Loans

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

To apply for Federal Direct Loans, visit the Student Checklist on my.CSS (loan section) for more details.

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.

View Interest Rates

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)

Fill out the Free Application for Federal Student Aid

Your financial aid is based on the Free Application for Federal Student Aid (FAFSA), which must be completed each year. Use Federal School Code 002343.

Start FAFSA

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

To apply for the Federal Nursing Loan, visit the Student Checklist on my.CSS (loan section) for more details.

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.

Federal Graduate Student PLUS Loan

A Federal Graduate Student PLUS loan option can be a good option for a graduate student who needs to borrow beyond the Federal Direct Loan limits. A credit check is required and performed by the U.S. Department of Education. If the student is denied, the student has the right to appeal the decision or apply with an endorser. Students must complete a required financial counseling session before any funds are released to the school.

There is a loan origination fee associated with this loan; you may increase the loan amount 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.