William D. Ford Federal Direct Loan Program
ÏãåúÖ±²¥ State cooperates directly with the U.S. Department of Education in securing these loans and the is required.
Loan amounts can vary depending on the studentâ€™s grade level and other aid awarded. The interest rate is fixed at 4.99% for the 2022-23 academic year. Subsidized loans are interest free while the student is in school. However, interest begins accumulating on unsubsidized loans at the time of disbursement. An origination fee is charged on all of the loans. View more information on Direct Loans atÌý.
First-time loan borrowers must complete Student Loan Entrance Counseling and sign aÌýMaster Promissory Note (MPN) online at Ìýusing their Department of Education FSA ID. This MPN covers both Subsidized and/or Unsubsidized Loan(s) on the same note and covers loans received for up to ten academic years. The US Department of Education will send a Disclosure Statement that details the loan amounts, disbursement dates, and other important information. All borrowers are required to complete an Annual Student Loan Acknowledgment at as well.Ìý
All student loans processed for only one semester will have two disbursement dates within that semester (one at the beginning and one half way through the semester). Loans for first-time borrowers are subject to a one time 30-day disbursement delay (that is, loan will disburse 30 days after the beginning of their first semester of college).
Student loan repayment will begin six months after graduation, dropping to less than half-time enrollment, or withdrawing from school. Deferments may be granted upon re-enrollment at a later date, and other types of deferments may be available by contacting the Servicing Center of your loan.
Students may view their cumulative loan information and Loan Servicing Center contact information on theÌýÌýwebsite.ÌýThis can be done by logging in to the system with your FSA ID. This is the U.S. Department of Education's central database for student aid. It receives data from schools, agencies that guaranty loans, the Direct Loan program, and other U.S. Department of Education programs. The website provides a centralized, integrated view of all Title IV loans and grants that are tracked through their entire cycle; from aid approval through closure.
To learn more about managing your student loans, visit .
Private Student Loans
Private student loans are obtained through a lending institution and used to pay for educational expenses. The private loans and eligibility amounts must be certified by a Financial Aid Administrator at the school. Students may seek these opportunities through several lenders. Students should maximize their federal subsidized and unsubsidized loans before pursuing a private loan. Click here for more information on .
Parent PLUS Loans
Parent PLUS loans are loans that a parent may borrow for aÌýdependent student. The parent completes a separate application, and the Financial Aid Office certifies eligibility and sends the loan request to the processing center for a credit history check. If credit is approved, the parent completes a Master Promissory Note electronically at . If credit is denied, the dependent student can then apply for the "Additional" Unsubsidized Loan. The interest rate is fixed at 7.54% for the Parent PLUS Loan for the 2022-23 academic year. Repayment begins after the loan is fully disbursed to the studentâ€™s account, or payment can be deferred while the student is enrolled at least half time.
More detailed information on Parent PLUS Loans may be viewed atÌý.
An Application for the Parent PLUS Loan may be printed from the ÏãåúÖ±²¥ State website, completed and returned to the Financial Aid Office.
Click here for more information about loan options.