Loans for Day Undergraduate Students
Undergraduate Day Students study full-time, which requires that you have a schedule consisting of at least 12 credit hours per semester. Whether you are considered a dependent or independent student is determined through the FAFSA completion process.
Direct Loans originate through the federal government as administrated by the Department of Education. These loans are not credit based and are available to all qualifying undergraduates. Direct loan interest rates effective July 1, 2015 are 4.29% and there is an origination fee of 1.068% – 1.073%.
Direct Loan Limit Chart for Undergraduate Students
|Year||Dependent Students||Independent Students|
|First-Year Undergraduate Annual Loan Limit||$5,500—No more than $3,500 of this amount may be in subsidized loans.||$9,500—No more than $3,500 of this amount may be in subsidized loans.|
|Second-Year Undergraduate Annual Loan Limit||$6,500—No more than $4,500 of this amount may be in subsidized loans.||$10,500—No more than $4,500 of this amount may be in subsidized loans.|
|Third-Year and Beyond Undergraduate Annual Loan Limit||$7,500—No more than $5,500 of this amount may be in subsidized loans.||$12,500—No more than $5,500 of this amount may be in subsidized loans.|
|Subsidized and Unsubsidized Aggregate Loan Limit||$31,000—No more than $23,000 of this amount may be in subsidized loans.||$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.|
The federal government requires that you complete both entrance counseling, which teaches you about the Direct Loan process, and a master promissory note, which is your promise to repay the loan(s).
Loans for Parents of Undergraduate Students
PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans available to eligible borrowers through schools participating in the Direct Loan Program.
PLUS loans are based on the parent’s credit history, carry a fixed rate interest of 6.84%, and require an origination fee of 4.272% – 4.292%. The amount of PLUS loan that you can borrow is determined by the cost of attendance minus other forms of financial aid offered. The award letter sent by the Office of Financial Aid at NDNU gives a specific amount of your PLUS loan eligibility.
A private student loan is a financing option that can replace or supplement federal student loans. Interest rates are set by the private financial institution that underwrites the loan and these rates can vary based on a borrower’s credit history.
To view a list of private loans that have been selected by Notre Dame de Namur University students, go to www.elmselect.com. The loan programs displayed on this website are for informational purposes only. Borrowers are free to choose any participating lender.