Loans
Federal Subsidized and Unsubsidized Stafford Loans
These Federal loans offer a fixed interest rate at 6.8% for loans disbursed after July 1, 2006. Stafford Loans also have an undergraduate aggregate limit of $31,000 for "dependent" students, a limit of $57,500 for "independent" students, and a limit of $138,500 for Graduate Students. Loan amounts are based on a student's academic grade level.
Students have a six month grace period prior to entering repayment on Federal Stafford loans. The grace period begins when the student graduates, drops below six hours or ceases to be enrolled. The government pays the interest on Subsidized loans during this period of time. Unsubsidized loans will begin accruing interest upon disbursement. The student can opt to pay the interest while in school or allow it to be capitalized (added to the principle of the loan) when they enter repayment.
Loan limits for Federal Subsidized and Unsubsidized Stafford Loans are as follows:
| Student Completed Credit Hours | Dependent | Independent |
|---|---|---|
|
1-31 |
$5,500 |
$9,500 |
|
32-63 |
$6,500 |
$10,500 |
|
64+ |
$7,500 |
$12,500 |
|
Graduate Students |
|
$20,500 |
Loans that a student may be eligible for will be made available in the student's award notification packet. The student will then be required to complete a Master Promissory Note (MPN). This MPN is only required to be completed once and is good for 10 years while attending USF. After the MPN is completed, students will automatically receive loans they are eligible for unless they notify the Office of Financial Aid in writing that they wish to decline all or a portion of the loan they are eligible for on their Award Notification.
Federal Parent PLUS Loan
This loan program is directed to natural, adoptive, and in some cases step-parents of dependent undergraduate students. Eligibility is based on credit, not income or need. Parents may borrow up to the cost of attendance minus other financial aid for each student enrolled at least half-time. Repayment of the Parent PLUS loan begins between 30 to 60 days after the loan is fully disbursed. The interest rate is fixed at 8.50% throughout the life of the loan for loans disbursed after July 1, 2006. Please see information below for the application process.*
Federal Graduate PLUS Loan
This loan program is for graduate students. The graduate student borrower must be a U.S. citizen or permanent resident and must be enrolled at least half-time. Eligibility is based on credit. Students may borrow up to the cost of attendance, minus any other aid received. Applicants must complete a FAFSA and must have applied for their maximum annual loan eligibility through the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for the Graduate PLUS loan. The loan has a fixed interest rate of 8.50%. Students may qualify for in-school deferment, though interest will accrue after full disbursement of the loan. Repayment will begin upon graduation. Please see information below for the application process.*
*Application Process for Federal Parent PLUS Loan and Graduate PLUS Loan - The University of Saint Francis has partnered with several servicers within the PLUS loan program so that you can choose the borrower benefits that best fit your needs. The first time a borrower utilizes the PLUS loan they must complete a Master Promissory Note (MPN). The MPN is good for 10 years; therefore future loans for the same student will not require additional paperwork – only a credit check is needed. Electronically sign your Master Promissory Note for the Federal PLUS loan. To complete the credit check for a subsequent PLUS loan call American Student Assistance (ASA) at 1-800-999-9080 x 5015 or complete the check online.
Alternative Private Student Loans
These private credit based loans provide students with an additional way to help cover the cost of education. Interest rates are based on credit.
Federal Perkins Loans
These need-based loans have a 5% interest rate and an aggregate limit of $20,000 for bachelor degree seeking students. Repayment begins nine months from the date the student graduates, leaves school or drops below half-time enrollment. Funding is limited.
