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.
Fall 2018 Disbursement Schedule
Disbursement 1: (Refunds will be issued 14 business days after disbursement date)
August 27, 2018
Disbursement 2:(Refunds will be issued 14 business days after disbursement date)
September 10, 2018
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 (Refunds will be issued 14 business days after disbursement date).
Responsible Loan Borrowing
Direct Subsidized Loan
Direct Subsidized Loans are for undergraduate students only effective July 1, 2012 with financial need. Students are not charged interest while enrolled at least half-time and during grace periods and deferment periods. After graduation, leave school, or drop below half-time enrollment, students have a period of time before beginning repayment. This “grace period” will be Six months for both loans.
Direct Unsubsidized Loan
Direct Unsubsidized loans are for graduate and undergraduate students. Students 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. Students can pay the interest while enrolled and during grace periods and deferment or forbearance periods, or students can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If students choose not to pay the interest as it accrues, this will increase the total amount required to repay because students will be charged interest on a higher principal amount. After graduation, leave school, or drop below half-time enrollment, students will have a period of time before repayment. This “grace period” will be Six months for both loans.
Loan Entrance Counseling
All students taking out Federal Direct Subsidized loans or Federal Direct Unsubsidized loans and have not previously received a Subsidized or Unsubsidized loan under the Federal Direct Loan program or a Subsidized or Unsubsidized Stafford Loan under the Federal Family Education (FFEL) Program are required to complete the Entrance Loan Counseling.
Upon completing the FAFSA, students who qualify are automatically offered Federal Direct Subsidized and/or Unsubsidized loans. All first time borrowers must accept log onto BannerWeb to accept their awarded loan amount and complete both Loan Entrance Counseling and Master Promissory Note requirements. Both requirements must be completed by logging onto studentloans.gov.
Exit Loan CounselingExit counseling is required by federal law for all students who received federally funded student loans. The counseling session provides loan repayment, grace period, billing options, collects updated borrower information and provides your rights and responsibilities as a loan recipient. If you borrow federal student loan funds and you withdraw, stop attending school, or are enrolled in less than 1/2 time (0<6 credit hours) you are required to complete the exit counseling session. The exit counseling requirement must be completed by logging onto studentloans.gov.
To complete the exit counseling you will need:
- Established FSA ID username and password (Same information used to digitally sign the FAFSA)
- Social Security Number
- Date of Birth
- Driver’s license number
- Permanent email address
- Names, addresses, telephone numbers of 3 references
As an undergraduate student, how much can I borrow each year?
|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, 2018 and Origination Fees|
|Loan Type||Borrower Type||Loans first disbursed on or after 7/1/18 and before 7/1/19|
|Direct Subsidized Loans||Undergraduate||5.05%|
|Direct Unsubsidized Loans||Undergraduate||5.05%|
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 (Effective October 1, 2018)|
|First Disbursement Date||Loan Fee|
|On or after Oct. 1, 2017, and before Oct. 1, 2018||1.066%|
|On or after Oct. 1, 2018, and before Oct. 1, 2019||1.062%|
Loans first disbursed prior to Oct. 1, 2017 have different loan fees. Please contact the Department of Education for additional information – Call: 800.433.3243.