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If you apply for Hope Electronically, you must notify the Office of Scholarships and
Financial Aid

HOPE

The Federal Family Education Loan Program (FFELP)

Introduction

Southern Polytechnic State University (SPSU) helps students and their parents borrow money at low interest rates through the Federal Family Education Loan Program.

The Office of Scholarships and Financial Aid at Southern Polytechnic State University, process FFELP Loans (Subsidized and Unsubsidized Stafford, PLUS) only through Single Source Partners (SSP) lenders that guarantee through American Student Assistants (ASA). Please understand that if you have a previous FFELP Loans, your loan will automatically guarantee under the same Single Source Partner (ASA) Lender.


General Information

Southern Polytechnic State University Office of Scholarships and Financial Aid does not process third party loan paperwork (i.e. Signature Loans, Alternative loans, Pre-Approved Plus) from Lenders. Southern Polytechnic State University Office of Scholarships and Financial Aid office will only process FFELP Loans (SUB/UNSUB/PLUS).

 

FAFSA
Remember that a Free Application for Federal Student Aid (FAFSA) application must be completed in order to be eligible for the SUB and UNSUB loans. A separate application is available for the Parent PLUS loans.

In addition to this information please pick view the "The Student Guide to Financial Aid".

 

The Process of FFEL Stafford Loans at SPSU

Unlike other types of financial aid, FFEL Stafford Loans are unique in the way they are processed. As stated previously, you must fill out a Free Application for Federal Student Aid (FAFSA) in order to be eligible for any type of Federal Aid.

 

  • Upon Completion and Processing of a FAFSA form, the Dept. of Education sends an Institutional Student Information Record (ISIR) to the institution(s) requested by the student.
  • Upon receipt of the ISIR the Financial Aid Office sends a missing document letter (for verification purposes) via mail to students who were chosen for verification by the Dept. of Education. The documents needed in verification cases may include tax forms for the previous year's income, dependent or independent verification forms, and other documents needed to verify FAFSA information (see Financial Aid for details). Verification is completed when all documents requested are received and satisfied. After verification, the student's aid is packaged, an award offer (Award letter) is generated and mailed to the student.
  • If the student was not selected for verification the student's aid is packaged, an award offer (Award letter) is generated and mailed to the student.
  • Upon receipt of a -signed/dated- (with Drivers License, Lender, and active email information for students accepting loans) Award letter, Financial Aid will process the accepted awards and disburse the funds in the next disbursement cycle (usually once a week, and more frequently during the start of a new semester when volumes are high).
  • If FFELP Loans were a part of the accepted Award package a loan application will be processed and sent to the Georgia Higher Education Assistance Corporation (GHEAC), SPSU's Loan Guarantor.
  • Upon receipt of the Loan application GHEAC will query its database in search of a valid Master Promissory Note (MPN) for the student. This feature is very beneficial for Students that have attended institutions under the FFELP program, or have previous loans under the FFELP program. Please understand that if you have previous FFEL Loans, your loan will automatically guarantee under the same Single Source Partner (GHEAC) lender.
  • If this is the first time you are borrowing under the FFEL(Federal Family Education Loan) program you are required to complete a Master Promissory Note (MPN). The SPSU web address to complete the online MPN will be emailed to the email address you listed on the award letter (only for students accepting loans).
  • Upon receipt of a completed MPN, GHEAC will issue a loan guarantee to the Borrower (Student, paper copy), School (electronically and paper copy), and the Lender.
  • After the Guarantee is sent, GHEAC will issue the loan disbursement (by EFT, electronic Funds Transfer) to SPSU. At this point the funds are ready to be disbursed on to the students account in the next disbursement cycle.

 

Requirements for Loan Recipients

STUDENTS MUST BE ENROLLED AT LEAST HALF-TIME OR MORE (HOURS MAY VARY FOR UNDERGRADUATE AND GRADUATE STUDENTS).


STUDENTS MUST ALSO MAKE SATISFACTORY ACADEMIC PROGRESS IN ORDER TO RECEIVE ANY TYPE OF FEDERAL AID, INCLUDING LOANS.


IF YOU ACCEPT A LOAN YOU MUST COMPLETE SPSU PRE-LOAN COUNSELING. YOUR LOAN WILL NOT BE PROCESSED OTHERWISE (Stafford Loan Entrance Counseling).

 

FFELP PLUS LOANS

FFELP PLUS loans are available for dependent (Under 24 years old) undergraduate students who have not exceeded their budget.  A PLUS loan is a loan where the parent of a dependant undergraduate student can borrow funds to go towards the student's educational expenses. To be eligible for the PLUS loan, the student must have completed a FAFSA and be eligible, the parent must pass a credit check, and must meet citizenship requirements. Additional information is available in the STUDENT GUIDE.

  • To initiate a FFELP PLUS loan the parent must login and establish an account with American Student Assistance at www.amsa.com/direct.  You may also call 1(800)999-9080, select option 1 and apply over the phone.

  • The parent will either need to complete a master promissory note electronically on the website or a paper promissory note which must be mailed in before the loan money can be disbursed.

  • The results of the credit check will be automatically sent to Southern Polytechnic State University to be processed.

  • If the credit is denied, the student has the option of receiving additional Federal Unsubsidized Stafford Loan Funds that he/she is eligible to receive. These loan funds will be offered on the students Banner Web account https://banweb.spsu.edu/pls/PROD/twbkwbis.P_WWWLogin where they can be accepted under the Financial Aid Award Letter.  Please visit the STUDENT GUIDE for Subsidized and Unsubsidized loan limits.



Southern Polytechnic
State University
1100 South Marietta
Parkway
Marietta, GA
30060-2896
1-800-635-3204
678-915-7778