An investment in your future

Federal Direct Loans

Federal Direct Loans—Direct loans are low-interest loans. To be eligible for Federal Direct Loans, you need to be enrolled in at least 6 undergraduate credits or 3 graduate credits per semester.
There are two types of Federal Direct Loans:

  • Subsidized loans are awarded based on financial need. The federal government pays interest while you are enrolled at least half time. 
  • Unsubsidized loans are awarded regardless of financial need. Interest accrues on this loan while you are attending school. 

Dependent Students 
Dependent students (as determined by the FAFSA) can borrow up to $31,000 (up to $23,000 of which could be subsidized based on eligibility) for undergraduate, post-baccalaureate and certificate study. Dependent students are eligible to receive the following loan amounts for the academic year: 

  • $5,500 as a freshman (up to $3,500 of which could be subsidized based on eligibility) 
  • $6,500 as a sophomore (up to $4,500 of which could be subsidized based on eligibility) 
  • $7,500 as a junior and senior (up to $5,500 of which could be subsidized based on eligibility) 

Independent Students 
Independent students (as determined by the FAFSA) can borrow up to $57,500 (up to $23,000 of which could be subsidized based on eligibility) for undergraduate, post-baccalaureate and certificate study. Independent students are eligible to receive the following loan amounts for the academic year: 

  • $9,500 as a freshman (up to $3,500 of which could be subsidized based on eligibility) 
  • $10,500 as a sophomore (up to $4,500 of which could be subsidized based on eligibility) 
  • $12,500 as a junior and senior (up to $5,500 of which could be subsidized based on eligibility) 

Graduate Students 
Graduate students are eligible to receive up to $20,500 in loans for the academic year.

All Borrowers

First time Federal Direct Loans borrowers at Mount Mary University must complete the following steps before your loan funds can be disbursed: 

  • Master Promissory Note (MPN): This is a legal agreement in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. The MPN also explains the terms and conditions of your loan(s). Complete online at: https://studentaid.gov 
  • Entrance Loan Counseling: This mandatory session helps you understand your responsibilities as a borrower and provides information on loan repayment and managing education costs. Complete online at: https://studentaid.gov  

Federal PLUS Loans
Federal PLUS Loans—These loans are supplemental loans to cover any additional education costs beyond what the Federal Direct Loans may cover. PLUS loans are available for parents to borrow for their dependent students. To request the Parent PLUS loans, parents must apply online. This loan is credit-based. If approved, parents must complete a Master Promissory Note online. Parents are required to log in using their FSA ID and password from FAFSA to complete this process.

Graduate PLUS loans are low, fixed interest rate loans guaranteed by the U.S. government. The Graduate PLUS loan is a non-need, credit-based loan. Apply for the Graduate PLUS loan online.  If approved, graduate students must complete a Master Promissory Note online. 

Private Education Loans

Private student loans (also called alternative loans) are an option if you have additional expenses beyond your financial aid award. Private loans are borrowed from banks and other private lending institutions. Private loans are not part of the federal government guaranteed loan programs.

We encourage you to speak to a Mount Mary financial aid counselor before applying for a private loan to determine if all other available aid has been applied.

Loan Resources 

Many resources exist to help with understanding how loans can be a good resource for funding your future education. Prior to enrolling at any institution, it is recommended that you review the process for accepting loans and your responsibilities in loan repayment should you utilize this resource.  

  • Entrance Counseling 
  • Exit Counseling 
  • Loan Repayment Information 
  • Federal Student Loan Return to Repayment Guidance

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