Federal and Private Loans
FEDERAL DIRECT SUBSIDIZED AND UNSUBSIDIZED LOAN PROGRAM
- This program enables undergraduate students to borrow annual amounts up to $3,500 for freshmen, $4,500 for sophomores, and $5,500 each for juniors and seniors.
- Dependent undergraduates whose parents can borrow PLUS Loans may borrow an additional annual amount of $2000 through the unsubsidized Federal Direct Loan Program.
- Undergraduate dependent students whose parents cannot borrow PLUS Loans and undergraduate students meeting the federal criteria for independent status may borrow for the freshman and sophomore years an additional annual amount of $6000 through the unsubsidized Federal Direct Loan Program while students at the junior and senior level may borrow up to an additional $7000 per academic year. Contact Financial Aid for current interest rates and fees.
- Subsidized Federal Direct Loans are need based with all interest paid by the U.S. Department of Education while attending at least half time (six credit hours for undergraduates).
- Unsubsidized Federal Direct Loans are not need based and interest accrues on the loan. Students with an unsubsidized Direct Loan are responsible for paying the interest while they are in school; however, the student has the option of capitalizing the interest.
DIRECT LOAN BORROWERS MUST:
- Complete the Federal Direct Loan Entrance Counseling online at studentloans.gov.
- Complete a Master Promissory Note at the same website. When you sign the Master Promissory Note, you are agreeing to repay the loan according to the terms of the note. If you have completed an MPN in the last 10 years in the Direct Loan program and received funds based on it, you will not need to complete a new MPN.
You may check your loan history at: nslds.ed.gov/nslds_SA/
Graduate students can borrow up to the cost of education or a total of $20,500 unsubsidized Direct Loan.
All Financial Aid documentation must be received in the Financial Aid office before your Direct Loans can be processed including your Entrance Counseling and Master Promissory Note at studentloans.gov
FEDERAL PARENT LOAN FOR UNDERGRADUATE STUDENTS (PLUS)
- Parents (or step-parents) who need additional funds to assist with educational expenses may borrow up to the cost of education minus any financial aid the student is eligible to receive for the academic year.
- Parents must complete a Plus Loan Application and Master Promissory Note at studentloans.gov.
- Repayment normally begins after the loan is fully disbursed.
- Interest begins to accumulate at the time the disbursement is made.
- Contact Financial Aid for current interest rates and fees.