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Federal Student Loan Options for Undergraduate Students

IMPORTANT NOTE: It is our firm belief that families should borrow only when absolutely necessary, and then only to the extent that is needed. We encourage that serious and deliberate consideration be given to making any borrowing decision.

How do I apply for this loan, and am I eligible?

  • Must meet for federal student aid
  • Follow the link to access, complete, and submit the 2024-25 . 
    • Must request loan each aid year
      • If you need a loan for the 2023-24 summer term, submit the 2023-24 . 
  • Login to using your FSA ID
  • Under "Loans and Grants," click on "Master Promissory Note (MPN)" and complete the MPN for undergraduates.
    • Completion of MPN and Entrance is only required once 
  • Under "Loans and Grants," click on "Loan Entrance Counseling" and complete for undergraduates. 
    • Completion of MPN and Entrance is only required once

How much can I borrow?

  • Loan limits depend on academic grade level for dependent students
    • Freshmen - $5,500
    • Sophomore - $6,500
    • Junior, Senior - $7,500
  • Borrowing limits can be increased if either condition is met
    • Students considered independent on the FAFSA
    • Student's parent applied and were denied for Federal Direct PLUS Loan

What is the interest rate, and what fees are charged for these loans?

  • Effective July 1, 2024 – June 30, 2025, the interest rate = 6.533%
  • Origination fee = 1.057%, deducted at each disbursement

When do I begin repaying the loan?

  • Repayment begins six months (grace period) after you drop below half-time enrollment status.
  • Visit for loan repayment information and their Loan Simulator.