Loan Programs

Helpful Links:

Federal Direct Loan Program

Requirements: A student must be enrolled in a minimum of six (6) credits to be eligible for these programs. The amount a student may borrow may not exceed the cost of attendance minus other assistance (or, for subsidized loans, other assistance plus the EFC). All students must complete a Master Promissory Note as the College has now switched to the Federal Direct Loan Program. First time borrowers must also complete loan entrance counseling.

Direct Subsidized Loans

These loans are subsidized by the federal government for students who demonstrate financial need. Subsidized means the student is not responsible for payment of accrued interest during periods of at least half time enrollment [six (6) credits or more]. Repayment begins six (6) months after graduation, withdrawal, or when enrollment drops below six (6) credits.

Direct Unsubsidized Loans

These loans are not subsidized by the federal government and are not based on financial need. Unsubsidized means the student is responsible for payment of accrued interest during periods of at least half time enrollment although actual payment can usually be deferred. Repayment begins six (6) months after graduation, withdrawal, or when enrollment drops below six (6) credits.

Annual Loan Limits

Dependent Students (except students whose parents cannot borrow a PLUS loan) who qualify, may borrow the following per academic year:

  • Freshmen (0-30 credits earned for both dependent and independent) up to $5,500 of which only $3,500 can be subsidized;
  • Sophomore (31+ credits earned for both dependent and independent) up to $6,500 of which only $4,500 can be subsidized.

Independent Students and Dependent Students whose parents cannot borrow PLUS who qualify may borrow the following per academic year:

  • Freshmen (0-30 credits earned for both dependent and independent) up to $9,500 of which only $3,500 can be subsidized;
  • Sophomore (31+ credits earned for both dependent and independent) up to $10,500 of which only $4,500 can be subsidized.

 Aggregate Direct Loan Limits

There are aggregate Direct loan limits.  Students who qualify may borrow the following to complete an undergraduate degree:

  • Dependent Students up to $31,000 of which only $23,000 can be subsidized;
  • Independent Students up to $57,500 of which only $23,000 can be subsidized.

Federal Parent Loan for Undergraduate Students (PLUS)

Parent Loans for Undergraduate Students (PLUS) are loans made to parents of dependent undergraduate students. Parents may borrow up to the student’s cost of attendance less anticipated financial aid. Additional information is available through the Financial Aid Office or at studentloans.gov.

Alternative Loans for Parents and Students

These loans are offered by various lenders to assist parents and students meet educational expenses. Such funds may assist families that do not qualify for or need to supplement other forms of financial aid. Information is available on Elm Select.

Lender Code of Conduct

Information is available on the Code of Conduct for lenders of Alternative/Private Loans.