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 subsidized loan limits are based upon your year of enrollment:
Annual Loan Limits
(except students whose parents are unable to obtain PLUS Loans)
(and dependent undergraduate students whose parents are unable to obtain PLUS loan)
First Year Undergraduate
|$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||$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||$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
|$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|
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 the Direct Loan, students need to complete a Master Promissory Note and Entrance Interview. The Master Promissory Note is a legal document where the borrower agrees to repay the loan while the Entrance Interview 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 "Subsidized/Unsubsidized" and follow the directions to complete your Master Promissory Note.
Federal Perkins Loans
These federal loan programs carry a 5% interest rate during repayment. You must demonstrate financial need and meet Fisher College's priority filing date for consideration, as funds are limited. Based on the higher cost of attendance and corresponding higher financial need, priority for Perkins Loans are given to Fisher College Day Students. Fisher College serves as the lender, and the loan is made with government funds. Repayment is made to Fisher College.
For Perkins Loans, there is a nine-month grace period prior to repayment following graduation, withdrawal, or a drop below half-time status. Repayment on the loan is for a period of up to 10 years with a minimum $50 monthly payment. The loan may be prepaid at any time without penalty.
Students who are offered the Federal Perkins Loan must complete a Perkins Loan Entrance Counseling Session. Graduating or Withdrawn students must complete a Perkins Loan Exit Counseling Session. Both Entrance and Exit Counseling Sessions are federally required documents.
Federal Direct Plus
The Federal Direct PLUS Loan is for parents of eligible dependent undergraduate students. The borrower and the student must be U.S. citizens or permanent residents. It currently has a fixed rate of 7.08% for the life of the loan, and there is a 4.236%* origination fee.
Repayment begins 60 days after the loan is fully disbursed, and extends up to 10 years.
To apply for a Federal Direct Parent PLUS Loan online, the parent will need their FSA Username ID.
- Visit www.studentloans.gov
- Click on the green "Log In" button and enter your information (the parent).
- On the "Welcome" screen, click "Request a Direct PLUS Loan."
- Under "Select a Loan Type," click "Parent PLUS."
- Select award year, deferment preference, and requested amount (please note: we recommend confirming your full year balance with our College Bursar prior to requesting an amount).
We require that a valid FAFSA (Free Application for Federal Student Aid) must be on file and verification is complete before we can process an approved loan. If a parent is denied a Federal PLUS loan on account of credit reasons, the parent may appeal the denial with the Direct Loan Origination Center or reapply with a credit-worthy endorser. The Direct Loan Origination Center may be reached at 800-557-7394. If no appeal is filed, the student will be eligible for an additional $4,000 of an Unsubsidized Direct Loan.
Parents can choose to defer payments on a PLUS loan until six months after the date the student ceases to be enrolled at least half time. The interest that accrues on the loan while it is in deferment can either be paid by the parent borrower monthly or quarterly, or can be capitalized quarterly. To request a deferment, call the Direct Loan Servicing Center at 800-848-0979. Deferments will not be approved until after the first loan disbursement has been made.
In order for first-time parent borrowers to receive PLUS Loan funds, the online PLUS Loan Master Promissory Note (MPN) must be completed. The PLUS Loan MPN can be completed at the www.studentloans.gov. Click on the green ‘Log In’ button and enter your FSA User ID (the parent). From here, click on “Complete Master Promissory Note" then “Parent PLUS" and follow the directions to complete your Master Promissory Note.
If you cannot afford to make the monthly payment on your Federal Loans, you may be eligible for a deferment. This option lets you postpone making monthly payments on the principal and sometimes the interest. You qualify for deferment if you are attending a post-secondary school at least half time, unable to find full-time employment (up to three years), studying in an approved graduate fellowship or rehabilitation training program for the disabled, or experiencing economic hardship (up to three years). Contact your lender for additional information on loan deferment.
Check Loan Status/Amounts
The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. To check your loan status please visit https://nsldsfap.ed.gov/nslds_FAP/.