Loans are awarded to a student after they are packaged for grants, scholarships, and Federal Work-Study. A financial aid package may include loans that are need-based and/or are not need-based.
Federal Direct Subsidized/Unsubsidized Loansare offered to undergraduate students with demonstrated financial need as determined by the Free Application for Federal Student Aid (FAFSA). The federal government pays the interest on subsidized loans while the student is enrolled in at least six credit hours (i.e. “half-time”) in undergraduate coursework. are offered to any student who has completed the FAFSA. Direct unsubsidized loans are not need-based. A student will qualify for a direct unsubsidized loan regardless of their Expected Family Contribution (EFC). on a direct unsubsidized loan accumulates while a student is enrolled in undergraduate courses. Interest that is not paid while the borrower is enrolled will be capitalized and added to the principal at the time of repayment. All direct loans need to be repaid after a student has graduated or drops below half-time enrollment.
EligibilityAnnual and aggregate loan limits apply. For information on annual/aggregate Stafford Loan limits, please visit the United States Department of Education’s page on and the Office of the Registrar's page on .
Accepting Federal Direct Subsidized/Unsubsidized LoansPlease use the following guide if you would like to borrow this loan:
is a loan offered to parents of dependent undergraduate children who are enrolled in at least six credit hours (i.e. “half-time”). The parent is responsible for the that accrues immediately upon the PLUS Loan disbursement. Interest may be paid quarterly while the dependent is enrolled at least half-time. The parent borrower may also elect to defer all interest payments until completion of the student's degree program. If this option is chosen, interest will be capitalized and added to the principal at the time of repayment.
Federal Direct Parent PLUS Loan
EligibilityApplicants must be a U.S. citizen or an who is not in default on a student loan. Applicants are subject to a credit check. Denied applicants may seek an . Students whose parents are denied the PLUS Loan will be offered additional direct unsubsidized loan funding, presuming they have not met their .
Accepting a Federal Direct Parent PLUS Loan
In order for a Parent PLUS Loan to disburse to a student's account, the student must accept the award on their portal. Once the loan is accepted, a parent must complete a * and sign a with the Department of Education through studentaid.gov.After the parent’s PLUS Loan Application and MPN are completed, the Department of Education will send the Office of Financial Aid a report indicating the completed requirements for the student's PLUS Loan. This information will also reflect as “Satisfied” on the portal.** When these steps are finalized, the Parent PLUS Loan will memo or disburse to the student's account.
*Not all parents are approved for the Parent PLUS Loan. If a parent is denied the loan, the Office of Financial Aid will reach out to the student with further options.
**The disbursement process can take up to one week to be finalized.