A loan is money that is borrowed and must be paid back with interest. Loan repayment usually begins after you have completed your education or drop below half time (6 credits) enrollment. Remember you can borrow less than is offered to you. You should only borrow what you need!

Find on SiS:

Types of Available Loans:

Federal Direct Loan Online Services:

federal-subsidizedFederal Direct Subsidized Loan:

Grade LevelAnnual Loan Amount
Freshman$3,500
Sophomore$4,500
Junior/ Senior$5,500
  • May not exceed the lifetime aggregate loan limit of $23,000
  • Interest rates for loans disbursing on or after July 1, 2023 is 5.50%
  • Origination fees for loans disbursing on or after Oct 1, 2020 is 1.057%
  • The federal government pays the annual interest rate while you are enrolled at least half-time in an eligible program
  • Repayment starts six months after graduation, withdrawal or when your course load drops below half-time (6 credits)
  • Must complete an online Exit Counseling at the point of graduation, withdrawal from school, or if enrollment status drops below half time (6 credits) status
  • This is a Loan that must be repaid

Federal Direct Unsubsidized Loan:federal-unsubsidized

  • Federally funded loan program available through the University
  • Eligibility does not require demonstrated financial need
  • Must complete FAFSA (no separate application required)
  • Enrolled at least half time (6 credits) in a degree granting or eligible certificate program
  • Must complete an online Entrance Counseling and Master Promissory Note
  • Awards are based on grade level and dependency status
  • Must meet the eligibility requirements
  • 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:
YearDependentIndependent
Freshman:$5,500$9,500
Sophomore:$6,500$10,500
Junior / 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)
  • Interest rates for loans disbursing on or after July 1, 2022 is 5.50%
  • Origination fees for loans disbursing on or after October 1, 2020 is 1.057%
  • Interest is charged from the time the loan is disbursed until it is paid in full. If interest is allowed 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 you drop below half time (6 credits) enrollment status
  • Must complete an Exit Counseling at point of graduation, withdrawal from school, or less than half time (6 credits) enrollment status
  • This is a Loan that must be repaid

Federal Perkins Loan*: Perkins

*Note: The Federal Government has discontinued any new Perkins Loans as of Oct. 1, 2017. The details below are for informational purposes only for prior Perkins Loan borrowers.

  • Federally funded loan program available through the University (note that funding is limited each year and funding is not guaranteed to be available)
  • Eligibility determined by demonstrated financial need, as well as available funding
  • Must complete FAFSA (no separate application required)
  • Enrolled at least half time (6 credits) in a degree granting or eligible certificate program
  • Must complete a Promissory Note and Personal Information Sheet after awarded
  • May not exceed the annual loan limit of $5,500
  • May not exceed the undergraduate lifetime loan limit of $27,500
  • Interest rate is a fixed 5.0%
  • There are no origination fees
  • Repayment begins nine months after graduation, withdrawal or when your course load drops below half-time (6 credits)
  • Must complete Perkins Exit Counseling at the point of graduation, withdrawal or when your course load drops below half-time (6 credits)
  • This is a loan that must be repaid

Additional Information additional

The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s centralized database of all federal student Information about student and parent federal loans will be submitted to the U.S. Department of Education's national Student Loan Data System (NSLDS). NSLDS provides an overview of all federal student loans, loan amounts, enrollment status, loan servicer, outstanding balances, loan status and disbursements pertaining to a borrower. This information will also be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.