From July 1st 2011 the Direct Loan program will replace the FFELP program (Federal Family Education Loan Program). For the 2011/12 academic year US Federal loans (Stafford & PLUS) will now be made available to students directly from the US Department of Education and not private lenders (i.e. Sallie Mae, Chase, Wachovia, AES etc.).
Step 1: FAFSA / SAR
The student must log on to the FAFSA (Free Application for Student Aid) website and make an online application. The FAFSA website address is www.fafsa.ed.gov. The school code for Universidad Iberoamericana is G23518. Once you have completed your online application you will receive a Student Aid Report in the mail (approx 1 week after application has been made) If you provide an e-mail address you can request that your Student Aid Report be sent via e-mail.
Step 2: Documents Required
The following documents must be sent to the Financial Aid Officer in UNIBE;
(1) Student Aid Report
(2) Official Offer letter/acceptance to UNIBE (copy)
(3) Copy of your Social Security Card. and Passport
(4) Copy of Master Promissory Note(s) (MPN’s). Please refer to Step 4 below for further information.
Students who had loans in 2009/10 while studying at UNIBE are only required to submit (1) & (4) above.
Send Documents to the following address:, Universidad Iberoamericana, Att: Financial Aid Office, P.O. Box 656 Babylon, NY 11702 or mail to v.luna@unibe.edu.do (copy to m.pena@unibe.edu.do; y.guzman2@unibe.edu.do; j.amaro@unibe.edu.do ) or fax to 809-221-4642.
Step 3: Entrance Counseling
This helps you to understand your responsibilities regarding your loan.
All students attending UNIBE must complete entrance counseling.
Entrance Counseling can be completed at the following website: http://studentloans.gov
Step 4: Master Promissory Notes
The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of your loan(s). All MPN’s issued in respect of studies at a foreign school are valid for 1 year. New MPN’s are required to be completed for every year of study at a foreign school.
When completing your MPN you must select the school at which you will be studying. The school code for Universidad Iberoamericana is G23518.
One MPN is completed in respect of Stafford loans. A separate MPN is required should you decide to take out a Graduate PLUS loan or a Parent PLUS loan.
Master Promissory Notes can be completed online at the following website: www.studentloans.gov, after completion mail to: v.luna@unibe.edu.do (copy to m.pena@unibe.edu.do; y.guzman2@unibe.edu.do ; j.amaro@unibe.edu.do ) or fax to 809-221-4642. See Step 2 above.
Step 5: PLUS Loans
All PLUS loans must be requested on the website: http://studentloans.gov
In applying for a PLUS loan a credit check will be carried out on the individual requesting the loan. No PLUS loan can be certified until this is completed. To initiate the credit check you must select: • Complete PLUS Request Process
If you are determined to have an adverse credit history, you may still receive a Direct PLUS Loan if you obtain an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay the loan. If you are a parent borrowing on behalf of your dependent student, the endorser may not be the student on whose behalf a parent obtains a Direct PLUS Loan.
Please note in the case of undergraduates, the Plus loan is borrowed in the name of the parent.
Step 6: Loan Entitlements
On receipt of the necessary documentation students will be contacted, with their loan entitlements. Students must return the form indicating the various loan amounts they wish to apply for.
Step 7: Loan Approval
All loans will be originated by UNIBE with the US Department of Education.
Step 8: Disbursements
All loans are processed for 8 month and will be disbursed in 2 payments:
These disbursements match with the start of the 3 teaching terms in the academic year.
- Late September
- Late January
- Late May
Excess funds will be disbursed to students by way of a check.
Step 9: Payment of tuition fees
Once the loan funds are disbursed the Fees Office will deduct the necessary fee payments and any excess will be refunded by way of check within 10 business days of receipt of funds.
Satisfactory Academic Progress
Students who are in receipt of Direct Loan Educational Funds from the US Department of Education must have Satisfactory Academic Progress Regulations to maintain their eligibility to receive loan funds.
A copy of the Satisfactory Academic Progress regulations will be provided to all students prior to the start of term.
Direct Loan Annual Loan Limits
Dependent Undergraduates |
Subsidized |
Unsubsidized |
Combined (Max) |
First year |
$3,500 |
$2,000 |
$5,500 |
Second year |
$4,500 |
$2,000 |
$6,500 |
Third year & beyond |
$5,500 |
$2,000 |
$7,500 |
Independent Undergraduates & dependent students whose parents cannot borrow PLUS loan |
Subsidized |
Unsubsidized |
Combined (Max) |
First year |
$3,500 |
$6,000 |
$9,500 |
Second year |
$4,500 |
$6,000 |
$10,500 |
Third year & beyond |
$5,500 |
$7,000 |
$12,500 |
Graduate & Professional Students |
Subsidized |
Combined (Subsidized & Unsubsidized) |
All years |
$8,500 |
$20,500 |
Graduate and professional students are not eligible to receive Direct Subsidized Loans for loan periods beginning on or after July 1, 2012.
Aggregate Limits for Stafford Loans Subsidized
|
Subsidized |
Total (Subsidized & Unsubsidized |
Dependent Undergraduates |
$23,000 |
$31,000 |
Independent Undergraduates & dependent students whose parents cannot borrow PLUS loan |
$23,000 |
$57,500 |
Graduate & Professional Students |
$65,500 |
$138,500 |
Graduate and professional students are not eligible to receive Direct Subsidized Loans for loan periods beginning on or after July 1, 2012.
