Loan Application
Before Applying
Before completing your Student Loan Application, you must:
- Have processed your 2015-2016 Free Application for Federal Student Aid (FAFSA). Should you be selected for the Verification Process, you must have completed your file.
- Read the Financial Aid Student Guide. In this guide you will find valuable information about the Federal Student Loan Program.
- Meet the following eligibility requirements:Meet the Satisfactory Academic Progress Standards of Polytechnic University of Puerto Rico
- Be enrolled at least part-time
- Undergraduate Students: 6 credits per trimester
- Graduate students: 3 credits per trimester
- Be enrolled at least part-time
- Be admitted as a regular student
- Have not defaulted previous student loans or do not owe a refund on a federal student grant
- Have financial need
- If you receive veteran’s benefits, vocational rehabilitation or other benefits provided by Federal agencies or the employer, you must report those benefits to the Financial Aid Office.
Every student should comply with all eligibility requirements in each trimester to be eligible to receive student loan funds. If you do not meet the eligibility requirements when the Institution receives your loan funds, those funds will be returned to the federal government.
Annual Loan Limits for Student’s Grade Level
| Credits | Grade Level | Loan Program | Loan Limits | |
|---|---|---|---|---|
| Undergraduate Program | Dependent Student | Independent Student | ||
| 0 – 30 | 1 | Subsidized | $ 3,500 | $ 3,500 |
| Unsubsidized | $ 2,000 | $ 6,000 | ||
| 31 – 60 | 2 | Subsidized | $ 4,500 | $ 4,500 |
| Unsubsidized | $ 2,000 | $ 6,000 | ||
| 61 – 90 | 3 | Subsidized | $ 5,500 | $ 5,500 |
| Unsubsidized | $ 2,000 | $ 7,000 | ||
| 91 – 120 | 4 | Subsidized | $ 5,500 | $ 5,500 |
| Unsubsidized | $ 2,000 | $ 7,000 | ||
| 120 or more | 5 | Subsidized | $ 5,500 | $ 5,500 |
| Unsubsidized | $ 2,000 | $ 7,000 | ||
| Graduate Program | Subsidized | $ 0 | ||
| Unsubsidized | $ 20,500 | |||
Interest Rates for Stafford and PLUS Loans under Federal Family Education Loan Program (FFELP) and Direct Loan Program
Rates effective July 1, 2013
| Loan Program | Grade Level | Interest Rate for Loans first disbursed between July 1, 2013 and June 30, 2014 | Interest Rate for Loans first disbursed between July 1, 2014 and June 30, 2015 |
|---|---|---|---|
| Subsidized Loan | Undergraduate | 3.86 | 4.66 |
| Graduate | n/a | n/a | |
| Unsubsidized Loan | Undergraduate | 3.86 | 4.66 |
| Graduate | 5.41 | 6.21 | |
| PLUS Loan | Graduate students and Parents of undergraduate students |
6.41 Direct Loans |
7.21 Direct Loans |
Origination Fees: An origination fee will be deducted proportionately from each loan disbursement to cover processing costs incurred by the Federal Government.
| Loan Program | Origination FeeLoans first disbursed between December 1, 2013 and September 30, 2014 | Origination FeeLoans first disbursed between October 1, 2014 and September 30, 2015 |
|---|---|---|
| Subsidized and Unsubsidized Loans | 1.072% | 1.073% |
| PLUS Loans | 4.288% | 4.292% |
Student Application Form
Important information for students applying for federal student loans:
- You will need approximately 30 to 60 minutes to complete your loan application.
- Make sure you complete the following documents:
- Student Loan application
- Entrance Counseling
- Master Promissory Note (MPN)
Information you must gather before starting the application process:
- Your Personal Identification Number (PIN). You can get you PIN at www.pin.ed.gov .
- Personal Information
- Home Address
- Mailing Address (if different from your home address)
- Phone number
- E-mail address
- Employer information
- Employer name
- Employer address
- College Name: Universidad Politécnica de Puerto Rico / Polytechnic University of Puerto Rico
- Information of References of two people that you know for the past 3 years. The first reference should be of your father/mother or of the legal tutor.
- Reference Name
- Complete Address
- Phone number
- Relationship with student
To apply, please go to the Financial Aid tab in MyPoly.
Parent Plus Application Form
Important information for parents applying for a Parent PLUS loans:
- You will need approximately 30 to 60 minutes to complete your loan application.
- Make sure you complete the following documents:
- Parent PLUS Loan application
- Master Promissory Note (MPN)
Information you must gather before starting the application process:
- Your Personal Identification Number (PIN). You can get a PIN at www.pin.ed.gov .
- Parent’s Information
- Home Address
- Mailing Address (if different from your home address)
- Phone number
- E-mail address
- Employer information
- Employer name
- Employer address
- School Name: Universidad Politécnica de Puerto Rico / Polytechnic University of Puerto Rico
- Information of References of two people that you know for the past 3 years. The student cannot be included as a reference.
- Reference name
- Complete address
- Phone number
- Relationship with student
- Student’s Information
- Name: First, Middle Initial and Last Name
- Social security number
- Date of birth
- Mailing address
- Phone number
To apply, please go to the Financial Aid tab in MyPoly.