Most students find it necessary to finance a portion of their education with student loans. Loans are borrowed money that must be repaid, with interest. Detailed information, eligibility requirements, and borrower responsibilities should be reviewed prior to borrowing.
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!
Disbursed between: | July 1, 2017 - June 30, 2018 | July 1, 2018 - June 30, 2019 |
Direct Loan (subsidized/unsubsidized) Interest rate | 6% | 6.595% |
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:
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 4.264% deducted from the loan amount prior to disbursement to your student account for loans disbursed prior to Oct. 1, 2018.
Disbursed between: | July 1, 2017 - June 30, 2018 | July 1, 2018 - June 30, 2019 |
PLUS Loan Interest Rate | 7.00% | 7.595% |
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: studentloans.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.
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.
The NSLDS is an online central database that keeps track of all federal student loans. Perkins Loan and Pell Grant information may also be viewed via this Website. Loan information is transmitted to NSLDS from schools, lenders, and loan servicers. All information viewed is private and secure, and can only be accessed using a student's social security number, first two letters of last name, date of birth and FAFSA PIN.