Most students find it necessary to finance a portion of their education with student loans. Loans, unlike grants and student employment, are borrowed money that must be repaid with interest. Detailed information, eligibility requirements, and borrower responsibilities should be reviewed prior to borrowing.
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!
|Loans Disbursed between||July 1, 2017 - June 30, 2018||July 1, 2018 - June 30, 2019|
|Direct Loan (subsidized/unsubsidized) Interest rate||4.45%||5.045%|
* These loan limits include both subsidized and unsubsidized amounts and cannot exceed your cost of attendance minus other financial aid.
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).
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:
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 4.264% fee for the Direct Parent Loan will be deducted prior to disbursement to your student account for loans disbursed prior to October 1, 2018.
|Disbursed between:||July 1, 2017 - June 30, 2018||July 1, 2018 - June 30, 2019|
|PLUS Loan Interest Rate||7.00%||7.595%|
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 fsaid.ed.gov.
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.
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.