Loans

Federal Direct Student Loans

This loan may be subsidized, unsubsidized, or a combination of both. With a subsidized loan, which is awarded based on financial need, the federal government pays interest that accrues while you are in school. The unsubsidized loan is not based on need; interest that accrues while in school must either be paid monthly or deferred and capitalized (added to the original loan balance). The Financial Aid Office strongly advises students to repay the unsubsidized loan interest while in school. Loan eligibility is determined by the Financial Aid Office, but loans are made by the U.S. Department of Education and funded by the U.S. Treasury.

The maximum annual and aggregate loan limits are below:

Year
Annual Loan Limits
Dependent Student
(except students whose parents are unable to obtain PLUS Loans)
Independent Student
(and dependent undergraduate students whose parents are unable to obtain PLUS loan)
First Year Undergraduate
(1-29 Credits)

$5,500 - no more than $3,500 of this amount may be in subsidized loans

$9,500 - no more than $3,500 of this amount may be in subsidized loans
Second Year Undergraduate
(30-59 Credits)
$6,500 - no more than $4,500 of this amount may be in subsidized loans $10,500 - no more than $4,500 of this amount may be in subsidized loans
Third Year Undergraduate
(60-89 Credits)
$7,500 - no more than $5,500 of this amount may be in subsidized loans $12,500 - no more than $5,500 of this amount may be in subsidized loans
Fourth Year Undergraduate
(90-120 Credits)
$7,500 - no more than $5,500 of this amount may be in subsidized loans $12,500 - no more than $5,500 of this amount may be in subsidized loans
Graduate or Professional Students Not Applicable (all graduate and professional students are considered independent $20,500 (Unsubsidized Only)
Subsidized and Unsubsidized Aggregate Loan Limit $31,000—No more than $23,000 of this amount may be in subsidized loans.

$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.

$138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans.

The graduate aggregate limit includes all federal loans received for undergraduate study.

Subsidized and Unsubsidized Loans have a 4.53% fixed interest rate for Undergraduate students, and a 6.08% fixed interest rate for Graduate students. Loan fees are 1.059% for loans disbursed on or after Oct. 1 2019, and before Oct. 1 2020. Loan funds are disbursed directly to Fisher College in equal amounts over each term of enrollment for the academic year. There is a six-month grace period prior to repayment following graduation, withdrawal, or a drop below half-time status. See the repayment page for additional information on repayment options. To receive a Federal Direct Student Loan, borrower will need to complete a Master Promissory Note (MPN) and an Entrance Counseling. The MPN is a legal document where the borrower agrees to repay the loan while the Entrance Counseling explains the borrower's rights and responsibilities with the loan. To complete these two documents, you will need the following items:

  • 30 minutes to complete each document, as they must each be completed in one sitting.
  • Federal Student Aid User ID and Password.
  • The school's name.
  • Your personal information, including your name, address, and telephone number.
  • Reference information for two people you have known for at least two years. The first reference should be a parent or a legal guardian. You'll need their name, address, and telephone number.

If you have all this information, please visit www.studentloans.gov and click on the green "Sign In" button on the top left and log in. From here, click on "Complete Entrance Counseling" and follow the directions to complete your Entrance Counseling. Also on this screen, click on "Complete Master Promissory Note" then the correct Direct Loan for which you are accepting and follow the directions to complete your Master Promissory Note.