Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department), though the entity you deal with, your loan servicer, can be a private business
How to Qualify:
- Complete a Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov
- Enroll at least half-time (6 or more credits)
- Be making Satisfactory Academic Progress
Standard Loan Certification Amounts:
Freshman (0-24 credits) $3500 Full Year $1750 One Semester
Sophomore (25 and over) $4500 Full Year $2250 One Semester
*Additional unsubsidized loan amounts must be requested in writing.
Interest Rates:
4.5% Direct Subsidized Loans for undergraduates with a first disbursement date between July 1, 2010, and June 30, 2011.
6.8% Direct Subsidized Loans for graduate students and Direct Unsubsidized Loans for all students.
First-time Direct Student Loan Borrowers:
- Complete a Master Promissory Note at www.studentloans.gov
- Sign In using the same four digit pin# used for the FAFSA Application
- Complete Entrance Counseling if you are a first time student loan borrower
- Complete the Master Promissory Note: It takes approximately 30 minutes and must be completed in one session.
- Select Subsidized/Unsubsidized Loans
- SUBMIT
2. Complete a Student Loan Request Form and return it to the Financial Aid Office
- Before requesting an amount, consider your cost of tuition, books, and
other financial aid you are receiving so that you do not over-borrow.- The Department of Education requires the Financial Aid Office to delay your first disbursement until 30 days into the semester.
- Plese allow 4-6 weeks for processing.
Prior Direct Student Loan Borrowers:
Complete a Student Loan Request Form and return it to the Financial Aid Office
Parent PLUS Loan Borrowers:
Complete the Application at www.studentloans.gov
- Sign In using the same four digit pin# used for the FAFSA Application
Additional Borrowing Options
Private Alternative Education Loans
Bridge the gap when a student’s financial aid award is not enough to cover the COA.
To select a private alternative education loan, it’s best to do your own research:
Students applying for a private alternative loan must complete the Private Loan Self Certification Form and submit it to the Financial Aid Office on main campus.
Please carefully consider the amount you are borrowing. The repercussions from "over-borrowing" while you are in school can carry with you for over 20 years after you finish your education. For more information on budget planning and debt management, please go to http://studentaid.ed.gov
Student Loan Code of Conduct: