Atlanta Technical College participates in the William D. Ford Direct Loan Program (Direct Loans). Federal loans are borrowed funds that you must repay with interest. Federal student loans allows students and their parents to borrow money to help pay for college through loan programs supported by the federal government. They have low interest rates and offer flexible repayment terms, benefits, and options.
Effective Fall 2016: All Federal Direct Loans will be disbursed in (2) equal payments each semester for students who are registered in Term 1 and/or Term 2 courses. After the disbursement has occurred, Atlanta Technical College Fiscal Affairs Office has up to 14 business days to issue refunds.
Disbursement 1: (Refunds will be issued 14 business days after disbursement date)
May 31, 2017
Disbursement 2:(Refunds will be issued 14 business days after disbursement date)
June 20, 2017
First-year, First Time Borrowers:
All first-year, first-time undergraduate borrowers are required to wait 30 days after the first day of your enrollment period (semester, trimester, etc.) for your first disbursement.
Direct Subsidized Loan
Direct Subsidized Loans are for undergraduate students only effective July 1, 2012 with financial need. You are not charged interest while you’re in school at least half-time and during grace periods and deferment periods. After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This “grace period” will be Six months for both loans.
Direct Unsubsidized Loan
Direct Unsubsidized loans are for graduate and undergraduate students. You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount. After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This “grace period” will be Six months for both loans. Please view the video below regarding responsible borrowing
Responsible Loan Borrowing
Upon completing the FAFSA, students who qualify are automatically offered student loans. Students must accept their loans on Banner Web, complete Entrance Counseling, and complete the Master Promissory Note at studentloans.gov
The following chart shows the annual and aggregate limits for subsidized and unsubsidized loans for an undergraduate student.
|Year||Dependent Students||Independent Students|
|First-Year Undergraduate Annual Loan Limit||$5,500—No more than $3,500 of this amount may be in subsidized loans||$9,500—No more than $3,500 of this amount may be in subsidized loans.|
|Second-Year Undergraduate Annual Loan Limit||$6,500—No more than $4,500 of this amount may be in subsidized loans.||$10,500—No more than $4,500 of this amount may be in subsidized loans.|
|Subsidized and Unsubsidized Aggregate Loan Limit||$31,000—No more than $23,000 of this amount may be in subsidized loans||$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.|
What are the Interest rates for Federal Student loans?
The interest rate varies depending on the loan type and (for most types of federal student loans) the first disbursement date of the loan. The table below provides interest rates for Direct Loans first disbursed on or after July 1, 2016.
|Interest Rates for Direct Loans First Disbursed on or After July 1, 2016 and Origination Fees|
|Loan Type||Borrower Type||Loans first disbursed on or after 7/1/16 and before 7/1/17|
|Direct Subsidized Loans||Undergraduate||3.76%|
|Direct Unsubsidized Loans||Undergraduate||3.76%|
All interest rates shown in the chart above are fixed rates for the life of the loan.
Note: The interest rates for federal student loans are determined by federal law. If there are future changes to federal law that affect federal student loan interest rates, FA office will update this page to reflect those changes.
|Loan Origination Fees for Direct Subsidized Loans and Direct Unsubsidized Loans|
|First Disbursement Date||Loan Fee|
|On or after Oct. 1, 2015, and before Oct. 1, 2016||1.068%|
|On or after Oct. 1, 2016, and before Oct. 1, 2017||1.069%|
Loans first disbursed prior to Oct. 1, 2015 have different loan fees. Please contact the Department of Education for additional information – Call: 800.433.3243.