All Students who accept either a Subsidized or Unsubsidized Direct Loan for the 2013 - 2014 academic year are required to complete a Master Promissory Note (MPN) and Entrance Counseling. Both can be completed online here.
The subsidized loan program provides fixed interest rate federal loans through the William D. Ford Federal Direct Loan program. Maximum limits are based on financial need but cannot exceed $5,500 for Juniors and Seniors for a two semester academic period. Loans are interest-free until repayment begins six months after a student is no longer enrolled at least half time. The interest rate for 2013–2014 is 3.4% if the first disbursement is before 6/30/13. 6.8% if the first disbursement is after 7/1/13. The Origination Fee for 2013-2014 is 1.051%. Generally, you will have from 10 to 25 years to repay your loan, depending on the repayment plan that you choose.
The unsubsidized loan program provides fixed interest rate federal loans through the William D. Ford Federal Direct Loan program. Maximum limits cannot exceed $7,000 for independent Juniors and Seniors ($2,000 for dependents) for a two semester academic period. The unsubsidized loan is available to all students in addition to student’s Federal Subsidized Direct Loans. The interest rate for 2013–2014 is 6.8%. The Origination Fee for 2013-2014 is 1.051%. Unsubsidized loans accrue interest from the date of the first disbursement but students have an option to pay or not pay the interest while in school.