Loans

Loans are funds that you must repay. The Federal Loan programs offer a secure, government-regulated and reasonably affordable way to invest in yourself and your goal of a higher education. Even though some loans are based on financial need, there are programs available to all federally eligible students regardless of income. Types of loans include Direct Stafford Loans, and PLUS Loans (for Graduate Students or Parents of Dependent Undergraduate Students).

Federal Direct Loan (DL) Program

Direct Loans, from the William D. Ford Federal Direct Loan Program, are low-interest loans for eligible students to help cover the cost of higher education. Eligible students borrow directly from the U.S. Department of Education at participating schools.

Direct Subsidized Loans
Direct Subsidized Loans are for students with financial need. The University will review the results of the FAFSA and determine the amount a student can borrow. The student is not charged interest while enrolled in school at least half-time.

Direct Subsidized Loan Time Limitation Note: Federal regulations limit a first-time borrower’s* eligibility for Direct Subsidized Loans to a period not to exceed 150% of the length of the borrower’s educational program. Under certain conditions, first-time borrowers who have exceeded the 150% limit may lose the interest subsidy on outstanding Direct Subsidized Loans. For more detailed information on Direct Subsidized Loan Time Limitation, visit https://studentloans.gov/myDirectLoan/directSubsidizedLoanTimeLimitation.action.
Direct Unsubsidized Loans
Direct Unsubsidized Loans are available to students with and without financial need. Like subsidized loans, the University will review the results of the FAFSA to determine the amount a student can borrow. Interest accrues (accumulates) on an unsubsidized loan, even while the student is in school, beginning on the date the loan is initially disbursed. The student can pay the interest while in school and during grace periods and deferment or forbearance periods, or can allow it to accrue and be capitalized (that is, added to the principal amount of the loan). If a student chooses not to pay the interest as it accrues, this will increase the total amount to be repaid because the student will be charged interest on a higher principal amount.
Terms and Conditions
Students who receive a Direct Loan are subject to the terms and conditions disclosed on the Federal Direct Loan Master Promissory Note (MPN), https://studentloans.gov/myDirectLoan/downloadPDF.action?fileName=Sub-Unsub-MPN, and the Direct Loan Disclosure Statement.
Borrower’s Rights and Responsibilities
Students receiving federal financial aid have varying rights and responsibilities in accordance with the Borrower’s Rights and Responsibilities Statement, http://www2.ed.gov/offices/OSFAP/DirectLoan/dlrights.pdf, attached to the Master Promissory Note (MPN).

For more detailed information on eligibility and how to apply for the Federal Direct Loan Program, visit https://www.studentaid.ed.gov/types/loans/subsidized-unsubsidized.

* Generally, a first-time borrower is one who did not have an outstanding balance of principal or interest on a Direct Loan or on an FFEL Program Loan on July 1, 2013.

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Federal Direct PLUS Loan for Parent(s)

Parents of dependent students may apply for a Direct PLUS Loan to help pay their child’s education expenses as long as certain eligibility requirements are met. Direct PLUS Loan eligibility is dependent upon the applicant’s credit history. If it is determined that the applicant has adverse credit history, the applicant will have the option to appeal the credit decision or pursue an endorser. If a parent is unable to secure a Direct PLUS Loan, the dependent student may be eligible for additional unsubsidized loans.

Terms and Conditions
Students whose parent(s) receive a PLUS Loan are subject to the terms and conditions disclosed on the Federal Direct PLUS Loan Application and Master Promissory Note (MPN) at https://studentloans.gov/myDirectLoan/downloadPDF.action?fileName=FDPL-MPN.
Borrower’s Rights and Responsibilities
Parents receiving federal financial aid have varying rights and responsibilities in accordance with the Borrower’s Rights and Responsibilities Statement, https://studentaid.ed.gov/sa/types/loans/plus, attached to the Master Promissory Note (MPN).

For more detailed information on eligibility and how to apply for Direct Parent PLUS Loans, visit http://www.studentaid.ed.gov/types/loans/plus.
Instructions on How To Apply for a Parent Plus Loan

Please use these instructions to apply for a Parent Plus Loan

/enrollment-management/financial-aid/types/loans/PLUS-Loan-App-Instructions-24-25.pdf

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Federal Direct PLUS Loan for Graduate & Professional Degree Students

Graduate and professional degree students can borrow a Direct PLUS Loan to help cover education expenses at a fixed interest rate. Direct PLUS Loan eligibility is dependent upon the applicant’s credit history. If it is determined that the applicant has adverse credit history, the applicant will have the option to appeal the credit decision or to obtain an endorser.

Award Amount
Students are eligible to receive a Graduate PLUS Loan award up to their academic year cost of attendance (COA) minus any other financial assistance received.
Terms and Conditions
Students who receive a PLUS Loan for Graduate and Professional programs are subject to the terms and conditions disclosed on the Federal Direct PLUS Loan Application and Master Promissory Note (MPN) at https://studentloans.gov/myDirectLoan/downloadPDF.action?fileName=FDPL-MPN.
Borrower’s Rights and Responsibilities
Students receiving federal financial aid have varying rights and responsibilities in accordance with the Borrower’s Rights and Responsibilities Statement, https://studentaid.ed.gov/sa/types/loans/plus, attached to the Master Promissory Note (MPN) for Direct PLUS Loans.

For more detailed information on eligibility and how to apply for the Direct PLUS Loan for Graduate and Professional students, visit http://studentaid.ed.gov/types/loans/plus.

For information regarding Federal Student Loan Interest Rates, including Direct PLUS Loans, please visit http://studentaid.ed.gov/types/loans/interest-rates.

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Private Loans

Private Education Loans, also known as Alternative Loans, are credit-based loans that can help bridge the gap between the actual cost of your education and the amount of your other financial aid funds. Private loans are offered by private lenders and should only be considered after exhausting all other sources of funding – including federal loans.

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