SU Photo & Imaging Center PhotosAlthough institutional scholarships and grants make up a large portion of many financial aid awards, student and parent loans are also resources you can tap into to help meet your education costs. Personalized loan counseling is available—particularly at graduation time—and every effort is made to keep debt levels manageable.

A variety of fixed interest loans are available to assist students and parents with the cost of college. Some are based on financial need, and all loans take into consideration the cost of attendance and any other sources of financial aid being received.

Learn about loan interest rates, the application process, and other information.

 

Federal Perkins Loan

The Federal Perkins Loan program provides loans at a five percent fixed interest rate to students based on eligibility determined by the Free Application for Federal Student Aid (FAFSA). Repayment of this loan begins nine months after you leave school. Information regarding the required Master Promissory Note (MPN) will be sent to eligible students beginning in May. You must complete a FAFSA each year to be considered for a Federal Perkins Loan. Renewal of a Federal Perkins Loan is based on funding availability, and financial need.

To Accept Your Federal Perkins Loan

As a first-time borrower, an Entrance Counseling session and Master Promissory Note (MPN) are required to complete the loan application process. Your MySlice Financial Aid To-Do List contains more details about these requirements.

To Decline Your Federal Perkins Loan/Reduce the Loan Amount

To reduce or decline the Federal Direct Perkins Loan, complete this online form.


Federal Direct Loans

Eligibility for Federal Direct Subsidized and Unsubsidized Loans is determined by the information you submit on the FAFSA and according to U.S. Department of Education regulations. Direct Loans are awarded on the basis of financial need and may be subsidized, unsubsidized, or a combination of both. Repayment begins six months after you cease to be enrolled at least half-time.

Read more about the difference between a Subsidized and Unsubsidized Loan.

Federal Direct Subsidized Loan

Federal Direct Subsidized Loans are based on need, and no interest is charged while you are enrolled at least half-time. The U.S. Government charges a small fee, which will reduce the amount of the loan disbursed to your account.

To Accept Your Federal Loan

As a first-time borrower, an Entrance Counseling session and Master Promissory Note (MPN) are required to complete the loan application process. Your MySlice Financial Aid To-Do List contains more details about these requirements.

To Decline Your Federal Loan/Reduce the Loan Amount

To reduce or decline the Federal Direct Student Loan, complete this online form.

Federal Direct Unsubsidized Loan

Federal Direct Unsubsidized Loans are based on need, and interest is charged while you are enrolled at least half-time. All students are eligible to borrow a $2,000 unsubsidized loan annually. You may choose to defer the interest, but if this option is selected, the interest will be capitalized (added to the principal amount). The U.S. Government charges a small fee, which will reduce the amount of the loan disbursed to your account.

To Accept Your Federal Loan

As a first-time borrower, an Entrance Counseling session and Master Promissory Note (MPN) are required to complete the loan application process. Your MySlice Financial Aid To-Do List contains more details about these requirements.

To Decline Your Federal Loan/Reduce the Loan Amount

To reduce or decline the Federal Direct Student Loan, complete this online form.

Annual Federal Direct Student Loan Limits

  Credits Annual
Loan Limit
Additional
Unsubsidized
Total
Annual Loan
First-Year 0-23 $3,500 $2,000 $5,500
Sophomore 24-53 $4,500 $2,000 $6,500
Junior & Senior 54-84+ $5,500 $2,000 $7,500

If your parent(s) is denied a Federal Direct Parent Loan for Undergraduate Students (FPLUS) loan, you are eligible to borrow an additional amount based on your year in school, as follows:

Freshmen and Sophomore Students with 0-53 credits: $4,000
Junior and Senior Students with 54+ credits: $5,000


Federal Direct Parent Loan for Undergraduate Students (FPLUS)

Many parents use the Federal Direct Parent Loan for Undergraduate Students (FPLUS) to pay for part of their child’s education. A Free Application for Federal Student Aid (FAFSA) must be filed to apply. Once accepted, the loan funds are borrowed from the federal government.

Parents may apply for an FPLUS loan at any time during the academic year. To determine the amount of FPLUS loan needed, parents are encouraged to budget their cost for the entire academic year and submit an FPLUS application to cover those costs. Parents must reapply for an FPLUS loan each year their child is an undergraduate student.

Parents who wish to apply for an FPLUS loan will be subject to a credit check as part of the application process. Payment of principal and interest begins 60 days after the loan is fully disbursed. Upon request, payment deferment privileges may be available with some restrictions.

Eligibility

The FPLUS Loan annual limit is the Cost of Attendance, minus all other financial aid the student will receive.

Cost of Attendance $ _______________
Student’s financial aid – _______________
FPLUS loan eligibility = ______________

View the current interest rate and learn about the application process.

Note to Students: If your parent(s) is denied a Federal Direct Parent Loan for Undergraduate Students (FPLUS) loan, you are eligible to borrow an additional amount based on your year in school, as follows:

Freshmen and Sophomore Students with 0-53 credits: $4,000
Junior and Senior Students with 54+ credits: $5,000


Alternative (Private) Loans

Alternative education loans are offered through banks, many credit unions, and states to help bridge the gap between your financial aid and the cost of education. Alternative loans are neither federally sponsored, nor guaranteed, therefore, they do not require that a FAFSA be filed. Apply for alternative loans only if you need additional funding after borrowing all federal student and parent loans.

Alternative loans must be certified or approved by the Office of Financial Aid and Scholarship Programs to ensure that the loan does not exceed the Cost of Attendance minus all other financial aid.

Interest rates and repayment options of alternative loans vary by lender. Private loan comparison web sites, such as the National College Financial Center, are helpful when deciding to borrow a private loan.

Alternative loans should be considered as loans of last resort and only after consultation with family. In addition, all federal student and FPLUS loan eligibility should be exhausted before applying for a private loan.

Learn more about applying for an alternative loan, and view a list of questions to consider before borrowing.