Student Loans
Loans for college are an investment in your future that require repayment. Federal student loans allow the most flexibility with repayment options and fixed interest rates.
Students need to complete a Free Application for Student Aid and be enrolled in an eligible program at least half-time (6 credits for undergraduates, 4 credits for graduate students) to receive federal loans. While there are alternative loan options, it is important for students to explore federal loans first.
2022-2023
Federal Direct Loans for Students
- Interest rate for Subsidized and Unsubsidized Direct Loans is a variable fixed 4.99% undergraduate students.
- Interest rate for Unsubsidized Direct Loans is a variable fixed 6.54% for graduate and professional students.
| Loan Fees for Direct Subsidized and Unsubsidized Loans | |
| First Disbursement Date | Loan Fee |
| On or after 10/1/22 and before 10/1/23 | 1.075 % |
Parents are able to borrow on behalf of their dependent student through a credit-based loan from the Direct Loan Program.
- Interest rate is a variable fixed rate of 7.54% for 22-23
- FAFSA must be completed by the student
- Student must be half-time and making academic progress
- PLUS Loans cannot be accepted online and must begin the process by completing the Direct Loan Parent PLUS application
- Parents borrowing on behalf of their student must complete a Master Promissory Note (MPN) after approval at https://studentaid.gov/
- Parents who are declined may seek an endorser or their student may borrow additional unsubsidized loan funds up to his/her grade level limit
| Loan Fees for Direct PLUS Loans | |
| First Disbursement Date | Loan Fee |
| On or after 10/1/22 and before 10/1/23 | 4.228 % |
Graduate and professional students who need additional funds beyond the graduate loan limitations are able to borrow a credit-based loan through the Direct Loan Graduate PLUS Program
- Interest rate is a variable fixed rate of 7.54% for 22-23
- Student is required to complete the FAFSA
- Student must be half-time and making academic progress
- Begin the process by completing the Graduate PLUS Application Form
- Students borrowing for the first time in the Graduate PLUS Loan Program must complete a Master Promissory Note (MPN) at https://studentaid.gov/
| Loan Fees for Direct PLUS Loans | |
| First Disbursement Date | Loan Fee |
| On or after 10/1/22 and before 10/1/23 | 4.228 % |
Alternative or private loans can be used to supplement federal student loans or when a student is ineligible for federal student loans. These loans require credit-worthiness and cannot be consolidated with federal student loans.
- All students must accept their loans before the loan process can begin and cannot be applied to your account
- The easiest way to accept your loan is online at Financial Aid & Scholarship Self Service Portal.
First Time Borrowers
The Federal Direct Loan Program requires students to complete Entrance Loan Counseling (allow 40 minutes) and a Master Promissory Note (MPN) at https://studentaid.gov/ using your FSA ID to enter the secured area.
More information is available on the Federal Student Aid Website.