2022-2023 Catalog

Loan Programs

This section describes all loans that are available to both students and parents of dependent students. The federal loan programs are known as Federal Direct Loans.

PROGRAM ELIGIBILITY SELECTION CRITERIA AND AMOUNT APPLICATION RENEWAL
Direct Subsidized Loan 1. Have a valid FAFSA on file.
2. Enroll for 6 credits or more each semester.
3. Not in default of a prior student loan or have received an overpayment of a PELL or SEOG grant.
4. Enrolled in a degree program.
5. If selected, complete the verification process and submit documentation requested to determine your eligibility for federal loans.

1. Demonstrate financial need.
2. Amount based on current year in school (see chart below).
3. Origination fee of 1.057% is deducted prior to disbursement.
1. Must sign a Master Promissory Note (MPN) and complete an Entrance Counseling Session online at https://studentaid.gov.
2. Repayment begins 6 months after the student graduates, is no longer enrolled or has dropped below half-time status. Interest will accrue during the 6 month grace period and during repayment.
1. Have a valid FAFSA on file.
2. Direct Student loans are automatically renewed each year unless notification is given to Financial Aid in writing.
Direct Unsubsidized Loan Same as Subsidized Loan 1. Amount based on current year in school (see chart below) and cost of education minus any other financial aid received.
2. Eligible students are automatically eligible for an additional $2,000 in the unsubsidized loan.
3. Independent students, based on federal requirements, or dependent students whose parent is denied a PLUS loan will receive an additional Unsubsidized loan (see chart below).
4. Loan is based on the student’s cost of education minus any other financial aid received.
5. Origination fee of 1.057% is deducted prior to disbursement.
1. Same as Subsidized loan.
2. Interest begins accrual at the time of disbursement.
3. Repayment of interest begins 60 days after disbursement of the loan or can be deferred until after the grace period.
Same as for Subsidized Loan.
Federal Direct Parent PLUS Loan for Undergraduate Students 1. Parents of dependent students, based on federal guidelines.
2. Students must meet Direct Loan eligibility requirements.
3. Parents must be credit approved by the Department of Education.
1. Loan is based on the student’s cost of education minus any other financial aid received.
2. Origination fee of 4.228% is deducted prior to disbursement.

1. Parent and student must complete the PLUS MPN at https://studentaid.gov.
2. Repayment begins 60 days after loan is completely disbursed.    3. Parents may choose to defer repayment until after student graduates, is no longer enrolled or has dropped below half-time status (6 credits).

1. Have a valid FAFSA on file.
2. Must be credit approved each year by the Department of Education.

Annual Direct Student Loan Limits for Dependent Students (whose parents are eligible to borrow a Parent PLUS Loan)

Year in School Base Subsidized/ Unsubsidized Amount Additional Unsubsidized Amount Total Amount
Freshmen (0-29 credits) $3,500 $2,000 $5,500
Sophomores (30-59 credits) $4,500 $2,000 $6,500
Juniors/Seniors (60 credits & above) $5,500 $2,000 $7,500

Annual Direct Student Loan Limits for Independent Students & Dependent Students (whose parents are denied a PLUS Loan)

Year in School Base Subsidized/ Unsubsidized Amount Additional Unsubsidized Amount Total Amount
Freshmen (0-29 credits) A $3,500 $6,000 $9,500
Sophomores (30-59 credits) $4,500 $6,000 $10,500
Juniors/Seniors (60 credits & above) $5,500 $7,000 $12,500