2009-10 Federal Student Loans

Federal Loan Request Form
(complete this form to document your decision to borrow and select a Stafford Loan lender)

Interest Rates (for loans disbursed after June 30, 2009):

*For Stafford Loans disbursed between July 1, 1998 and June 30, 2006, the interest rate is variable, adjusted annually on July 1. For Stafford loans first disbursed on or after July 1, 2006, but before July 1, 2008, the rate is fixed at 6.8%. Subsidized Stafford Loans disbursed after June 30, 2008 and before July 1, 2009 the rate is 6.0%.

Stafford Loan Limits (for dependent students):

NOTE: Beginning with the 2008-09 academic year,  undergraduate students may borrow up to an additional $2000 per year in Unsubsidized Stafford Loans if the calculated family contribution permits this increase. As a result, a freshman could borrow as much as $5,500, a sophomore as much as $6,500, and a junior or senior as much as $7,500. If you would like to borrow this additional amount, please add it to the amounts in the box above when completing the Loan Request Form keeping in mind it is an unsubsidized Stafford Loan and interest is capitalized during enrollment (added to the loan principal). We will notify you if we are unable to process the entire amount. While we want you to be aware of this potential additional loan eligibility, we do urge you to borrow wisely.

Stafford Loan Type:

Subsidized Stafford Loans do not accrue interest while the student is enrolled at least half-time. Eligibility is based upon need as determined by the federal formula and is dependent upon other forms of financial assistance. Repayment begins 6 months after the student is no longer enrolled at least half-time.

Unsubsidized Stafford Loans are not based upon need, and interest does accrue while the student is enrolled; however, interest can be capitalized (not paid but added to the loan amount) while the student is enrolled at least half-time. Repayment begins six months after the student is not longer enrolled at least half-time.

Choosing a Stafford Loan Lender:

Colby recommends borrowing from the same lender each year, whenever possible, for ease of repayment.  If you have borrowed a Stafford Loan in the past and wish to continue borrowing from the same lender, please verify that your lender is still participating in the federal loan program.  Please note: TD Banknorth HELPP and MES (Maine Education Services) are no longer participating in federal loan lending.  If you have borrowed from either of these lenders in a prior year or any other lender no longer participating, you will need to make a new lender choice and complete a new Master Promissory Note (MPN).  

Elm Resources (not a lender) facilitates the processing of federal student/parent loans from many lenders. We encourage borrowers to set up an account with Elm to help research and process their loan.

If seeking to consolidate your federal loans, Direct Loan is the only lender currently participating in the Federal Loan Consolidation Program. 

Upon receipt of the completed Federal Loan Request Form, loans borrowed from the Federal Direct Loan Program (FDL) will be reflected as "tentative" on the student account and will be considered before the assessment of late fees. If borrowing from the FDL Program for the first time, we will contact you with instructions on how to complete a Master Promissory Note (MPN) electronically.

Loans borrowed from a private lender participating in the Federal Family Education Loan Program may not show "tentative" on the student account statement. Students are responsible for ensuring that all requirements are met with the lender to ensure loan funds are disbursed to the College before payment due dates. Also, if choosing a private Stafford Loan lender, the Loan Request Form requires the lender name, address and six digit lender code as part of the loan request in order for us to complete certification of the the loan.

CLICK HERE for Title IV Loan Code of Conduct