Federal Student Aid is responsible for managing the student financial assistance programs authorized under Title IV of the Higher Education Act of 1965. These programs provide grant, work-study, and loan funds to students attending college or career school.

We ensure students and their families can benefit from these programs by

  • informing students and families about the availability of the federal student aid programs and the process for applying for and receiving aid from those programs;
  • developing the Free Application for Federal Student Aid (FAFSA®) form and processing more than 17.6 million FAFSA forms each year;
  • accurately disbursing, reconciling, and accounting for all federal student aid funds that are delivered to students each year;
  • managing the outstanding federal student loan portfolio and securing repayment from federal student loan borrowers;
  • offering free assistance to students, parents, and borrowers throughout the entire financial aid process; and
  • providing oversight and monitoring of all program participants—schools, financial entities, and students—to ensure compliance with the laws, regulations, and policies governing the federal student aid programs.
  • Federal Direct Student Loan

    Federal Direct Unsubsidized Loans are available to graduate students who are enrolled at least half-time. Before a student can borrow a loan, the student must apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA®). Eligibility for the program will be determined by the Office of Financial Aid and indicated on your Financial Aid Award letter. Remember you can borrow less than is offered to you. You should only borrow what you need!

    2023-2024 Interest Rates for Graduate/Professional Student Loans
    Disbursed between:After July 1, 2023 and Prior to July 1, 2024July 1, 2022 to July 1, 2023
    Direct Unsubsidized Loans7.05%6.54%
    • The student is responsible for the interest that accrues on the unsubsidized loan during enrollment, grace, and repayment periods.
    • Federal Student Aid requires the student to complete an entrance counseling and a Master Promissory Note before the loans can be disbursed. Both can be completed at studentaid.gov.
    • Federal Loan Fees 1.057% of the loan amount is deducted from the Direct Unsubsidized loan prior to disbursement to your student account, this fee is subject to change.
    • Maximum Annual Federal Direct Unsubsidized loan amount you can borrow is your cost of attendance budget minus any other financial assistance received.
    • Maximum Cumulative (aggregate) Federal Direct Unsubsidized Loan Limit for graduate students unsubsidized loan amount is $138,500 —No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

    To complete the complete the process for Federal Direct Loans, you must complete

    Master Promissory Note (MPN): The MPN is a legal document in which you promise to repay your loans(s) and any accrued interest and fees to the Federal Department of Education. It also explains the terms and conditions of your loan. You sign the MPN once, the first time you borrow. This will allow you to borrow more from the same loan source while you are in school, without having to sign a promissory note each year.

    Entrance Counseling: The entrance counseling provides you with information on:

    • Your rights and responsibilities as a borrower
    • Who to contact with questions
    • Interest rates, expenses, repayment plans, and other important details about borrowing

    Methods and Frequency of the Disbursement of Aid

    The school disburses loan funds each semester approximately two weeks after the end of the add/drop period. If the add/drop lasts a week then loan funds will be disbursed to the student accounts three weeks after the start of the semester.

    The school will first apply your loan funds to your school account to pay for tuition, fees, room and board, and other school charges. If any additional loan funds remain, they will be returned to you.

    The school will mail a check at your home address unless you have signed up for direct deposit. You can sign up for a direct deposit to your personal bank account through the HUB under student finance. It takes approximately a week to receive a refund of the loan proceeds after loan funds are credited to your school account.

    Loan Repayment Information

    Each graduating student or student who received a loan and is now studying at the institution and is less than half time (registered to less than six credits) in a semester, enters a loan grace repayment period. After six months of grace period repayment on the loan starts. You will receive a letter from your loan servicer.

    For more information on determining who is your loan servicer and how much you will need to repay on your federal loans, you can visit the Loan Simulator.

    Exit Counseling Information

    Close to the end of your studies after graduation, if you leave the school and/or when you drop to less than half time enrollment (less than six credits in the semester), the school will communicate with you that you need to complete an exit counseling process on student aid.gov. This is mandatory counseling.

  • Federal Direct Grad PLUS Loan

    Master's students can apply for a Federal Direct Grad PLUS Loan. The PLUS loan allows students to borrow up to the cost of attendance, less any other financial aid. The lender is the U.S. Department of Education. There is a loan fee of 4.228% deducted from the loan amount prior to disbursement to your student account, this fee is subject to change.

    2023-24 Interest Rates for Graduate/Professional Student Loans
    Disbursed between:After July 1, 2023 and Prior to July 1, 2024July 1, 2022 to July 1, 2023
    Direct PLUS Loans8.05%7.54%

    Eligibility Requirements

    • Admitted/matriculated and enrolled in a Master's or professional degree program
    • Enrolled at least half-time and making satisfactory academic progress
    • Cannot have an adverse credit history (a credit check will be done)
    • U.S. citizen or eligible noncitizen and must meet general eligibility requirements for Federal Student Aid programs
    • Must not be in default on any federal education loans or owe an overpayment on a federal education grant

    Students can go on line to apply and get a credit decision and, upon approval, complete the Master Promissory Note (MPN) by following the instructions below:

    Step 1: Go to: studentaid.gov/
    Step 2: Sign in with your FSA ID
    Step 3: Request a PLUS Loan

    PLUS Loan funds are disbursed directly to the student account in two equal installments. Interest is charged beginning on the date of the first disbursement. Repayment begins immediately after graduation or if you drop to less than one-half time attendance. A Disclosure Statement will be sent to the borrower from the Direct Loan Servicing Center.

  • Alternative Student Loans

    There are a variety of banks and private lenders who offer alternative education loans for graduate students. Regis College has a formal process to review the alternative student loan offerings of the major lenders. Based on this review, we have chosen the lenders below who offer a variety of benefits to the borrowers. Be assured that Regis College receives no benefits, financial or otherwise, from the lenders presented on the list.

    Lenders offer private loan programs with different rates, fees, repayment terms and approval requirements. We suggest that you carefully review each program to compare the terms and conditions before deciding which alternative loan may be appropriate for your needs.

    Please click on the link above to access “ELM“, the new Alternative Loan Portal used by Regis College.