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The College of St. Scholastica

Federal Direct Subsidized/Unsubsidized Loans

A Federal Direct loan is a low-interest, fixed rate loan made to students. Generally, every student who files a FAFSA is eligible to borrow a Federal Direct loan. There is an origination fee and many repayment options to choose from.

Apply for Federal Direct Loans

Step #1: Complete your Free Application for Federal Student Aid (FAFSA)

Step #2: Accept your Federal Direct loan on the OneStop module in my.CSS (#6). For incoming students, you must be registered for an orientation session before you can sign into my.CSS. For transfer students, you must have completed the online Admissions tutorial before you can sign into my.CSS. Contact OneStop Student Services for more information.

Step #3: Complete Direct Loan Entrance counseling. If you are a first-time borrower of federal loans at St. Scholastica, you will be required to complete the online Direct Loan Entrance counseling. You will need your FAFSA ID.

Step #4: Complete Electronic Master Promissory Note. All new borrowers at St. Scholastica will need to complete a master promissory note. For your security and for the purposes of electronically associating your identity with your Promissory Note, you will be asked to verify your identity using a third party authentication process. Once you have completed the Direct Loan eMPN this year, you should not need to complete it again.

Once a student borrower ceases attendance at St. Scholastica or drops below half time enrollment, the student must complete required exit counseling.

Subsidized and Unsubsidized Loan Differences

Subsidized

The Federal Direct Subsidized Loan is awarded to students who demonstrate financial need as determined by the FAFSA. Interest on a Federal Direct Subsidized Loan is paid by the federal government while the student is enrolled at least half-time (six credits).

Unsubsidized

The Federal Direct Unsubsidized Loan is not a need-based loan. Interest accrues on this loan before repayment. The student has the option to make interest payments during the in-school period, or to allow the accrued interest to be capitalized (added on) to the principal balance.

Borrowing Limits

Dependent

Annual limit

  • $5,500 – Freshman (up to $3,500 may be subsidized)
  • $6,500 – Sophomore (up to $4,500 may be subsidized)
  • $7.500 – Junior and Senior (up to $5,500 may be subsidized)

Independent

Annual limit

  • Dependent annual limit plus
  • $4,000 – Freshman and Sophomore (always unsubsidized)
  • $5,000 – Junior and Senior (always unsubsidized)

Aggregate limit

  • $31,000 – dependent limit (no more than $23,000 can be subsidized)
  • $57,500 – independent limit (no more than $23,000 can be subsidized)

Federal Nursing Loan

The Federal Nursing Loan is a low-interest loan (fixed 5 percent) awarded to students who demonstrate high financial need as determined by the results of the FAFSA and are fully accepted into the Nursing program. Funding is limited.

 

Apply for the Federal Nursing Loan

Step #1: Complete your Free Application for Federal Student Aid (FAFSA)

Step #2: Accept your Federal Nursing Loan on the OneStop module in my.CSS (#6). If you are a first-time borrower of the Federal Nursing Loan at St. Scholastica, you must ALSO complete steps 3 & 4. All first-time Nursing Loan borrowers at St. Scholastica must complete a loan entrance interview before any loan money will be released to student accounts.

Step #3: Complete Loan Entrance Interview.

Step #4: Complete the Master Promissory Note. Please keep in mind that some computers have security settings that block pop up windows. If you browse to this website and see a blank white screen, you may opt to temporarily accept the pop up window and complete the Master Promissory Note.

All new borrowers at The College of St. Scholastica will need to complete a master promissory note. Click on the green Sign In box to get started. For your security and for the purposes of electronically associating your identity with your Promissory Note, you will be asked to verify your identity using a third party authentication process. Once you have completed the Direct Loan eMPN this year, you should not need to complete it again. If you browse to this website and see a blank white screen, you may opt to temporarily accept the pop up window and complete the Master Promissory Note.

Step 5: Complete Nursing Loan Exit Counseling. Upon leaving the College, you will need to go through an “exit interview”. This is required to make sure you understand your loan agreement, loan schedule, deferment or cancellation options, where to send payments, consolidation options and to update address and other information.

Federal Direct Parent PLUS Loan

A Federal Direct Parent PLUS Loan is an excellent option for families who need to borrow beyond the Federal Direct Loan limits. This loan can be used by parents to borrow on behalf of dependent undergraduate students. A credit check is required and performed by the U.S. Department of Education. If a parent is denied this loan, and chooses to appeal the decision, or apply with an endorser, there will be a required financial counseling session to complete before any funds are released to the school.

There is a loan origination fee associated with this loan; you may increase your parent PLUS loan amount by $555 to offset this amount if needed.

Private Loans

Private loans are available through banks, credit unions, and the Office of Higher Education, and are available with the student as borrower. The list is provided as a service to you but you are welcome to select any lender for your private educational loan. Most of these loans require the student to have a credit-worthy cosigner.

Student loan Code of Conduct

All loans at St. Scholastica are governed by the Student Loan Code of Conduct. Please read this document carefully before accepting any loans.

Loan Forgiveness Programs

Learn more about these loan forgiveness programs by visiting their websites.