Federal Loans

• Interest rates for new loans are set each spring for the upcoming award year, which runs from July 1 to June 30.
• Once established, interest rates are fixed for the life of the loan.
• Loans also include an origination fee, which is deducted from the loan amount before the funds are disbursed.
• For more information on federal student loan interest rates and current loan fees, visit Federal Student Aid.

Before receiving loan funds, first-time Federal Direct Loan borrowers are required to complete the following:

• A Master Promissory Note (MPN) which serves as a legal agreement to repay the loan, including any interest and fees, and
• Loan Entrance Counseling which ensures borrowers understand the terms and conditions of their loans, as well as their rights and responsibilities. It provides essential information about how loans work, how interest accrues, repayment options, and strategies to avoid delinquency and default.
• For PLUS Loan borrowers applying with an endorser or appealing a credit decision, completion of PLUS Credit Counseling is required.

Loan requirements will be listed in a student's To Do List in Campus Connect.

The Annual Student Loan Acknowledgement is recommended for all borrowers to gain a clear understanding of how loans impact their financial future.

Additionally, all student borrowers must complete Loan Exit Counseling to prepare for federal loan repayment. This requirement applies when a borrower leaves or fully withdraws from school.

Undergraduate Students

Federal Direct Loan offers are determined based on a student's academic grade level. If a grade level changes after the loan has been offered, students may request additional loan funding by completing the Request to Adjust Federal Student Loans Form. Below are the maximum loan amounts:

Graduate Students

Professional Students

The total amount that can be borrowed in subsidized and unsubsidized loans is restricted by lifetime loan limits. Once this limit is reached, borrowers are no longer eligible to receive Federal Direct Loans.

While the Federal Direct Grad PLUS Loan does not have a fixed aggregate limit, the Office of Financial Aid may, on a case-by-case basis, impose restrictions or refuse certification of future federal student loans to limit excessive borrowing. Borrowers have the right to appeal decisions that limit or deny certification of future loans.

• Federal loan funds are disbursed directly to the student's account.
• Typically, the total loan amount is divided equally across each term.
• To receive a loan disbursement, students must be enrolled at least half-time.
• Loan funds are applied first to cover tuition and other university-related expenses. Any remaining credit, or excess funds, will be refunded according to the student's refund preference which can be updated in Campus Connect.
• If a Federal Direct Parent PLUS Loan disbursement creates a credit balance, the refund will be issued based on the refund preference established by the parent.

Students have the right to cancel any student loan within 14 days of its disbursement. To request the cancellation of a disbursed loan, contact the Office of Financial Aid. It is important to note that canceling a student loan disbursement will remove the credits already applied to the student's account, which may result in a balance owed. Any resulting balance will be the student's responsibility.

All federal student loans borrowed by students or their parents are reported to and tracked in the "My Aid" section of the Federal Student Aid website. To access this information, users must log in with their FSA ID. Newly disbursed loans may take up to six weeks to appear.

Loan records are accessible to authorized users, including schools, student loan guaranty agencies, lenders, federal agencies, and other approved entities. Only federal loan information is reported to Federal Student Aid; private educational loans are not included. For more details about private loans, borrowers should contact their loan servicer directly.