Promissory Note

Entrance Counseling

Entrance Counseling is required for the following Federal loan types:

  • » Direct Subsidized
  • » Direct Unsubsidized

Interest Rates

Federal Loans

Federal Unsubsidized Direct Loans

Eligibility Requirements:

Students do not need to demonstrate financial need.

Enrollment Requirements:

You must enroll for at least 6 credits (or 24 Graduate Units) for each semester that you want to receive the loan.

Processing Fees:

The Department of Education is authorized to charge the borrower origination and guarantee fees. For loans disbursed before October 1, 2017 – the origination fee will be 1.069%. For loans disbursed on or after October 1, 2017 – the origination fee will be 1.066%. The current guarantee fee is ZERO. Fees are deducted from each semester’s disbursement.

Interest Rate:

Interest accrues while the student is enrolled in school and during the repayment period.

The Federal Direct Unsubsidized Loan for undergraduate students has a 4.45% fixed interest rate. The Federal Direct Unsubsidized Loan for graduate students has a 6.00% fixed interest rate.

Repayment Terms:

Direct Loan repayment begins 6 months after you cease to be enrolled at least half-time. The Standard Repayment Period is 10 years but you may change your repayment plan with your Direct Loan Servicer if necessary.

Borrowing Limits:

See Direct Loan Borrowing Limits.

  • On your Award Notification, you must indicate the amount of the loan(s) you want to borrow.
  • We will transmit your loan request information to the Department of Education.
  • You must complete the Direct Loan Master Promissory Note (MPN) and Entrance Counseling with the Department of Education.