aid programs through AUB you must be:
A citizen of the United States with a valid Social Security Number
Enrolled at AUB in an eligible program as a regular student seeking a degree or certificate
Registered for Selective Service, if you are a male between the ages of 18 and 25.
The following students are hence not eligible for federal student aid:
- students enrolled in special programs not leading to a degree or certificate
- students enrolled for less than half-time
Students who have the
green card and are still awaiting the US citizenship may be eligible depending
on their particular status. Such students may try to apply online, if the
social security number is not considered valid by the U.S. Department of
Education then the students will be notified.
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applying for federal aid - fafsa |
The first step in applying for federal financial aid is to complete the Free Application for Federal Student Aid (FAFSA). You can fill out and submit this form online at: www.fafsa.ed.gov. FAFSA is a yearly application, hence you have to reapply for financial aid every year. To be certain you are considered for assistance, please be sure to complete and submit your FAFSA by March 1, 2004 if you are applying for academic year 2004-2005. In order for us to receive this information once it has been processed, you will need to include AUB college code (G08371) in the college release section. (Do not apply though before January 1; before this date your application will be rejected).
New applicants using FAFSA on the web should request a Personal Identification Number (PIN) which allows you (and your parents) to "sign" your FAFSA electronically. The PIN may be requested at www.pin.ed.gov anytime before you complete and submit your FAFSA. The PIN simplifies the application process and allows you to get your results faster. The PIN has other uses than singing the application electronically. These are listed under the section PIN Uses.
DEADLINE: Although the deadline stated on FAFSA site is end of June for those planning to enroll in October, the deadline for submitting a FAFSA for AUB students is set for March 1 to make sure that the processing of an application and any further procedures are completed on time. This way payments may not be delayed and eligible students can receive their payments during the payment of fees period.
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what is a pin? |
New applicants using
FAFSA on the web should request a Personal Identification Number (PIN) which
allows you (and your parents) to "sign" your FAFSA electronically. The PIN
may be requested at www.pin.ed.gov
anytime before you complete and submit your FAFSA. The PIN simplifies the
application process and allows you to get your results faster. Within five
business days of applying for a PIN, you’ll receive an e-mail with information
about how to retrieve your PIN online. If you don’t provide an e-mail address, a
PIN mailer will be sent to your permanent mailing address within 10 days.
Be sure to safeguard your PIN. Don’t lose it or share it with others, even if
you have someone else fill out your FAFSA for you. The PIN has other uses
than singing the application electronically. These are listed under the
section PIN Uses.
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what's next? |
After processing your application, the U.S. Department of Education will send you a Student Aid Report (SAR) which lists all the information you report on your FAFSA. If you provide an e-mail address, you will receive the SAR in a period of around four weeks, otherwise it will be sent to the address that you indicate. Also the Department will send your data electronically to the schools you include in your FAFSA. In the case of AUB, data is received at AUB's New York Office.
The SAR will include your Expected Family Contribution (EFC), the number used to determine your eligibility for federal aid. This number appears on the upper right side of your SAR.
Whether your SAR includes or not the EFC, you must review it carefully making sure that the information is correct and complete. If your SAR contains the EFC then the latter will be used as a basis for the calculation of your federal student aid funds.
Make corrections if and as needed. You can do that online through the FAFSA web site. If your SAR does not include the EFC then there must be either missing information or corrections to make.
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receiving the loan |
Once your application is processed, and if you are not required to make any corrections or submit further documents, you will be then asked to sign a Promissory Note assigning loan proceeds to AUB. This means that your loan has been certified by the private lender but cannot be disbursed before you sign that Promissory Note.
The New York AUB Office will coordinate with the lending agency, deposit your funds into the AUB account and notify you. The Comptroller and the Associate Director of Financial Aid verify that the transaction has been made.
Any overpayment will be refunded to you through the Comptroller's Office. The exact date of receiving your money cannot be guaranteed due to the variety of circumstances of each particular student.
If you have submitted an appeal to the Provost and obtained an approval (check deadlines with the Comptroller's Office), the Comptroller's Office will defer payment of a portion of your tuition fees until loan funds are received.
YOU DO NOT HAVE TO ACCEPT THE LOAN NOR THE FULL AMOUNT THAT IS OFFERED. Borrow only what you need. In fact, we strongly recommend that you research other financial aid options before deciding to take a loan.
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repaying the loan |
After you graduate, or if you drop from the University, you have six months before you start repaying your loan. The six months are referred to as the grace period. During that period you don't have to pay any principal whether you had a subsidized or an unsubsidized loan. If you have an unsubsidized loan then you will be charged interest during the grace period, however, you can either pay the interest or it will be capitalized.
In any case, you are responsible for starting repayment on time to the private lender. The latter usually offers different repayment plans. You will have to choose one. However, you can change plans throughout the life of your loan as long as the maximum repayment period under your new plan is longer than the length of time your loans have already been in repayment. Plans may be changed once a year.
To know more about loan repayments look at The Guide of Federal Student Aid 2008-2009. If you have specific questions, please contact your loan provider. Don't know who your loan provider is? You can fin out on www.nslds.ed.gov where you can access and inquire about your loan data.
Examples of Typical Direct and FFEL Stafford Loan Repayments
(Source: The Guide of Federal Student Aid 2007-2008, U.S. Department of Education)
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Standard Not to exceed 10 years |
Extendeda |
Graduatedb Not to exceed 10 years |
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| Initial Debt when Borrower Enters Repayment | Per Month | Total Repaid | Per Month | Total Repaid | Per Month | Total Repaid |
| $3,500 | $50 | $4,471 | Not Available | $25 | $5,157 | |
| $5,000 | $58 | $6,905 | $40 | $7,278 | ||
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$7,500 |
$83 | $10,357 | $59 | $10,919 | ||
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$10,500 |
$121 | $14,500 | $83 | $15,283 | ||
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$15,000 |
$173 | $20,714 | $119 | $21,834 | ||
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$40,000 |
$460 | $55,239 | $227 | $83,289 | $316 | $58,229 |
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Payments are calculated using the fixed interest rate of 6.8 percent for student borrowers for loans made on or after July 1, 2006.
a This repayment plan is available to borrowers who have no outstanding balance on a Direct Loan as of Oct. 7, 1998, or who have obtained a Direct Loan after Oct. 7, 1998, and have an outstanding balance on Direct Loans that exceeds $30,000. The amounts were rounded to the nearest dollar and were calculated based on a 25-year repayment plan.
b This is an estimated monthly repayment amount for the first two years of the term and total loan payment. The monthly repayment amount will
generally increase every two years, based on this plan.
You can also find a repayment calculator at www.FederalStudentAid.ed.gov.
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more information |
Most of the information provided on this page comes from The Student Guide booklet distributed by the U.S. Department of Education. You can access The Student Guide online at www.ed.gov/prog_info/SFA. Hard copies are available as well at AUB's Financial Aid Office.
In addition the FAFSA web site provides considerable information and online help.
You can also contact us through one of the following coordinates:
In Lebanon:
Mailing Address: P.O.Box 11-0236, Riad El Solh, Beirut 1107 2020, Lebanon
Telephone: 01-350000 Ext: 3160/1
E-mail: faid@aub.edu.lb
In New York:
Mailing Address: 3 Dag Hammerskjold Plaza, 8th Floor, New York, NY 10017, USA
Telephone: 212-583-7600
E-mail: mills@aub.edu
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pin uses |
Besides being used to
sign electronically a FAFSA, the PIN has many other uses. The following
are some other U.S. Department of Education web sites where you
can use your PIN:
View your Student Aid Report (SAR) after your FAFSA has been processed.
Make corrections to your FAFSA.
Print a copy of your SAR.
Reapply for financial
aid in the future.
www.loanconsolidation.ed.gov (Online Loan Consolidation)
Get information about
consolidating your federal student loans.
www.nslds.ed.gov (National Student Loan Data System)
View information about
federal loans and grants you have received.
www.InternationalScholarships.com
provides students with a
vital resource in their search for international financial aid.
www.InternationalStudentLoan.com
provides online access to information, advice, and help to international students all around the world.
