U.S. Federal Loan
Central European University has Title IV registration at the U.S. Department of Education and is therefore qualified to participate in the Federal Student Financial Assistance Programs authorized by Title IV of the Higher Education Act (Title IV, HEA Program). CEU's Federal School Code is: G40215.
Federal Stafford Loan
The U.S. government offers Federal Stafford Loan for U.S. citizens to assist them with their education costs during their studies at a university.
"The Healthcare and Education Reconciliation Act of 2010" made several changes to the federal student aid programs. Beginning July 1, 2010, all new Stafford, PLUS, and Consolidation loans for eligible U.S. students can only be made under the so-called Federal Direct Loan Program. In this program the federal loan comes directly from the U.S. government and not from lenders.
The actual amount that you can borrow is based on the Cost of Attendance (COA) at the university, the Estimated Family Contribution (EFC) that is indicated in the Student Aid Report (SAR) and the Estimated Financial Aid (EFA) from the university and other external resources.
Based on new regulations in the Direct Federal Loan Programs starting the Fall 2012 semester, the Department of Education will no longer offer subsidized loans to graduate students. The annual loan limit for graduate and professional students remains $20,500, but this amount will be limited to Direct Unsubsidized Loan.
The Unsubsidized Loan is not based on financial need. You are responsible for payment of interest for the full period of the loan. While studying at least half-time, or during deferment or grace periods, you have the option of paying the interest or having it capitalized and added to the total value of the loan.
For information about repayment of your federal student loan click here.
Other Federal Loans
There are also Graduate PLUS and private loans available in case the Stafford Loan Maximum Award is unlikely to cover the full cost of the tuition fees. The private, Graduate PLUS loan limit is Cost of Attendance (COA) minus the amount you are awarded as a Stafford Loan.
Application for Federal Loan
1. FAFSA (Free Application for Federal Student Aid)
The first step to apply for Federal Stafford Loan is to complete and submit the FAFSA (Free Application for Federal Student Aid). This form can be completed electronically. Please visit the following web-site: www.fafsa.ed.gov . We will use the information from your FAFSA to assist in determining your eligibility for a Direct Subsidized and/or Unsubsidized. You can also request a paper application from the Federal Student Aid Information Centre. Address: P.O.Box 84. Washington D.C. 20044; Tel: +1-800-433-3243. Once you submitted your FAFSA, you will need a PIN, for this visit http://www.pin.ed.gov/PINWebApp/pinindex.jsp.
2. Entrance and Exit Counseling
In order to receive direct loan it is required for you to have an entrance counseling to advise you on the different types of loans available, repayment methods/schedules as well as making sure that the applicant is aware of the legal requirements of participating in the program.
Please complete the Direct Loan Entrance Counseling click here.
In case you plan to take out a Graduate PLUS Loan as well as the Stafford Loan please complete the Direct Loan and Direct PLUS Combined Entrance Counseling, click here.
In addition, it is a legal requirement that you have an exit counseling before you graduate. The exit counseling is to advise students of the methods of repayment, deferment and the consequences of defaulting. Please complete the exit counseling at least 3 months before you graduate.
Please complete the Direct Loan Exit Counseling, click here.
In case you receive both Stafford and Direct PLUS loan please complete the Stafford and Grad PLUS Combined Exit Counseling, click here.
3. Master Promissory Note (MPN)
You must complete a Direct Loan Master Promissory Note (MPN). You may have previously signed an MPN to receive FFEL or Direct Loan Program loans However, these MPNs cannot be used to make Direct Loans at our school. The MPN is the legal document through which you promise to repay your Direct Loans and any accrued interest and fees to the Department. It also explains the terms and conditions of your loans. You need to complete a new Direct Loan MPN each academic year that you receive a Direct Subsidized Loan and/or a Direct Unsubsidized Loan. You can complete a Direct Loan MPN electronically via the StudentLoans.gov Web-site at https://studentloans.gov. To complete a Direct Loan MPN electronically, you must have a Federal Student Aid PIN. This is the same PIN used to complete the FAFSA. After you complete your MPN, you will be able to print and retain it for your records.
4. CEU Federal Loan Application Form
Finally you must submit the CEU Federal Loan Application Form to Ildiko Torok, Financial Aid Coordinator. E-mail: firstname.lastname@example.org, Address: Central European University, Budapest, H-1051 Nador u. 9 (Ground Floor).
Should you have any further questions, please contact us at email@example.com.