Loans

Information provided below gives our students a basic understanding about direct and private loans.  Before taking out a loan, please reach out to any of our financial aid office team members to answer any questions you may have.  Each administrator has been trained by our National Association of Student Aid Administrators (NASFAA)  Each team member has been trained on all aspects regarding direct and private loans.

Direct Loans are long-term student loans that have low interest rates for students and parents to assist in paying college costs. Students must be enrolled in minimum of six semester hours in order to be eligible for loans. According to the Department of Education, students enrolled in an all-web program, are not eligible for transportation budgeting within their award. Students borrowing a Direct Loan are required to complete Entrance Counseling and the Master Promissory Note online at www.studentloans.gov prior to receiving loan funds. According to Federal guidelines, these loans must be disbursed in two equal payments, one at the beginning of the loan period and one in the middle of the loan period.

• Direct Subsidized Loans are need-based, federally subsidized loans with a fixed interest rate set by the government. Repayment is deferred until students graduate, withdraw, or enroll less than half-time. Subsidized loans disbursed on or after 7/1/22 and before 7/1/23 have a 4.99% fixed interest rate, subsidized loans disbursed on or after 7/1/23 and before 7/1/24 have a 5.5% fixed interest rate. Interest is paid by the federal government until six months after students graduate, withdraw, or cease to be enrolled at least half-time. An origination fee of up to 1.057% is charged at disbursement (for disbursements completed on or after Oct. 1, 2020, and before Oct. 1, 2024). The annual maximum amount a student may borrow depends on the students grade level.  A freshman can borrow up to $3500, a sophomore can borrow up to $4500, and a junior or senior can borrow up to $5500.  The maximum subsidized loan aggregate total a student can borrow is $23,000.
• Direct Unsubsidized Loans  are not based on need. "Unsubsidized" means the interest is not deferred while in school and is not paid by the federal government. Repayment may be deferred until after students graduate, withdraw, or enroll less than half-time. Undergraduate unsubsidized loans disbursed on or after 7/1/22 and before 7/1/23 have a 4.99% fixed interest rate, undergraduate unsubsidized loans disbursed on or after 7/1/23 and before 7/1/24 have a 5.50% fixed interest rate. Graduate/professional unsubsidized loans disbursed on or after 7/1/22 and before 7/1/23 have a 6.54% fixed interest rate, and Graduate/Professional unsubsidized loans disbursed on or after 7/1/23 and before 7/1/24 have a 7.05% fixed interest rate. An origination fee of up to 1.057% is charged at disbursement. There is an annual maximum a student may borrow.  Dependent freshmen up to $5500, no more than $3500 can be subsidized, sophomore's up to $6500, no more than $4500 can be subsidized, juniors and seniors up to $7500, no more than $5500 can be subsidized.  Independent freshman can borrow up to $9500, no more than $3500 can be subsidized, sophomore's up to $10,500, no more than $4500 can be subsidized, juniors or seniors up to $12,500, no more than $5500 can be subsidized, graduates can borrow up to $20,500. The maximum aggregate total a student can borrow is $57,500 for undergraduate, no more than $23,000 can be subsidized.  The maximum aggregate total a graduate student can borrow is $138,500, which includes loans received while an undergraduate. 
• Federal Direct PLUS Loans allow parents of dependent undergraduates, as well as graduate/professional students, to borrow up the cost of education minus other financial aid. There are no aggregate loan limits. The program has a fixed interest rate of 7.54% for loans disbursed on or after 7/1/22 and before 7/1/23, and a fixed interest rate of 8.05% for loans disbursed on or after 7/1/23 and before 7/1/24. An origination fee of up to 4.228% is charged at disbursement. Unless deferred, repayment begins 60 days after the loan is fully disbursed.
• Emergency Tuition and Fees Loans are institutional loans that assist students meet the semester payment deadline. Applications are available online approximately one-week prior to the beginning of each semester.

Interest Rates for Direct Loans First Disbursed on or After July 1, 2015.

Loan Fees

The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The percentage varies depending on when the loan is first disbursed, as shown in the chart below. This means the money you receive will be less than the amount you actually borrow. You're responsible for repaying the entire amount you borrowed and not just the amount you received.