In addition to filing the Free Application for Federal Student Aid (FAFSA), you must complete the Federal Stafford Loan Master Promissory Note in order to receive a FFELP Stafford Loan. Wagner College accepts the e-MPN completed through the HESC website .  Upon completing the e-MPN, HESC will notify Wagner.  In order for Wagner to process your Stafford Loan, you must complete a Stafford Loan Entrance Counseling Session.  In addition, your file must be complete.

In most cases, your loan funds will be disbursed to the school electronically in two installments.

There are origination and/or default fees associated with the Stafford Loans. As a result, the amount of money applied to your tuition account will typically be a total of 4 percent of the gross amount borrowed. Some lenders or guaranty agencies may pay the fee on behalf of the student.

Two types of Federal Stafford Loans are offered by lenders under the Federal Family of Educational Loans Program (FFELP). A Subsidized Federal Stafford Loan is offered to students who have calculated financial need. "Subsidized" means that the students are eligible to have the federal government pay the interest on the loan to the lender until repayment of the loan begins. The prinicpal amount is due to be repaid beginning six months after you drop below half-time status, leave school or graduate. You will be responsible for interest once your loan goes into repayment. An Unsubsidized Stafford Loan is available to a student who does not qualify for a Subsidized Stafford Loan, a student whose parent has been denied a PLUS or an independent student. These students are responsible for paying the interest  on their loan from the time the loan is disbursed until it is paid in full. (A student may elect to have his/her interest capitalized which may be more expensive than paying the interest while in school.) Otherwise, the terms of the loan are the same as that of a Subsidized Stafford Loan.

*Effective July 1, 2008, the Undergraduate Subsidized Stafford Loan interest rate will be fixed at 6.0%.

*Effective July 1, 2006, the Undergraduate Unsubsidized Stafford Loan interest rate will be fixed at 6.8% 

*Effective July 1, 2006, the Graduate Subsidized and Unsubsidized Stafford Loan interest rate will be fixed at 6.8%. 

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