Quinnipiac University
A student studies outside Echlin Center where undergraduate admissions is housed

Undergraduate Types of Aid

Federal Direct Student Loans

Loan | Various Amounts | U.S. Department of Education

Federal Direct Loans are available to eligible students who complete a FAFSA form. These loans have low interest rates, favorable repayment options and they don’t require a credit check.

Loan Limits
Year Subsidized Unsubsidized Supplement Unsubsidized (Denied a PLUS)
First year $3,500 $2,000 $4,000
Sophomore $4,500 $2,000 $4,000
Junior / Senior $5,500 $2,000 $5,000
Interest Rates and Fees for 2020-2021
Program Interest Rate Fees
Federal Direct Subsidized & Unsubsidized Loans 3.73% 1.057%
Federal Direct Parent PLUS Loan 6.28% 4.228%

Note: All student and parent loans are originated through the federal government's Federal Direct Loan program.

Learn more about the Parent PLUS Loan

Per the Department of Education, as of the 2020-2021 academic year, all student and parent borrowers will now be required to view how much they currently owe in federal student loans each year, and to acknowledge this amount, before a school can disburse the Direct Loan that a student or parent borrower receives for each new award year.

This new requirement is called the “Informed Borrowing Confirmation” process. More information is available at the Federal Student Aid website www.studentaid.gov

Entrance Counseling and Master Promissory Note (MPN)

If you will be attending Quinnipiac’s undergraduate programs and are a first-time borrower of federal loans, you are required to complete Entrance Loan Counseling and the Loan Agreement Master Promissory Note (MPN) for your Direct Subsidized/Unsubsidized loan before funds can be disbursed to the university.

Learn More About Entrance Counseling

Exit Counseling

Students are required to complete an online Exit Counseling session if they drop below half-time enrollment, graduate or leave school.

Learn More About Exit Counseling

 

Considering Your Loan Options

Effective July 1, 2010, all colleges and universities are required to process Federal Direct Student Loans and PLUS Loans through the government’s Federal Direct Loan Program. Private lenders no longer participate in the federal loan programs.

Students are strongly encouraged to exhaust all of their grant, scholarship and federal loan options before considering private loans due to the favorable terms and conditions offered through the federal programs. Traditionally, private loans require the student to obtain a credit-worthy cosigner in order to secure the loan. A credit score is used as a tool to determine eligibility, interest rate offerings, and terms of repayment for private loans.

The Office of Financial Aid does not recommend lender lists for students or parents inquiring about private educational loans, however, we do guide families toward an educational lending website provided by ELMSelect, a non-profit organization that provides a free, unbiased comparison tool for private educational loans. We also suggest that you pay attention to your home state’s loan programs, which can often provide favorable terms, conditions, fees and interest rates on student and parent loans. Visit ELMSelect

Learn more about loan options

Federal Loan Consolidation

Consolidating student loans is similar to refinancing, which allows a student to combine his or her federal loans (not private loans) into one big loan, usually extending the repayment period beyond the 10-year maximum. Depending on the loan amount, the new loan terms can go from 12–30 years. Although a student's minimum monthly payment can be significantly reduced, it is important to note that in most cases, this will result in additional interest being paid over the life of the loan.

Learn More About Consolidating Loans

 

Learn More About Financial Aid