DIRECT STUDENT LOANS
ELIGIBILITY: Matriculated undergraduates must file the FAFSA to qualify for Direct Student Loans. Undergrads must be enrolled for 6 credits or more per semester to be eligible.
REQUIREMENTS: First time borrowers are required to complete a Master Promissory Note (MPN) and entrance interview on the Federal website: www.studentloans.gov. Login using your fafsa pin.
- Complete MASTER PROMISSORY NOTE for Subsidized/Unsubsidized loan. (Direct Loan promissory notes are valid for 10 yrs.)
- Complete ENTRANCE COUNSELING.
Yearly Amounts for Dependent Undergraduates
- 0-29 credits: $5500 (no more than $3500 of this amt may be subsidized)
- 30-59 credits: $6500 (no more than $4500 of this amt may be subsidized)
- 60+ credits: $7500 (no more than $5500 of this amt may be subsidized)
- Aggregate total of $31000 (no more than $23000 of this amt may be sub)
Independent Undergrads (or dependent students w/a Parent PLUS denial)
- 0-29 credits: $9500 (no more than $3500 of this amt may be sub)
- 30-59 credits: $10500 (no more than $4500 of this amt may be sub)
- 60+ credits: $12500 (no more than $5500 of this amt may be sub)
- Aggregate total of $57500 (no more than $23000 of this amt may be sub)
LOAN FEES & RATES:
- Subsidized loans for 2013/14: 3.86% interest w/ 1.051% origination fee
- Unsubsidized Loans for 2013/14: fixed at 6.8% interest w/ 1.05% origination fee
REPAYMENT: Repayment begins 6 months after the student graduates or falls below half-time.
IMPORTANT! All borrowers are encouraged to review their National Student Loan Data System (NSLDS) records to monitor their debt. Login to nslds.ed.gov using your federal pin. The NSLDS lists the servicer of each of your federal federal loans. It is recommended that you then create a login on your servicer(s) website(s) as borrowers are encouraged to work with their servicing agents to maintain a workable and affordable payment plan.
For more information on repayment and repayment plans, please visit the Federal Student Aid site.
ELIGIBILITY: Perkins is a need-based Federal loan program which is awarded to students demonstrating exceptional financial need. Perkins funding is limited, so file your FAFSA early to qualify. Undergrads must be enrolled fulltime (12 credits or more) per semester to be eligible.
REQUIREMENTS: First time Perkins borrowers will receive a letter from the Loan Counseling Office to complete a Master Promissory Note (MPN) at a designated time on campus. Visit the Loan Counselor's site for more info.
LOAN AMOUNTS: Perkins loan amounts vary from $100-$4000 per year.
LOAN FEES & RATES: There are no fees. The interest rate is 5% and the loan is subsidized (no interest accrues while the student is attending school at least half-time).
REPAYMENT: If you're attending school at least half time, you have a nine month grace period after you graduate, leave school, or drop below half-time status before you must begin repayment. Questions can be directed to the Student Loan Service Center at (518) 525-2626.