Direct Loans (ADP)
Educational loans are an investment in one’s self for the future. Potential earnings along with the opportunity to choose what career path you will take to earn a living for yourself are incentives for financing a college education.
Loans are acceptable forms of payment, but we encourage practical use of loans for education.
General Loan Requirements
- All students applying for Federal Stafford loans must be US citizens or eligible non-citizens.
- All students must be enrolled at least half-time (minimum 6 credit hours per semester) to qualify for Federal Stafford loans.
- Students must attend classes and maintain satisfactory academic progress to continue being eligible for loans.
- If students withdraw from classes before the end of the term, they must still repay their loans.
Subsidized Stafford Loans – Any student who files a FAFSA and who has financial need qualifies for a Federal Stafford Loan. Subsidized Stafford Loans begin accruing interest when the student's enrollment drops below half-time or ceases altogether.
Unsubsidized Stafford Loans: If you do not meet the financial need criteria to qualify for a subsidized loan, you can still apply for an unsubsidized loan. You are responsible to pay the interest while you are in school. If you cannot make the interest payments, the interest can be added to your principal balance.
The interest rate is set each year on July 1, and is a fixed rate loan. For 2012-2013 the subsidized rate is 3.4%, the unsubsidized rate is 6.8%. This is subject to change based on Congressional action.
Loan Limits: Students can only borrow up to the Cost of Attendance for their program of study. Check with the Financial Aid Office to obtain the Cost of Attendance for your program. You can only borrow one loan per academic level. This includes loans at previous institutions.
New students must complete and sign a master promissory note (MPN) and loan entrance counseling interview before any loan proceeds may be disbursed. A signed MPN is valid for a ten year period and enables the student to borrow subsequent loans under the same note. You may access the following link to electronically complete your Direct Loan Master Promissory Note: www.studentloans.gov
Per year loan limits (both subsidized and unsubsidized)
Class Level Dependent Independent
Freshmen $5,500 $ 9,500
(0 -24 credit hours)
Sophomores $6,500 $10,500
(25 – 58 credit hours)
Juniors $7,500 $12,500
(59 – 91 credit hours)
Seniors $7,500 $12,500
(92 + credit hours)
Lifetime Loan Limits:
Dependent undergraduates $31,000
Independent undergraduates $57,500