Overview
Overview
Federal and private loans are need-based financial aid that must be repaid, sometimes with interest. Federal loans include the Direct Loan, Parent PLUS Loan, and more. Some federal loans don't accrue any interest while you're still a student. Private loans are another option to help you pay for the remainder of your education.
Federal Direct Loans
Federal Direct Loans
Federal Direct Loans are low interest rate loans that all students can apply for, provided they have filed a FAFSA and meet the criteria to receive federal aid.
As with all loans, Federal Direct Loans must be repaid with interest. There are two types of Federal Direct Loans: Subsidized and Unsubsidized. You may receive one or both types depending on your dependency and financial status. To receive the funds, you must be enrolled at least half-time.
Subsidized Direct Loan | Unsubsidized Direct Loan | |
|---|---|---|
| Financial Need | Based on need | Not based on need |
| Limits | Refer to the Annual and Aggregate Loan Limit tables below. Federal regulations limit new borrower eligibility for Direct Subsidized Loans to 150% of the published length of an undergraduate program. This limit applies only to first-time borrowers. | Refer to the Annual and Aggregate Loan Limit tables below. Important to note that Subsidized and Unsubsidized Direct Loans combined cannot exceed the Federal Direct Loan annual limits noted below. |
| Interest | The interest rate is a variable fixed rate which is determined at the beginning of each academic year (July 1). For more information, please visit . Note, Federal government pays the interest while in school at least half-time and during the six-month grace period after you graduate, leave school, or drop below half-time enrollment. Elimination of the Grace Period Interest Subsidy 鈥� Currently, the federal government pays the interest on a Federal Direct Subsidized loan not only when the student is enrolled at least 陆 time but also during their 6 month grace period. | The interest rate is a variable fixed rate which is determined at the beginning of each academic year (July 1). For more information, please visit . You are responsible for paying all the interest while in school and after graduating or dropping below half-time enrollment. You can allow the interest to accumulate while you are in school and during the grace period. If you do, the interest will be capitalized immediately at the time of repayment. The capitalized interest will be added to the principal balance. It is to your advantage to pay the interest while in college; you will pay less in the long run. |
| Fees | Fees are determined by the date of the first disbursement of the loan. For more information, please visit . | Fees are determined by the date of the first disbursement of the loan. For more information, please visit . |
| Apply for Loan and Entrance Counseling | After being awarded a Subsidized Direct Loan, go to to complete a Master Promissory Note (MPN) and your Entrance Counseling. If you are a continuing student borrower at 国产剧麻豆剧, go to your student portal to accept your loans. Entrance counseling is required for all first-time borrowers and strongly encouraged for all transfer students. This valuable step gives information on your rights and responsibilities for your loan(s), and helps you to understand what to expect while you are in school and beyond. | After being awarded an Unsubsidized Direct Loan, go to to complete a Master Promissory Note (MPN) and your Entrance Counseling. If you are a continuing student borrower at 国产剧麻豆剧, go to your student portal to accept your loans. Entrance counseling is required for all first-time borrowers and strongly encouraged for all transfer students. This valuable step gives information on your rights and responsibilities for your loan(s), and helps you to understand what to expect while you are in school and beyond. |
| Repayment | Repayment begins six months after you graduate, withdrawn, or cease to be enrolled at least half-time. The loan repayment period is typically 10 years, but may change depending on the loan repayment program you may choose or if you make more than the minimum payment. . If you would like to calculate your repayment of loans, try using . | Repayment begins six months after you graduate, withdrawn, or cease to be enrolled at least half-time. The loan repayment period is typically 10 years, but may change depending on the loan repayment program you may choose or if you make more than the minimum payment. . If you would like to calculate your repayment of loans, try using . |
| Exit Counseling | Every student borrower鈥� 鈥媜f federal loans鈥嬧�� who has dropped below half-time enrollment, withdrawn or graduated from 国产剧麻豆剧 is required to complete 鈥媏xit counseling.鈥� 鈥嬧�嬧�� Exit Counseling鈥� 鈥媘ay be completed at: . However, in-person Exit Counseling sessions are available at the end of each term, and are strongly encouraged. Communication will be sent to these students towards the end of the term notifying when in-person Exit Counseling sessions will be available. | Every student borrower鈥� 鈥媜f federal loans鈥嬧�� who has dropped below half-time enrollment, withdrawn or graduated from 国产剧麻豆剧 is required to complete 鈥媏xit counseling.鈥� 鈥嬧�嬧�� Exit Counseling鈥� 鈥媘ay be completed at: . However, in-person Exit Counseling sessions are available at the end of each term, and are strongly encouraged. Communication will be sent to these students towards the end of the term notifying when in-person Exit Counseling sessions will be available. |
Please Note:
- Additional Federal Unsubsidized Direct loan: If your parent is denied a Federal Parent PLUS loan, you are eligible to apply for an additional federal unsubsidized loan. The limits are listed below. Please contact SFS to see if you are eligible to apply.
- You are not required to borrow the full amount for which you are eligible; borrow conservatively to minimize indebtedness.
- Once awarded a federal loan, students still need to apply for or claim their loan in order for it to be credited to their student account.
Annual Loan Limits
The following table shows the maximum amounts you can borrow each year for the Unsubsidized and Subsidized Direct Loans.
| Dependent Undergraduates | Base Amount (DSSL/DUSL) | Additional Unsubsidized Loan Amounts |
|---|---|---|
| 1st Year | $3,500 | $2,000 |
| 2nd Year | $4,500 | $2,000 |
| 3rd Year/4th Year | $5,500 | $2,000 |
| Independent Undergraduates | Base Amount (DSSL/DUSL) | Additional Unsubsidized Loan Amounts |
|---|---|---|
| 1st Year | $3,500 | $6,000 |
| 2nd Year | $4,500 | $6,000 |
| 3rd Year/4th Year | $5,500 | $7,000 |
Aggregate Loan Limits
The following table shows the maximum lifetime totals that you can borrow for both the Direct Subsidized and Unsubsidized loans:
| Dependent Undergraduates* | |
|---|---|
| Direct Subsidized Loans/Direct Unsubsidized Loan (DSSL/DUSL) | $31,000 |
| Total | $31,000 |
*Includes Teacher Credential students
| Independent Undergraduates** | |
|---|---|
| Direct Subsidized Loans (DSSL) | $23,000 |
| Direct Unsubsidized Loan (DUSL) | $34,500 |
| Total | $57,500 |
**Includes Dependent Undergraduate students whose parents are denied the PLUS loan
Federal Parent PLUS Loans
Federal Parent PLUS Loans
The Federal PLUS Loan is a credit-based loan for parents (or step-parents) of dependent undergraduate students. A FAFSA is required before a Parent PLUS Loan can be approved.
Start by completing the FAFSA!
Read more about how to apply for the FAFSA.
How Much Should I Borrow?
We strongly recommend borrowing only what is needed to cover your student鈥檚 institutional charges.
To help with this, use the Parent PLUS Loan Calculator below to estimate:
* Borrowing the correct amount can help reduce unnecessary interest and repayment burden.
It may be to the parent's advantage to apply for the loan amount needed for a full academic year. For example, if a parent applies for a fall only PLUS loan, it is considered fully disbursed in the fall and repayment must begin within 60 days.
If you鈥檙e unsure how much to borrow after using the calculator, please contact Student Financial Services for guidance.
Loan Limits & Key Information
- Loan Limits: The maximum PLUS Loan amount is the Cost of Attendance minus all other financial aid received.
- Fees: PLUS Loans include an origination fee set by the federal government. Learn more at .
- Interest: Interest rates are established annually by the Department of Education. Current rates can be found at .
Repayment Information
- Repayment begins 60 days after the loan is fully disbursed
- Deferment options may be available
- The standard repayment term is 10 years, depending on the repayment plan selected
- Parent PLUS Loans cannot be transferred to the student
Learn more about repayment options !
Need Help?
We're happy to help you determine:
- The appropriate loan amount
- How the loan will apply to your student鈥檚 account
- How this fits into your overall payment plan
Contact Student Financial Services. We鈥檙e here to help you make informed decisions.
Federal Nursing Student Loan
Federal Nursing Student Loan
The Federal Nursing Student Loan is a federally subsidized, low-interest rate loan for students accepted and enrolled in the 国产剧麻豆剧 Nursing program who demonstrate exceptional financial need. Pre-Nursing students are not eligible.
Federal Nursing Student Loan Details
- Loan Amounts: Varies. Determined by 国产剧麻豆剧 based on available funding.
- Interest: Fixed at 5% and begins accruing nine months after graduation, withdrawal or dropping to less than half-time status.
- Repayment: Begins nine months after graduation, withdrawal, or dropping less than half-time.
If you are awarded a nursing loan, you must sign a promissory note at the beginning of each semester before funds can be applied to your account.
Entrance and Exit Counseling
Entrance Counseling is required before Federal Nursing Student Loan funds can be disbursed. Exit Counseling is required when you have graduated, withdrawn, or enrolled for less than half time. The purpose of loan counseling is to advise you of your rights and responsibilities for borrowing a Nursing Loan, deferment and forbearance options, and repayment options. Entrance counseling is completed at the time you sign the Nursing Loan Promissory Note at ecsi.net. For Exit Counseling, you will receive an email from 国产剧麻豆剧 at the time of graduation, withdrawal, or enrolled for less than time, directing you online.
Please contact us to determine if you are eligible to apply.
Note: funds are limited; not all students who meet the qualifications for a Nursing Loan will receive the Loan. 国产剧麻豆剧 is the lender for this loan, so repayment will be to the university or its servicer ECSI.
Caution: Federal Nursing Student Loans are considered Federal funds and therefore are subject to similar repayment guidelines as other federal loans. Non-repayment of a Federal Nursing Loan must be reported by 国产剧麻豆剧 to the federal government and will affect your credit score.
Private Loans
Private Loans
A private loan is another option for funding your education. Students should apply for a private loan only after all federal loan options have been exhausted (such as the Federal Direct Loans). Private loans are credit-based and often require, or at least benefit from, a co-signer. Parents may also apply for certain private loan options. Please be cautious and borrow only what you need for the academic year.
Choosing a Lender
国产剧麻豆剧 provides a Private Loan Lender List to help you begin your research. While these lenders have worked well with 国产剧麻豆剧 students in the past, offer competitive rates and terms, and have been reviewed by our office, you are welcome to apply with any lender of your choice.
These are the items the SFS team reviews annually when selecting lenders:
- Who is eligible for the loan?
- What are the interest rates and fees?
- Is a co-signer required, and when are they released?
- What are the standard repayment terms and forebearance/deferment options?
- Is the application process simple and clear?
- Is Customer Service easy to contact?
- What is unique about the Program?
国产剧麻豆剧 receives no compensation or benefits from any lenders. The lender list and marketplace
resource are provided so that our students and parents are aware of which providers have completed the screening process. We do not accept revenue-sharing, compensation agreements, gifts, or trips from any lending institution. Any services provided must have a direct benefit or interest to our students. Click here for our Code of Conduct.
We鈥檝e also partnered with Sparrow, a loan marketplace, to give you another way to compare private loan options.
Before You Borrow
- Carefully review the loan application and promissory note.
- Confirm the loan鈥檚 interest rate, APR, repayment terms, and fees.
- Keep in mind that private loans often carry higher interest rates than federal loans.
- Applying with a co-signer may improve approval chances and lower your interest rate.