Federal Direct Loans 

These are loans offered by the federal government. The lender is the U.S. Department of Education rather than a bank or credit union. Learn more about federal loans on Studentaid.gov. Recipients of federal loans must meet the following criteria: 

• Be a U.S. citizen or eligible non-citizen. 
• Be admitted to a degree-seeking program or an eligible certificate program. 
• Be enrolled at least half time when loan proceeds are received. 
• Not be in default on a previous student loan or owe a repayment on a previous federal aid award received at any institution. 
• Maintain Satisfactory Academic Progress. 
• Subsidized Loan– The subsidized loan is awarded to undergraduate students demonstrating a financial need as determined by the federal processor as a result of your FAFSA. Your loan eligibility is also based on your academic level. Interest on this loan is subsidized (you are not charged interest) by the federal government while you are enrolled at least half-time or during authorized periods of deferments and for the first six months after you graduate (referred to as a grace period). You enter the repayment period six months after you graduate or stop attending at least half-time. 

To apply for both loans: Complete the “Free Application for Federal Student Aid” (FAFSA) Studentaid.gov. The 2024-2025 application is expected to be available on December 31st. Our school code is 039413.   

• Unsubsidized Loan – Unlike the Subsidized loan, this loan is not need based. It is available to both undergraduate and graduate students. Interest on this loan is not subsidized by the government. You can choose to pay the interest while you are enrolled, or it will accrue and be added to the principal of the loan that you owe. You begin repayment six months after you graduate or stop attending at least half-time. 

To apply for both loans: Complete the “Free Application for Federal Student Aid” (FAFSA) Studentaid.gov. The 2024-2025 application is expected to be available on December 31st. Our school code is 039413.  

• Parent Plus Loan– Parents of dependent students may borrow an additional Interest-bearing loan through the Federal Direct PLUS Loan program. The borrower must be a natural parent, adoptive parent, or stepparent of the dependent student. Parents may borrow any amount up to the cost of education minus any other financial aid their son or daughter may receive. Eligibility will be based upon a satisfactory credit check. Loans are not automatically renewed. Parents must reapply annually. The financial aid department receives notification of the application results from the Central Processing System daily. If approved the loan will be added to the student’s current financial aid package.  

To Apply: Complete the application on Studentaid.gov. Parents must log in with their FSA (Federal Student Aid) ID (FAFSA ID). In addition, students must have completed a FAFSA. Our school code is 039413. 

• Graduate Plus Loan– Graduate students are eligible to borrow this interest-bearing under the PLUS loan program up to their cost of attendance minus other estimated financial assistance. Eligibility will be based upon a satisfactory credit check. Loans are not automatically renewed. Students must reapply annually. The financial aid department receives notification of the application results from the Central Processing System daily. If approved the loan will be added to the student’s current financial aid package. 

To Apply: Complete the application on studentloans.gov. In addition, students must have completed a FAFSA. Our school code is 039413. 

• The following are requirements of the Department of Education that must be completed before the first disbursement of your federal loans. 

• Master Promissory Note–The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). 
• Entrance Counseling- Is a tool to help students understand what it means to take out federal student loans. 

If you are required to complete these documents, you will find them listed in your Financial Aid Portal and will be on “not received” status until completed.  

How Much Can I borrow In Federal Student Loans?  

What are the interest rates and fees associated with Federal Student Loans?