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4E2023-2024 Federal Direct Loan Information FormStudent Name________________________________________________________________________________________ Last First MiddlePermanent Address________________________________________________________________________________Street AddressCityStateZipThe Office of Financial Aid is required to package your full student loan eligibility. However, we STRONGLY discourage you from borrowing the maximum amount to help ensure that you will have enough student loan funding to complete your degree. Do Not Over-Borrow.For the 2023-2024 academic year (fall and spring), I request to borrow: $___________ Federal Subsidized Direct Loan $___________ Federal Unsubsidized Direct Loan Your signature authorizes the office of financial aid to process Federal Direct Loans in your name. Student Signature______________________________________________________________ Date____________________You only need to complete the two steps below if you are a FIRST-TIME BORROWER of Federal Direct Loans. Complete Master Promissory Note online at https://studentaid.govComplete Direct Loan Entrance Counseling online at https://studentaid.govEmployer Reimbursement: Complete this section if you receive Employer Reimbursement for tuition and/or books. Employer Reimbursement must be included in your financial aid notification.Employer Name: _________________________________________________________________________ Reimbursement Period and Amount: $___________ Fall$___________ Spring$___________ SummerMiscellaneous AuthorizationFederal regulations require Simpson College to collect your signature if you wish to allow your federal financial aid funds to cover miscellaneous charges. Miscellaneous charges may include any minor prior year balance, parking fees, book charges, or other related charges. This authorization is rescindable at any time by submitting written notice to the Office of Financial Aid. Your signature authorizes the use of your federal financial aid funds to cover miscellaneous charges. Student Signature______________________________________________________________ Date____________________Return this completed form by any of the following methods:MailEmailFaxSimpson College finaid@simpson.edu515.961.1300Office of Financial Aid701 N C StreetIndianola, IA 50125Contact Allie Martinez, Loan Coordinator and Financial Aid Counselor, at 515-961-1621 if you have any questions about your rights and responsibilities or the terms and conditions of federal student loans. Important Terms to Know and Understand:BorrowerThe borrower for Federal Direct Loans is the student.DisbursementFunds will be received by electronic funds transfer for the loan disbursement to the school. Disbursements are scheduled for distribution based on the loan period. EntranceEntrance counseling is an online tutorial that teaches students about their Federal Direct Loans. This requirement Counselingmay be met online at https://studentaid.govGraceThe six-month grace period begins when the borrower ceases enrollment on at least a half-time basis. Federal Direct Subsidized borrowers will begin to accrue interest charges during the grace period. Full interest and principal repayment begin at the end of the six-month grace period.InterestInterest is the charge you will pay for the privilege of borrowing student loans. Federal Direct Loan interest rates are set annually by the federal government. The interest rate for Subsidized and Unsubsidized Direct Loans is 4.99% fixed. * MasterThe standard promissory note for Federal Direct Loans, referred to as an MPN. The Federal Direct Promissory Loan Master Promissory Note may be completed online at https://studentaid.gov.NoteOriginationAn origination fee is charged by the U.S. Department of Education for Federal Direct Loans. The origination fee*Feeis deducted from the loan proceeds delivered to Simpson College. Loan origination fees are set by the federal government and were 1.057% for Federal Direct Loans at the time of publication.ServicerLenders will often work with another organization to service student loans or may sell the loans to a servicer. The servicer may disburse the loan, collect the loan in repayment, provide interest billing to the borrower, and provide deferment forms. There are several different servicers performing these duties on behalf of the federal government in the Federal Direct Loan program.SubsidizedThe federal government pays the interest on Federal Direct Subsidized Loans while the student is enrolled at least Loanshalf-time. Interest accrual begins when the student enters repayment.UnsubsidizedFederal Direct Unsubsidized Loans begin accruing interest at disbursement. The borrower may make interestLoanspayments or allow interest to accrue during the in-school period. Unpaid interest will capitalize at repayment.Estimated Repayment Information for Federal Direct Loans:4.99% Fixed Interest RateBalance at RepaymentNumber of PaymentsEstimated Payment Amount$1,00021$50$5,500120$58$10,000120$106$15,000120$159$20,000120$212$25,000120$265$30,000120$318 The interest rate for Federal Direct Loans is 4.99% fixed. * The minimum monthly payment amount is $50 under the 10-year Standard Repayment Plan but may be more depending on how much you borrow. On average, undergraduate students at Simpson College borrow $24,929 in Direct Loans with an estimated $264 monthly payment. The chart above provides estimated monthly payment amounts based on levels of Federal Direct Loan indebtedness at a 4.99% fixed interest rate.*Interest rates and origination fees are set annually by the federal government. The interest rates and fees listed above were accurate at the time of publication.

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