Non-Need Based Federal Loans

William D. Ford Federal Direct Loans:

Students borrowers will electronically sign a Master Promissory Note (MPN). The MPN can be used to make one or more loans for one or more academic years at the same school and can be completed on line at:  www.studentloans.gov.  A completed Promissory Note will enable the Financial Aid Office to request the disbursement of funds from the United States Department of Education. When planning loan financing, students should expect a 1 percent origination and insurance fee deduction in funds.

Federal Direct Unsubsidized Stafford Loan:

  • Not need-based.
  • Fixed interest rate of 6.8 percent for new borrowers.
  • Interest accrues during the in-school period.
  • Interest may be capitalized.
  • Students may be eligible for a combined subsidized and/or unsubsidized loan award up to the maximum annual loan limits as follows: (subsidized loan funding is not available for Graduate level borrowers for loan periods that begin on or after July 1, 2012).


    • $5,500 for freshmen
    • $6,500 for sophomores
    • $7,500 for juniors/seniors
    • $20,500 for graduate students
    Independent undergraduate students, or dependent undergraduate students whose parent is ineligible for a federal Parent PLUS loan, may be eligible for the following additional unsubsidized funds:


    • $4,000 for freshmen/sophomores
    • $5,000 for juniors/seniors
  • Preparatory coursework:

    • $2,625 combined subsidized and/or unsubsidized loan award for undergraduate degree/certificate program
    • $5,500 combined subsidized and/or unsubsidized loan award for graduate or professional program

  • Independent students and dependent students whose parents are denied a PLUS Loan who are working on preparatory coursework may be eligible for the following additional unsubsidized funds (Not applicable to graduate students):

    • $6,000 for an undergraduate degree/certificate program
    • $7,000 for a graduate degree/certificate program
  • A students FIRST State-required teacher certification

    • $5500 combined subsidized and/or unsubsidized loan
  • Independent students and dependent students whose parents are denied a PLUS Loan who are working on state-required teacher certification coursework may be eligible for the following additional unsubsidized funds:

    • $7000 unsubsidized loan


Federal Direct Parent Loans for Undergraduate Students (PLUS)

  • Not need-based.
  • Available to parents of dependent students enrolled in at least 6 credit hours.
  • Parents may borrow up to the cost of education minus any other aid received per academic year.
  • Fixed interest rate of 7.9% for new borrowers.
  • Credit review must be completed to determine eligibility; apply on line at www.studentloans.gov.
  • A 4 percent origination and insurance fee.
  • Repayment begins 60 days after the loan is fully disbursed.
  • Repayment can be deferred until student is out of school.


NEW Federal Direct PLUS Loan for Graduate or Professional Students

  • Available to graduate or professional students enrolled in at least 6 credit hours.
  • Students may borrow up to the cost of education minus any other aid received per academic year.
  • Fixed interest rate of 7.9% for new borrowers.
  • Credit review must be completed to determine eligibility; apply on line at www.studentloans.gov.
  • A 4 percent origination and insurance fee.
  • Repayment begins 60 days after the loan is fully disbursed.
  • Repayment can be deferred until student is out of school.
  • Students must have applied for the maximum loan eligibility from the Federal Direct Subsidized and Unsubsidized Stafford loans first.