Loans
Loans are money borrowed that must be repaid, with interest. Eligible students must be enrolled at least six credit hours to receive a federal loan. A promissory note must be signed and completed along with entrance/exit counseling.
William D Ford Federal Direct Loan (Direct Loan) Programs
These loans are backed by the federal government. The U.S. Department of Education is the lender. Credit checks are not required for students loans. There are two types of Direct Student Loans: subsidized and unsubsidized. Students must have a financial need to receive a subsidized Stafford Loan. The U.S. Department of Education will pay the interest on a subsidized Stafford Loan during certain periods of enrollment. A promissory note and entrance counseling must be completed at www.studentloans.gov. Additional information regarding interest rates and repayment options can be found online at https://studentaid.ed.gov/sa/.
Direct PLUS Loans:
These are loans made to eligible parents of dependents, graduate or professional students to help cover the cost of education.. The PLUS loans do require a credit check. Additional information can be found online at https://studentaid.ed.gov/sa/. Parents can apply online at www.studentloans.gov.
Annual Loan Limits:
Annual limit based on cost of attendance budget:
Dependent Students:
• First Year: $5,500 - 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.
• Third Year and each year beyond: $7,500 - No more than $5,500 of this amount may be in subsidized loans.
Independent students (and dependent students whose parents are unable to obtain PLUS Loans):
• First Year: $9,500 - No more than $3,500 of this amount may be in subsidized loans.
• Second Year: $10,500 - No more than $4,500 of this amount may be in subsidized loans.
• Third Year and each year beyond: $12,500 - No more than $5,500 of this amount may be in subsidized loans.
Maximum Total Debt Upon Completion of Undergraduate Studies:
• Dependent Students: $31,000 - No more than $23,000 of this amount may be in subsidized loans.
• Independent Students: $57,500 - No more than $23,000 of this amount may be in subsidized loans.