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The United States federal government provides loans for students who are U.S. citizens, permanent residents, and eligible non-citizens. The Federal Direct Subsidized and Unsubsidized Loan and Federal Direct PLUS Loan Programs are available to students who meet the qualifications. (Effective July 1, 2012, the Budget Control Act of 2011 eliminated the interest subsidy for Graduate/Professional students.) The Bipartisan Student Loan Certainty Act of 2013 provided new formulas for the determination of interest rates. Interest rates, which are tied to a 10-year Treasury note index plus a statutorily defined add-on, will be established each year for loans where the first disbursement is on or after July 1 through the following June 30. The interest rate will be fixed for that year and apply to the life of that loan. Read below for more detailed information and instructions for completing an application online.
New Borrowers
As a first-time federal loan borrower, you are required to complete Loan Entrance Counseling, Master Promissory Note (MPN) and the Annual Student Loan Acknowledgment (ASLA).
Returning Borrowers
Returning students are required to complete the Annual Student Loan Acknowledgment Process (ASLA).
Students Getting Ready to Graduate
You are required to complete an online Exit Counseling session if you graduate or drop below half-time enrollment.
Private loans are available through a limited number of education lenders to assist students when federal loans are not an option. These unsecured loans can be more costly as federal loans may offer more favorable terms and conditions. Interest rates are typically variable and may be tied to the prime rate, LIBOR rate, or treasury bill rate. Borrower eligibility, co-signer requirements, interest rates, maximum loan levels, and repayment options vary according to the program. These loans are based on creditworthiness, which is based on the applicant’s credit history.
It is recommended that you request a copy of your credit report annually to evaluate your ability to secure private education loan funds. You may obtain a free annual credit report online.
Below are some additional loan repayment resources.
Loan Forgiveness Programs
In certain situations, you can have your federal student loans forgiven, canceled, or discharged. Learn more about the types of forgiveness and whether you qualify due to your job or other circumstances. Learn more
Loan Repayment Plans
Before repayment begins, develop a plan that puts you on track to pay back your loan on time and in full. Learn more
We’re always here to help provide additional information and answer any questions you may have.