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Federal Direct Loan

You must have completed the 2013/2014 FAFSA in order to be eligible for the loan. This can be completed at www.studentloans.gov.

  • All first-time borrowers are required to complete Entrance Counseling and sign the MPN at this same web-site. New Transfer students should also complete Entrance Counseling.
  • Prior borrowers who previously signed an MPN with a lender and have not yet signed an MPN with the Federal Government must do so to receive a loan

To sign a new Master Promissory Note (MPN) for the Federal Direct Loan (formerly Stafford Loan) please go to www.studentloans.gov.

Federal Perkins Loan

The Federal Perkins Loan is a campus-based federal program which is awarded to students on the basis of financial need.

It is interest free and non-repayable until nine months after termination of education, at which time it becomes repayable at five percent interest.

Federal Direct Plus

A parent of a dependent student can apply for a Direct PLUS loan at www.studentloans.gov

Federal Direct Grad Plus

A graduate student can apply for a Graduate PLUS at www.studentloans.gov

Alternative Loans at www.elmselect.com/link/query?schoolid=114

Many private loan programs are available to families ineligible for federal financial aid or those in need of additional funds for education.

Interest rates, repayment terms, and maximum amounts available vary by program. Loan approval is generally based on creditworthiness and ability to repay.

The interest on most alternative loans accrues while the student is in school.

However, in some cases it can be deferred until after graduation or when the student ceases to be enrolled at least half-time.

Exit Counseling for Student Borrowers

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. Students can visit the NSLDS for Exit Counseling information.

Federal Direct Stafford Loan

Annual and Aggregate Loan Limits

The maximum amount a student may borrow from the Federal Direct Stafford Loan Program in an academic year as well as the overall total of undergraduate and graduate level Direct Stafford Loans a student may borrow is shown in the chart below. The annual maximum refers to the total amount a student may borrow based upon her/his grade level and dependency status for an academic year (July 1 through June 30). The aggregate undergraduate loan maximum includes all Federal Stafford Loans (combined FFEL and Direct Loan Programs) borrowed at all institutions for all undergraduate study (regardless of the number of degrees attempted or received). The graduate loan maximum includes all loans borrowed (combined FFEL and Direct Loan Programs) borrowed as a graduate level student as well as those borrowed as an undergraduate.

Annual Direct Stafford Loan Maximums

Dependent Undergraduate Students Only

Grade LevelCredit RangeMaximum Subsidized Loan Amount+ Maximum Unsubsidized Loan AmountTotal Maximum Loan Amount (Sub, Unsub, or combination of both)
Freshman 0-29 $3,500 $2,000 $5,500
Sophomore 30-59 $4,500 $2,000 $6,500
Junior 60-89 $5,500 $2,000 $7,500
Senior 90 and over $5,500 $2,000 $7,500

 

Independent Undergraduate Students Only

Grade LevelCredit RangeMaximum Subsidized Loan Amount+ Maximum Unsubsidized Loan AmountTotal Maximum Loan Amount (Sub, Unsub, or combination of both)
Freshman 0-29 $3,500 $6,000 $9,500
Sophomore 30-59 $4,500 $6,000 $10,500
Junior 60-89 $5,500 $7,000 $12,500
Senior 90 and over $5,500 $7,000 $12,500

 

Graduate Students Only

Grade LevelMaximum Subsidized Loan Amount+ Maximum Unsubsidized Loan AmountTotal Maximum Loan Amount (Sub, Unsub, or combination of both)
Graduate $8,500 $12,000 $20,500

 

NOTE: Under no circumstances may a student receive total aid during an academic year in excess of the student’s financial aid cost of attendance budget as reflected on the financial aid award letter.

 

Aggregate Direct Stafford Loan Maximums
(includes all prior loans (FFEL and Direct Loan Programs combined)

 Maximum Subsidized LoanCombined Aggregate Maximum (Sub and Unsubcombined)
Undergraduate-Dependents $23,000 $31,000
Undergraduate-Independents $23,000 $57,500
Graduates-includes loans at undergraduate level $65,600 $138,500