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Loan Application

Before completing your student loan application, you must:

1. Process a Pell Grant (FAFSA) application for academic year 2016-2017, and have completed the verification process if you were selected.

2. Read the Manual for Student Loans. In this manual you will find valuable information about the Federal Student Loan Program.

3. Fulfill with the following requirements of eligibility:

  • Be enrolled at least half-time in courses that will lead to your study program and are required to graduate.
  • 6 credits or more per quarter (undergraduate students)
  • 3 credits or more per quarter (graduate students)

4. Comply with the Standards for Academic Progress of the Polytechnic University of Puerto Rico

5. Be admitted as a regular student

6. Not be in debt with the US Department of Education

7. Have financial necessity

8. If you receive veteran benefits or benefits from any other federal or state agency, you should submit a letter stating the amount ($) of benefits you will receive during the academic year.

Each quarter, every student must comply with these requirements for eligibility to be eligible. If the student does not comply with one or more of these requirements at the moment of receiving funds, these will be returned to the federal government.

Loan Limits per Academic Level

Undergraduate Programs

Credits Year Type of Loan Amount for Dependent Students Amount for Independent Students
0 – 36 1 Subsidized $3,500 $3,500
0 – 36 1 Unsubsidized $2,000 $6,000
37 – 72 2 Subsidized $4,500 $4,500
37 – 72 2 Unsubsidized $2,000 $6,000
73 – 108 3 Subsidized $5,500 $5,500
73 – 108 3 Unsubsidized $2,000 $7,000
109 – 144 4 Subsidized $5,500 $5,500
109 – 144 4 Unsubsidized $2,000 $7,000
145 + 5 Subsidized $5,500 $5,500
145 + 5 Unsubsidized $2,000 $7,000

 

Graduate Programs

Type of Loan Amount for Dependent Students Amount for Independent Students
Subsidized $0
Unsubsidized $20,500

Interest Rates for Stafford and PLUS Loans in the Direct Loan Program
Type of Loan Academic Level First Pay Out Primer between July 1, 2013 and June 30, 2014 First Pay Out between July 1, 2014 and June 30, 2015 First Pay Out between July 1, 2015 and June 30, 2016
Subsidized Loan Undergraduate 3.86 4.66 4.29
Subsidized Loan Graduate n/a n/a n/a
Unsubsidized Loan Undergraduate 3.86 4.66 4.29
Unsubsidized Loan Graduate 5.41 6.21 5.84
PLUS Loan Parents and Graduate Students 6.41 7.21 6.84

NOTICE: Effective as of July 1, 2010, the only loans available are under the Direct Loan Program.

 

Origination Costs – these are fees charged by the federal government for managing student loans. These amounts are subtracted from the total amount of the loan.

Type of Loan Origination Costs between December 1, 2013 and September 30, 2014 Origination Costs between October 1, 2014 and September 30, 2015 Origination Costs between October 1, 2015 and September 30, 2016
Subsidized and Unsubsidized Loan 1.072% 1.073% 1.068%
PLUS Loan 4.288% 4.292% 4.272%

Important information for students who are applying for federal student loans:

1. You will need approximately 30 – 60 minutes to complete your application.

2. Make sure to complete the following:
— Federal Student Loan Application
— Entry Interview
— Master Promissory Note (MPN)

What information do I need to have?

1. Federal PIN number (Personal Identification Number)

2. Personal information:
— Permanent address
— Postal address (if different from permanent address)
— Phone number
— Email address

3. Employment information
— Name of employer
— Address of employer

4. Name of university (Polytechnic University of Puerto Rico)

5. Reference information for two people who have known you for the past 3 years. The first reference should be the mother, father or legal guardian
— Reference name
— Reference address
— Reference phone number
— Relation to student

Continue with the Federal Student Loan Application

Important information for students who are applying for a federal PLUS loans or graduate students who are applying for a Grad PLUS Loan:

1. You will need approximately 30 – 60 minutes to complete your application.

2. Make sure you have the following documents:
— PLUS Loan Application
— Master Promissory Note (MPN)

What information do I need to have?

1. Federal PIN number (Personal Identification Number)

2. Personal information:
— Permanent address
— Postal address (if different from permanent address)
— Phone number
— Email address

3. Employment information
— Name of employer
— Address of employer

4. Name of university (Polytechnic University of Puerto Rico)

5. Reference information for two people who have known you for the past 3 years. You may not include in your references the student for whom you are requesting the loan.
— Reference name
— Reference address
— Reference phone number
— Relation to student

6. Student information
— Student’s First Name, Middle Initial, Last Names
— Student’s Social Security Number
— Student’s Date of Birth
— Student’s address
— Student’s phone number

Continue with the Federal PLUS Loan Application