Student Loans - Undergraduate
Direct Loan Online Services
William D. Ford Federal Direct Subsidized Loan
William D. Ford Federal Direct Unsubsidized Loan
Federal Perkins Loan
Federal Direct Parent PLUS Loan
Alternative Loans
Direct Loan Online Services:
William D. Ford Federal Direct Subsidized Loan:
- Federally funded loan program available through the University
- Eligibility determined on demonstrated financial need
- Must complete FAFSA
- Enrolled at least half time (6 credits)
- Enrolled in a degree granting program
- Students must complete an online Entrance Counseling
- Students must complete an Electronic Master Promissory Note
- Awards are based on grade level;
- $3,500 Freshman
- $4,500 Sophomore
- $5,500 Junior
- $5,500 Senior
- Lifetime aggregate loan limit of $23,000 may not be exceeded
- Students pay an origination fee
- Interest rate effective July 1, 2012, Fixed 3.4%
- The federal government pays the annual interest rate on the subsidized loans while the student is enrolled in school and during the six month grace period
- Repayment starts six months after graduation, withdrawal, or when the student's course load drops below half time (6 credits) status
- Students must complete an online Exit Counseling at point of graduation, withdrawal from school, or if enrollment status drops below half time (6 credits) status
- Loan that must be repaid
William D. Ford Federal Direct Unsubsidized Loan:
- Federally funded loan program available through the University
- Eligibility does not require demonstrated financial need
- Must complete FAFSA
- Enrolled at least half time (6 credits)
- Enrolled in a degree granting program
- Students must complete an online Entrance Counseling
- Students must complete an Electronic Master Promissory Note
- Awards are based on grade level and dependency status
- Borrowers may receive both the subsidized and unsubsidized loans for the same loan period, although the combination of both cannot exceed the following loan limits:
| Dependent | Independent |
| Freshman: | $5,500 | $9,500 |
| Sophomore: | $6,500 | $10,500 |
| Junior: | $7,500 | $12,500 |
| Senior: | $7,500 | $12,500 |
- Dependent students whose parent/stepparent has been denied a Federal Direct Parent Plus Loan may apply for an additional Unsubsidized Federal Direct Student Loan of up to $4,000 for freshmen and sophomores and $5,000 for juniors and seniors
- Aggregate loan limit for dependent undergraduates cannot exceed $31,000 ($23,000 maximum in subsidized loans)
- Aggregate loan limit for independent undergraduate cannot exceed $57,500 ($23,000 maximum in subsidized loans)
- Students pay an origination fee
- Interest rate effective July 1, 2012 fixed 6.8%
- Interest is charged from the time the loan is disbursed until it is paid in full. If a student allows the interest to accumulate, it will be capitalized—that is, the interest will be added to the principal amount of the loan and additional interest will be based upon the higher amount
- Repayment starts six months after graduation, withdrawal, or when the student's course load drops below half time (6 credits) status
- Students must complete an Exit Counseling at point of graduation, withdrawal from school, or enrollment status drops below half time (6 credits) status
- Loan that must be repaid
Federal Perkins Loan:
- Federally funded loan program available through the University
- Eligibility determined on demonstrated financial need
- Must complete FAFSA
- Enrolled at least half time (6 credits)
- Enrolled in a degree granting program
- Available to undergraduate students
- Awards range from $100 to $4,000 depending upon funding
- 5% fixed interest
- Repayment starts nine months following graduation, a student's withdrawal from school, or when a student drops to less than half-time (6 credits)
- Principal and interest are deferred while a student is enrolled at least half-time
- Students must sign a Master Promissory Note and Entrance counseling at the Financial Aid Office
- An Exit Interview must be complete with the Student Financial Services Office at point of graduation, withdrawal or enrollment drops below half time (6 credits) enrollment
- Loan that must be repaid
Federal Direct Parent PLUS Loan:
- Federally funded loan program available through the University
- Eligibility does not require demonstrated financial need
- Available to parents/stepparents of undergraduate dependent students
- Student must be enrolled at least half time (6 credits)
- Student must be enrolled in a degree program
- Awards provide up to the cost of attendance minus financial aid per academic year
- Interest rate is fixed at 7.9% beginning July 1, 2012, and repayment begins 45-60 days after the second disbursement. Deferred payment options are available.
- Refer to the Direct Loan website for more detailed information
- Parent/stepparent must complete an Online Master Promissory Note
- Filing a FAFSA is strongly recommended before you apply for the PLUS loan so that the student can first receive the maximum aid available
- Loan that needs to be repaid by the parent/stepparent
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