Student and Parent Loans

Federal Direct Loans are available to undergraduate students who are enrolled at least half-time. Before a student can borrow a loan, the student must apply for financial aid by completing a FAFSA application. Eligibility for the programs below 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!

• The Subsidized Federal Direct Loan is available to students who demonstrate financial need. The interest is paid (subsidized) by the federal government while the student is enrolled in school at least half-time in school and during the six-month grace period after the student ceases to be enrolled at least half-time. Subsidized loans have a lifetime aggregate loan limit of $23,000.
• The Unsubsidized Federal Direct Loan is available to students who do not demonstrate financial need, or whose financial need has been met by other resources (e.g., grants and scholarships). The student is responsible for the interest that accrues on the unsubsidized loan during enrollment, grace, and repayment periods.
• Federal student loans require 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 Subsidized and Unsubsidized loans prior to disbursement to your student account for loans disbursed after October 1, 2020 and before October 1, 2024.

* These loan limits include both subsidized and unsubsidized amounts and cannot exceed your cost of attendance minus other financial aid.

Maximum Cumulative Federal Direct Loan Limits

The maximum cumulative (aggregate) loan for dependent students subsidized and unsubsidized loan amount is $31,000 (no more than $23,000 of which may be in Subsidized loans). Independent students is $57,500 (no more than $23,000 of which may be in Subsidized loans).

To 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 eight to 10 business days for the school administration to process refunds after the day your loans are credited on your account. Once processed, the refund will be mailed if it is a check and will be submitted electronically to your bank account if you signed up for direct deposit.

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.

Parents/Step-parents of dependent students can apply for a Federal Direct Parent Loan for Undergraduate Students (PLUS). The PLUS loan allows parents to borrow up to the cost of attendance, less any other financial aid. The lender is the U.S. Department of Education. A 4.228% fee for the Direct Parent Loan will be deducted prior to disbursement to your student account.

Eligibility Requirements

• Parent of dependent student who is enrolled at least half-time in a degree-seeking program and be meeting satisfactory academic progress
• Parent cannot have an adverse credit history
  (a credit check will be done)
• Student and parent must be U.S. citizens or eligible non-citizens and must meet general eligibility requirements for Federal Student Aid programs
• Parent must not be in default on any federal education loans or owe an overpayment on a federal education grant

Parents can go online and complete a PLUS loan application and, upon approval, complete the Master Promissory Note (MPN) by following the instructions below. Loan Counseling may also be required.

A parent FSA ID is required. If you signed the FAFSA electronically for your son or daughter you were assigned one at that time. Parents can request an FSA ID at studentaid.gov.

Step 1: Go to studentaid.gov
Step 2: Sign in with your FSA ID and click Apply for a Direct PLUS Loan
Step 3: Start PLUS Application

PLUS Loan funds are disbursed directly to the student account in two equal installments. If the Parent Borrower selects an unknown loan amount on the Parent PLUS Loan application, and does not reach out to the Financial Aid Office to select an amount, the loan will automatically be certified up to the student’s Cost of Attendance. Repayment begins after the full amount for the academic year has been disbursed. Disbursement dates will be stated on the Disclosure Statement sent to the borrower from the Direct Loan Servicing Center. Parents may choose to defer payments until six months after the student ceases to be enrolled at least half-time.

If the PLUS Loan is denied, the student may be eligible for additional Unsubsidized Federal Direct Loan. A written request must be made to the Financial Aid Office.

There are a variety of banks and private lenders who offer alternative education loans for 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.

• Alternative Student Loan Chart

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

The Massachusetts No Interest Loan (NIL) provides zero-interest loans to help eligible Massachusetts residents pay for college. Borrowers have up to 10 years to repay the loan.

Eligibility Requirements:

• Must have lived in Massachusetts for at least one year before the start of the term and plan to remain a resident.
• Be a U.S. citizen, permanent resident, or eligible non-citizen under federal rules.
• File the FAFSA and demonstrate financial need.
• Be enrolled full-time (12+ credits) in an eligible Massachusetts institution in an undergraduate study program.
• Maintain satisfactory academic progress and not be in default on any loans.

Award Details:

• Annual awards range from $1,000 to $4,000, with a lifetime maximum of $20,000.
• Amounts are based on financial need.

Please review the Massachusetts Office of Financial Assistance website for more information.

Enacted in July 2025, the One Big Beautiful Bill Act (OBBB) made significant changes in federal student loan programs as a part of the shifts in fiscal policy. While there are no changes to federal student loans for the 2025–2026 academic year, strong>changes resulting from the legislation are slated for July 1, 2026.

Regis is continuing to track all the changes and plans to update this site as more clarification from ED is released. In the meantime, please note:

• There are no changes to financial aid for the 2025–2026 academic year, stemming from this legislation.
• We're here to help! If you have questions or would like to speak with a financial aid staff member at your school, emai finaid@regiscollege.edu.
• More information can be found at studentaid.gov

Undergraduate Limits and Parent PLUS Loans

• There are no changes for undergraduate loans, although undergraduate loans will count towards the new lifetime limits.
• However, starting July 1, 2026, Parent PLUS loans will be capped at $20,000 per student per year, with a $65,000 lifetime limit per dependent student.
• Existing Parent PLUS borrowers who have borrowed for their students before July 1, 2026, can continue with the current limits for three more years or until the student’s program ends.

Loan Proration for Part-Timers

The bill includes a provision to prorate loan amounts based on enrollment.

For any school semester starting after July 1st, 2026, part-time undergraduate students (e.g., those enrolled less than full-time) would only be eligible for a portion of the annual loan limit.

Full-time students are enrolled to 12 credits or more in the semester. Less than full-time students are enrolled to less than 12 credits in any given semester.