• LOANS

    Federal Direct Subsidized Loan

    • Based upon need
    • No interest while a student is registered for at least six credit hours
    • Origination Fee 1.068% fee (as of October 1, 2015)
    • Interest rate 4.29% (loans first disbursed on or after 7/1/15 and before 7/1/16)
    • Repayment on the principal begins six months after completing program of study or dropping below six credit hours

    Federal Direct Unsubsidized Loan

    • Non-need based loan
    • Interest begins as soon as the loan is disbursed
    • The student may choose to make payments on the interest while they are in school or choose to have the interest capitalized
    • Interest rate of 4.29% (undergraduate) (loans first disbursed on or after 7/1/15 and before 7/1/16)
    • Interest rate of 5.84% (graduate)
    • Origination Fee 1.068% fee (as of October 1, 2015)
    • Repayment on the principal begins six months after completing program of study or dropping below six credit hours

    Federal Direct PLUS or Graduate PLUS Loan Program

    • Repayment on the principal and interest begins as soon as the loan is disbursed. Parents and Graduate students may also have their loans deferred
    • Interest Rate of 6.84% (loans first disbursed on or after 7/1/15 and before 7/1/16)
    • Origination Fee 4.272% fee
    • The parent and graduate student must pass a credit check to qualify for a PLUS Loan
    • Maximum amount that may be borrowed is the student's cost of attendance less other estimated financial aid

    Annual and Aggregate Loan Limits

    The following chart provides maximum annual and aggregate (total) loan limits for subsidized and unsubsidized Direct Stafford Loans.

    Year  

    Dependent Undergraduate Student  

    Independent Undergraduate Student (and dependent students whose parents are unable to obtain the parent plus)  

    First Year

    $5,500—No more than $3,500 of this amount may be in subsidized loans.

    $9,500—No more than $3,500 of this amount may be in subsidized loans.

    Second Year

    $6,500—No more than $4,500 of this amount may be in subsidized loans.

    $10,500—No more than $4,500 of this amount may be in subsidized loans.

    Third Year

    $7,500—No more than $5,500 of this amount may be in subsidized loans.

    $12,500—No more than $5,500 of this amount may be in subsidized loans.

    Maximum Total Debt from
    Stafford Loans When You Graduate (aggregate loan limits)

    $31,000 - Total

    $23,000 – Is the maximum amount allowable in subsidized loans.

    $57,500—No more than $23,000 of this amount may be in subsidized loans.

    Visit www.studentloans.gov to learn more about the Federal Direct Loan Programs.

    The following steps must be completed to receive your Direct Loans

    Federal Direct Loan

    • Complete the Loan Entrance Counseling interview
    • Complete the Master Promissory Note (MPN) for Federal Direct Loan
    • https://studentloans.gov

    Federal Direct PLUS Loan Program for Parents and Graduate Students

    • Parents and graduate students complete the PLUS loan credit application at https:studentloans.gov
    • Graduate students and Parents (with adverse credit) will need to complete the loan entrance counseling for the PLUS loan
    • Parents and graduate students with approved credit application will need to complete the Master Promissory Note (MPN)

    Nursing Student Loans

    The loan is designed for students who demonstrate financial need and are enrolled in an eligible program (Baccalaureate Degree). Eligible students are awarded on a first-come, first serve basis until funding is exhausted. No interest is charged while the student is enrolled in school for at least six credit hours. Five percent simple interest is charged after completion of the grace period.

    You will receive email instructions from Educational Computer Systems Inc. (ECSI) directing you to complete the following materials on their website www.ecsi.net.

    1. Entrance Interview
    2. Master Promissory Note

    The above documentations cannot be completed until you receive the email from ECSI.