Loan Programs

The current interest rate on subsidized loans is 6.39% fixed (determined by July 1 each year) and the origination fee is 1.057%. No interest accrues on subsidized loans until six months after you graduate or fall below half-time study. Repayment starts six months after you graduate or fall below half-time study. There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. If this limit applies to you, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. If you exceed this limit, you are no longer eligible for subsidized loans and also lose the subsidy on previous loans (previous subsidized loans will start to accrue interest).

The table below summarizes the annual and aggregate maximum loans available in the subsidized and unsubsidized loan programs for undergraduate students who take and complete at least 12 aid-eligible credits per semester.

Students who attend less than full-time, or who enroll full time but drop or withdraw from coursework to become less than full time, will be subject to loan schedule of reductions.

LEARN MORE ABOUT FEDERAL STUDENT LOAN SCHEDULE OF REDUCTIONS

The current interest rate on unsubsidized loans is 6.39% fixed for undergraduate students and 7.94% fixed for graduate students (both determined by July 1 each year) and the origination fee is 1.057%. The unsubsidized loan starts to accrue interest after payment to your account. While in college, you can elect to pay the interest on this loan or have it added to the principal. Repayment starts six months after you graduate or fall below half-time study.

The table below summarizes the annual and aggregate maximum loans available in the subsidized and unsubsidized loan programs for undergraduate students who take and complete at least 12 aid-eligible credits per semester.

Students who attend less than full time, or who enroll full time but drop or withdraw from coursework to become less than full time, will be subject to loan schedule of reductions.

LEARN MORE ABOUT FEDERAL STUDENT LOAN SCHEDULE OF REDUCTIONS

A biological or adoptive parent (or step-parent if included in the household on the FAFSA) can apply for a PLUS Loan. The student must first complete a FAFSA. Then the parent completes a PLUS application. A credit check occurs at the time of application and the parent must be in good credit standing to be considered for a PLUS loan. The current interest rate is 8.94% fixed (determined by July 1 each year) and the origination fee is 4.228%. PLUS loans start to accrue interest after payment to the student’s account. Parents can choose to begin repaying the loan 60 days after the final disbursement in the aid year or no sooner than six months after the student graduates or falls below half-time study. Options exist to add an endorser or to request appeal if a parent is credit declined for the PLUS Loan. A third option exists when a Parent PLUS credit denial occurs. The student can be eligible to receive up to additional $4,000 ($5,000 for juniors and seniors) in an unsubsidized loan.

Parent PLUS Loan Annual and Aggregate Limits

• Parent PLUS borrowers who have not previously received a PLUS for their dependent student before July 1, 2026 can borrow the lesser of COA minus other aid, or $20,000 (per student per year). A $65,000 lifetime limit per dependent student also applies.
• Parent PLUS borrowers who have previously received a PLUS for their dependent student before July 1, 2026, can continue with the current limits for 3 more years or until the student’s academic program ends.
• A $65,000 lifetime limit per dependent student also applies to Parent PLUS borrowers who have not previously received a PLUS for their dependent student before July 1, 2026.

Graduate students who were enrolled prior to Summer 2026, and are continuing in the same academic program, and who borrowed a Grad PLUS loan prior to July 1, 2026, can apply for a Grad PLUS loan only after exhausting all unsubsidized loan eligibility. A credit check occurs at the time of application and the student must be in good credit standing to be consider for a Grad PLUS loan. The interest rate is 8.94% fixed (determined by July 1 each year) and the origination fee is 4.228%. Grad PLUS loans starts to accrue interest after payment to the student’s account. Repayment can begin 60 days after the final disbursement in the aid year or no sooner than six months after the student graduates or falls below half-time study. Options exist to add an endorser or to request appeal if the student’s credit is declined when applying for the Grad PLUS Loan. The maximum amount that can be borrowed in a Grad PLUS can vary based on number of aid-eligible credits and awarded financial aid.

Students who attend less than full-time, or who enroll full-time but drop or withdraw from coursework to become less than full-time, will be subject to loan schedule of reductions.

LEARN MORE ABOUT FEDERAL STUDENT LOAN SCHEDULE OF REDUCTIONS

This loan is awarded to matriculated students enrolled at least half-time (>=6 credits) in a nursing major with unmet financial need until our budget is exhausted. The interest rate is 5% for the life of the loan. The loan does not accrue any interest until repayment starts. Repayment starts no sooner than nine months after the student graduates or falls below half-time status. Repayment is distributed over ten years. Students who change to a non-nursing major will enter repayment immediately. The aggregate maximum nursing loan for a student is $30,527.

Private student loans may be an option when an additional resource is needed to help pay for college expenses. Generally, these loans are borrowed by the student, using a creditworthy co-signer. Fixed or variable interest rates apply and can sometimes become quite costly. College research has demonstrated that students who have private loans are more likely to graduate with high debt loads. We strongly encourage you to explore all other available resources before applying, such as the Federal Parent PLUS Loan. We suggest that you consider private loans as a short-term solution to a financial issue, for example, only using one for a semester or two. If you elect to rely on alternative loans semester after semester, we strongly encourage you to estimate your repayment obligation to know if a private loan is an affordable decision. Many lenders offer private loan products, and the terms and features of these loans differ from lender to lender. You may select any lender that offers an alternative educational loan and our office will not penalize you for your choice.

We encourage you to search online to find a reputable lender with the most competitive rates and terms.

Use ELMselect to find and compare private loans