Loans - The Simple Facts


Student - Federal Direct Student Loans

  • Student eligibility listed on Financial Aid Notification
    • Students must be enrolled at least half-time (six or more credit hours) to borrow  
    • Interest Rate on or after 7/1/19 and before 7/1/20
      • Subsidized – 4.53% fixed rate
      • Unsubsidized – 4.53% fixed rate
    • Fees on or after 10/1/19 and before 10/1/20   
      • 1.059%  
      • Calculate net amount received by the school
        Loan amount X .98941 = net amount
    • Payments begin six months after the student leaves school, graduates, or drops below half-time status
  • Student is the borrower
    • Complete Entrance Counseling  
    • Complete Loan Agreement (Master Promissory Note)

Parent - Federal Direct PLUS Loan

  • Parent eligibility listed on Financial Aid Notification
    • Student must be enrolled at least half-time (six or more credit hours) to borrow 
    • May borrow up to the cost of attendance minus all financial aid options
    • Interest Rate on or after 7/1/19 and before 7/1/20                     
      • 7.08% fixed rate
    • Fees on or after 10/1/19 and before 10/1/20                      
      • 4.236%
      • Calculate net amount received by the school
        Loan amount X .95764 = net amount received by the school  
    • Payment begins after the loan is fully disbursed for the academic year
      • Payment deferment and/or forbearance options available
  • Parent is the borrower
    • Parent of a dependent undergraduate student
      • Biological, adoptive or step-parent
    • Yearly application process
      • Complete Loan Application, Credit based loan, may apply with an Endorser

    • Complete Loan Agreement (Master Promissory Note)

    • Allows additional unsubsidized eligibility for undergraduate student if parent is denied the loan    

Private Loans

  • Loan in student’s name with cosigner
  • Parent loans available
  • Variable and fixed interest rates
  • Lender specific benefits