Rollins participates in the federal Direct Loan program for all federal Stafford and PLUS loans. Rollins has established a Student Loan Code of Conduct.
Federal Stafford Loans
A federal Stafford loan is a low interest rate loan for students that can be used to help pay for your college education. There are two types of federal Stafford loans: subsidized and unsubsidized.
If you meet certain financial need criteria (based upon information supplied on your FAFSA), the federal government will pay the interest on your federal Stafford Subsidized loan while you attend school at least half time or during times when you qualify for an authorized deferment.
If you do not meet the financial need criteria (based upon information supplied on your FAFSA) to qualify for a Subsidized loan, you still can receive a federal Stafford Unsubsidized loan. You are responsible for paying the interest while you are in school. If you do not make the interest payments, the interest will be added to your principal balance through a process called capitalization.
Unsubsidized loans for undergraduate borrowers first disbursed on or after July 1, 2006 will have a fixed interest rate of 6.8 percent.
Subsidized loans for undergraduate borrowers have a fixed interest rate that will be based on the first disbursement date as listed in the table below:
| Interest Rate
||Date of Loans
|| Loans first disbursed on or after July 1, 2006 and prior to July 1, 2008
|| Loans first disbursed on or after July 1, 2008 and prior to July 1, 2009
|| Loans first disbursed on or after July 1, 2009 and prior to July 1, 2010
|| Loans first disbursed on or after July 1, 2010 and prior to July 1, 2011
|| Loans first disbursed on or after July 1, 2011 and prior to July 1, 2012
|| Loans first disbursed on or after July 1, 2012
The annual borrowing limit is determined by your degree status grade level and your dependency status (based upon information you supplied on your FAFSA). In addition to annual loan limits, there are also lifetime Stafford loan borrowing limits, also known as the aggregate limit.
Annual limits for loans disbursed on or after July 1, 2008
|First Year Undergraduate (0-29 credit hours earned)
|Second Year Undergraduate (30-59 credit hours earned)
|Third Year and beyond Undergraduate (greater than 60 credit hours)
In addition to the annual borrowing limits, there is also an aggregate, or cumulative, lifetime borrowing limit.
With either the federal Stafford Subsidized or Unsubsidized loans, repayment on the principal begins six months after graduation, leaving school, or dropping below half-time status. There are multiple repayment plans ranging from 10 years to 30 years.
Federal Stafford Loan Entrance and Exit Counseling
New federal Stafford Loan recipients are required to complete entrance counseling. New federal Stafford Loan borrowers are notified and typically complete entrance counseling online as they sign the Master Promissory Note (MPN).
Exit counseling is required for all students who have received a federal Stafford Loan and who are expected to graduate or will not be attending Rollins at least half-time. An exit interview is your opportunity to review the amount of your loans and your rights and responsibilities in repaying these loans.
Federal Stafford Borrower's Rights and Responsibilities
- Remember that the MPN certifies your loans for the maximum amount you are eligible to borrow. Because you may accrue debt with each year of your education, you should be certain that you need the full amount of your education loan each year. You can decline or reduce your loan amount each year.
- You are required to repay education loans, even if you do not finish your academic program or your academic program does not meet your expectations.
- You are responsible for notifying your school and lender if you have received student loans from more than one lender.
- You must use money received from education loans for education-related expenses only.
- You must notify your lender in writing of:
- Name or address changes.
- Failure to enroll at Rollins.
- Failure to enroll on at least a half-time basis or for the loan period certified.
- Withdrawal from school or reduction of attendance to less than half time.
- Transfer from one school to another.
If you meet the eligibility requirements, you have a right to repayment deferments, which suspend principal loan payments for specified periods of time.
Federal Perkins Loan
General Information and Entrance Counseling
A Federal Perkins Loan is a low-interest loan for students with exceptional financial need. You are automatically considered for this loan if you submitted your Free Application for Federal Student Aid (FAFSA), copies of federal tax returns, and Rollins Supplemental Financial Aid Application by the priority deadline for the aid year (April 15th for returning students and March 1st for new students). Funding is limited, so please complete all documentation requirements on time.
The Federal Perkins Loans requires entrance counseling and a signed promissory note. You will be notified on or about mid July with information detailing how to complete these requirements. It is important you complete this process in a timely fashion to avoid a delay in these funds crediting to your student account for payment of eligible charges such as tuition and fees.
Borrowers receive the following benefits on the Perkins Loan:
- 0 percent fees
- Low fixed interest rate – 5 percent
- Repayment begins nine months after graduating, leaving school, or dropping below half-time status.
Exit counseling is required for all students who have received a Federal Perkins Loan and who are schedule to graduate or will not be attending Rollins at least half-time. An exit interview is your opportunity to review the amount of your loans and rights and responsibilities in repaying these loans.
PLUS Loans for Parents
The William D. Ford Federal Direct Parent Loan (PLUS) is available to the parents of dependent undergraduate students. The PLUS loan is offered at a fixed interest rate of 7.9 percent. Parents with no adverse credit history can apply for a PLUS loan up to the full cost of attendance, less other financial aid. The student for whom the parent PLUS loan is being borrowed must complete the Free Application for Federal Student Aid (FAFSA). In the cases of a non-custodial parent PLUS applicant, even though their financial information is not required on the FAFSA, certain general federal aid eligibility requirements must be met. For more information regarding this program or to apply online, click here