Loans :: Federal Loans
Federal Student Loans
Loans made by the Federal Government usually offer borrowers lower interest rates and have more flexible repayment options. If students want to pursue loan(s) offered through the Department of Education, they must be enrolled in at least six credit hours that count towards a degree program, complete entrance counseling, and sign a Master Promissory Note (MPN) for the appropriate loan type at studentaid.gov in order for this type of funding to disburse to their student account.
Please note: If an individual completes entrance counseling and an MPN on a student’s behalf or if a student completes the wrong entrance counseling or MPN, loan processing may be delayed. Additionally, parents of dependent students have the option of applying for a Parent Plus loan to assist their student with educational expenses.
Download the Federal Student Loan Comparison Sheet to see how federal loans differs from one another.
Federal Direct Loans are available to undergraduate and graduate students as well as parents of dependent undergraduate students.
Direct Subsidized and Unsubsidized Loans
Direct Parent PLUS Loans
Parent PLUS loans are unsubsidized federal loans that can be used to assist with educational expenses for dependent undergraduate students who are enrolled at least half-time.
Beginning fall 2021, the Parent PLUS Loan will not be auto-awarded to dependent undergraduate students. If you were required to list parent information on your FAFSA and are in need of additional financial assistance, please discuss with your parent if he or she would like to apply for this loan. Applications can be completed by your parent at the Federal Student Aid PLUS loan site. Parents (borrowers) will begin the application, providing their information first and entering their student’s information later in the process. Once submitted, the application decision will be automatically sent to our office within 2-3 business days. Updates to your award package will occur in myLEO once an application has been received and processed. Additional requirements for this loan include a Parent Plus MPN for approved applications, and Plus Credit Counseling for applications approved with an endorser or credit appeal. As a parent, if you have chosen the endorser or appeal option and choose not to pursue an endorser or the appeal option, you will need to contact [email protected] to indicate the change in your decision before accounts can be updated and funds disbursed.
Loan funds are disbursed to the student’s account and applied to pay outstanding charges as needed. Parents may opt to have refunds issued directly to the student. Otherwise, the refund will go to the parent borrower. Please direct questions to the Office of Financial Aid and Scholarships at [email protected].