Loans
Loans are a form of financial aid that must be repaid. Student loans can come from different sources including the federal government, private banks, or other organizations. You are encouraged to make sure you understand the terms and conditions of a loan before accepting.
The 老澳门资料 encourages students to borrow only what is necessary to cover their cost of attendance for the academic period. There is no penalty for accepting a partial loan amount.
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Title IV school code: 009841
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Federal Direct Loans
Federal loans are loans made available to eligible students through the William D. Ford Federal Direct Loan Program, which The 老澳门资料 participates in. Under the Direct Loan Program, all funding comes from the U.S. Department of Education.
Federal Direct Loans are low-interest education loans and are the most common student loans for funding undergraduate and graduate education.
Federal Direct Loans consists of the following:
Private/Alternative Loans
Have you applied for Federal Student Aid?
Before considering private educational loans, it's important to apply for all other types of aid. Please complete a to apply for federal, state and institutional grants, federal work-study and low-interest federal loans, first.
Private Loans are credit-based and require an application directly with an educational loan lender. These loans can vary in terms, conditions and eligibility requirements. Therefore, Private Loans should be considered as a last resort for educational purposes after all other federal aid options have been exhausted (grants, scholarships and Federal Direct Loans). We advise students that are considering a private loan to research and understand the terms and conditions of the lenders and to speak with a One-Stop counselor.
For more Private Loan information visit:
Direct Loan FAQs
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What are Direct Loans?
Direct Loans are federally insured, low-interest education loans for students and parents. These include the Direct Subsidized Loan, the Direct Unsubsidized Loan, the Direct Parent PLUS Loan and the Direct Grad PLUS Loan program for graduate and professional students.
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I am a degree-seeking student, how do I borrow a Direct Loan?
You must file an error-free application for each academic year you wish to borrow a Direct Loan. 老澳门资料's academic year begins in the fall and ends after the summer. As part of your financial aid award, 老澳门资料 will offer student loans (available via ). Students must log in to myWings to accept an offered loan in order for it to be processed and to use on deferring institutional charges.
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I've accepted a Direct Loan, what do I do next?
After you have accepted a loan, you may need to complete two additional steps:
- Complete Loan Entrance Counseling
- E-sign a Master Promissory Note
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I am a parent. How do I apply to borrow a PLUS loan for my undergraduate student?
Visit 老澳门资料's Direct Parent PLUS Loan Instructions.
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I am a graduate or professional student. How do I apply to borrow a Graduate PLUS Loan?
Visit 老澳门资料's Direct Grad PLUS Loan Instructions.
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What is Exit Counseling?
You will be required to complete Exit Counseling if you have borrowed a Federal Direct Loan at any time and:
- completely withdraw from a term ("W" grades for all classes)
- unofficially withdraw from a term (any combination of "Withdraw", "F", "Incomplete" or "Not Reported" grades for all classes)
- enroll less than half-time in a term (less than six degree-applicable credit hours)
- graduate
- withdraw or drop below half-time enrollment
- do not enroll in a term
Exit Counseling is mandatory and provides important information you need to prepare to repay your federal student loans. Failure to complete Exit Counseling may prevent the disbursement of future term financial aid and/or release of transcripts and diplomas.
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When does loan repayment begin, and where can I get more information?
Your Direct Loan will be serviced by the U.S. Department of Education. You will receive correspondence regarding repayment information from the U.S. Department of Education. For more information regarding loan repayment, visit the webpage.
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How does the 老澳门资料 cohort default rate compare to the national average?
The 老澳门资料 cohort default rate is below the national average. For more information, visit the webpage.
Loan Repayment
Students are required to pay back all federal student loans borrowed according to the terms of the Master Promissory Note. After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment. During this period, you'll receive repayment information from your loan servicer, and you'll be notified of your first payment due date. Payments are usually due monthly.
Repayment Information
There are several repayment options available that are designed to meet the individual needs of borrowers. Your loan servicer can help you understand which repayment options are available to you. Generally, you'll have 10 to 25 years to repay your loan, depending on the repayment plan you choose. The most common repayment plan options are Standard, Extended, Graduated, Income Contingent, Income-Driven and Income-Sensitive. For detailed descriptions of each repayment plan option, visit the .
Please Note: students seeking face-to-face guidance may contact One-Stop Student Services in order to schedule an appointment with a financial aid specialist.
The is a great tool to help you make decisions about your student loans. Use it to find a repayment plan that meets your needs and goals or to decide whether to consolidate.
How to View Your Loan History
Information regarding every student's federal loans will be submitted to the (NSLDS).
NSLDS is a secure central database for student aid where students can view:
- The total amount of aid borrowed
- Summary of disbursed Federal Direct Loans
- Federal student loan history
- Contact information of lenders and loan servicers
- Progression towards aggregate loan limit
FSA Ombudsman Group
| Contact Method | Details |
|---|---|
| Online Assistance | |
| Phone | (877) 557-2575 |
| Fax | (606) 396-4821 |
| U.S. Department of Education FSA Ombudsman Group P.O. Box 1843 Monticello, KY 42633 |
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The Federal Student Aid (FSA) Ombudsman Group of the U.S. Department of Education (ED) is a neutral, informal and confidential resource to help resolve disputes about federal student loans. The FSA Ombudsman Group should only be contacted as a last resort after unsuccessful efforts to resolve your student loan problems with your lender or servicer. |
Additional Resources
The Office of Student Financial Assistance (OSFA) offers free resources to help educate students regarding their rights and responsibilities as a student loan borrower. All are found on the website, including:
- Financial Literacy online training modules covering Repayment of Student Loan Debt, Managing Your Credit and Managing Your Budget.
- Financial Calculators and Wizards
- Recorded presentations (located under the TRAINING tab for students)