students walking on campus

Loans for Day Undergraduate Students

Undergraduate day students are eligible for the following types of loans:

Subsidized Direct Loans

Awards are based on need. On the subsidized loan, the federal government is paying the interest for you while you’re in school. Repayment begins six months after you graduate or drop below half-time status. Maximum award amounts depend on your year in school and range from $3,500 to $5,500 for undergraduates and are $8,500 annually for graduates. Read more about Direct Loan basics for students.

Unsubsidized Direct Loans

These loans are not based on financial need. Interest is accruing on the loan while you are in school. Repayment begins six months after you graduate or drop below half-time status. Independent students and undergraduate students whose parents do not qualify for the PLUS Loan program (see below) may also apply for additional Unsubsidized Federal Stafford Loan funds. Maximum loan amounts are $4,000 for first and second year students and $5,000 for junior and senior level students. Graduate students may borrow up to $12,000 annually. Read more about Direct Loan basics for students.

Federal Direct Parent Loans

PLUS loans are not based on financial need so parents may borrow from this program to replace a part or all of the Expected Family Contribution. The maximum loan is based on the Cost of Attendance minus other financial aid. These loans are available to parents who have satisfactory credit histories and whose dependent students are studying at least half time. Interest accrues and repayment begins 60 days after the final disbursement for the year. Read more about Direct Loan basics for parents.

Federal Direct Student Loans 2013-2014 Interest Rates
Effective for Loans With a First Disbursement on or After July 1, 2013

Loan Type

Student Grade Level

Cohort

Index Rate

Add-On

2013-2014 Fixed Interest Rate

Interest Rate Cap

First Disbursed On/After

First Disbursed Before

10-Year Treasury Note Index

Direct Subsidized Loans

Undergraduate Students

7/1/13

7/1/14

1.81%

2.05%

3.86%

8.25%

Direct Unsubsidized Loans

Undergraduate Students

7/1/13

7/1/14

1.81%

2.05%

3.86%

8.25%

Direct Unsubsidized Loans

Graduate/Professional Students

7/1/13

7/1/14

1.81%

3.60%

5.41%

9.50%

Direct PLUS Loans

Parents of Dependent Undergraduate Students and Graduate/Professional Students

7/1/13

7/1/14

1.81%

4.60%

6.41%

10.50%

Direct Consolidation Loans

N/A

Consolidation Loan Application Received on or after July 1, 2013 Interest rate remains the weighted average of the interest rates of the loans included in the consolidation, rounded up to the next higher one-eighth of one percent.  New law removes the 8.25% cap.

Federal Perkins Loans

Perkins Loans are awarded to NDNU’s highest need students. The interest on the Perkins Loan is paid by the federal government while the student is in school. Repayment is over a 10 year period at a 5% interest rate. Awards are $1,000 annually.

Private Loans

Private loans may be available to help bridge the gap between financial aid and the cost of education. The terms of these loans differ according to the lender and you should compare the information to determine which loan best suits your needs.

Once you and your family have considered federal loan options, you can either view our historical lenders list by visiting FASTChoice or use the California Private Loan Marketplace to instantly and accurately compare rates and terms from multiple private loan lenders side-by-side. This will help you make an informed decision about the most appropriate loan for you. The FASTChoice and Marketplace display products from local and national lenders, complete with detailed listings of APRs, interest rates, total cost, monthly payments, borrower benefits, fees and repayment options.

Loan Resources