Loans
William D. Ford Direct Loan Program
Student loans are available through the Direct Loan program. Students must complete the FAFSA and have a valid ISIR or SAR in the Financial Aid Office in order to apply for a federal loan. Loans are available to students who are enrolled in a program of study and are attending at least half-time. The annual student loan acknowledgment is mandatory each year a student accepts a new federal student loan and the financial aid office must have a confirmation of completion. Both entrance and exit counseling are mandatory requirements and the financial aid office must have confirmation of completion. Students may complete their annual student loan acknowledgment and counseling sessions online at www.studentaid.gov. The annual student loan acknowledgement and entrance counseling confirmation must be received before the release of the first disbursement. Exit counseling is required before a borrower graduates or ceases at least half-time enrollment. Students must have a completed financial aid file before the loan request form will be processed. The borrower is required to repay the loan according to the repayment schedule.
Direct Subsidized Loan
Subsidized loans are need based. Borrowers must show a financial need to be eligible. The federal government will pay the interest on these loans while the borrower remains enrolled in school at least half-time. Maximum annual loan limits:
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Dependent Undergraduate Student
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Independent Undergraduate Student
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Hours Earned
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Freshman $3,500
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Freshman $3,500
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0 - 27
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Sophomore $4,500
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Sophomore $4,500
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28 - 60
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Juniors & Seniors $5,500
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Juniors & Seniors $5,500
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61 -
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The aggregate maximum any student may borrow under this program is $23,000.
Direct Unsubsidized Loan
Students may also apply for a non-need based loan. The conditions and amounts for this loan are identical to the Subsidized Loan, except students may pay the interest while in school, or have the interest capitalized into the loan for repayment after graduation. Dependent students are eligible for an additional $2,000. Independent students or students whose parents are denied for the Parent’s Loan for Undergraduate Students (PLUS), may be eligible to borrow additional funding.
Direct Parent Loan for Undergraduate Students (PLUS)
The PLUS loan is a program for the parents of dependent undergraduate students who need additional financial aid.
Parents who demonstrate appropriate credit worthiness are eligible and may borrow up to the annual cost of attendance, minus any other aid.
PLUS loan eligibility is not need based; however, the student must be at least half time.
Repayment of a PLUS loan begins within 60 days of loan disbursement. Deferments are available.