Loans are funds that must be repaid with interest, usually after the student leaves college. Students must meet eligibility requirements to qualify for student loans. Student loans are a serious financial obligation, and we encourage you to be very careful with your student loan borrowing as they require. It is very easy to incur a large student loan debt through these loan programs. For more detailed information regarding loans, please visit https://studentaid.gov/ .
Here are few links for guidance during the repayment process.
Student Aid Reporting and Access
All federal student loans obtained by a student and/or parent are reported to and tracked through the National Student Loan Data System (NSLDS). NSLDS loan records are accessible to all authorized NSLDS users including students, schools, student loan guaranty agencies, lenders, federal agencies, and other authorized users.
Private and/or Alternative Education loans are not reported to NSLDS.
Students and/or Parents may view and keep track of their federal loan debt by visiting studentaid.gov. Student/Parent would use their individual FSA ID to access the site.
Subsidized Loan Limit Usage (SULA)
This provision limits first time loan borrower's eligibility for Direct Subsidized Loans to not exceed 150% of the length of the borrower's educational program. The 150% limit provision applies to first time loan borrowers on or after July 1, 2013. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program. This is called your maximum eligibility period . You can usually find the published length of any program of study in your school's catalog.
Your maximum eligibility period is based on the published length of your current program. This means that your maximum eligibility period can change if you change programs. Also, if you receive Direct Subsidized Loans for one program and then change to another program, the Direct Subsidized Loans you received for the earlier program will generally count against your new maximum eligibility period.
In addition, if you continue to be enrolled in any undergraduate program after you have received Direct Subsidized Loans for your maximum eligibility period, The Dept. of Education will no longer (with certain exceptions) pay the interest that accrues on your Direct Subsidized Loans for periods when we would normally would have done so. Please review this SULA fact sheet for more detailed information.
Available Direct Student Loans
The DIRECT Subsidized Loan is a loan for undergraduate students with financial need. For loans disbursed on or after July 1, 2020 the interest rate is fixed at 2.75 percent. These loans come directly from the Department of Education. The Federal government pays the interest on subsidized loans while you are still in school, and repayment begins six months after you graduate, leave school, or drop below half-time enrollment.
The DIRECT Unsubsidized Loan is a loan for undergraduate and graduate students that have no financial need. For undergraduate unsubsidized loans disbursed on or after July 1, 2020 the interest rate is fixed at 2.75 percent. For graduate/professional unsubsidized loans disbursed on or after July 1, 2020 the interest rate is fixed at 4.30 percent. These loans come directly from the Department of Education. The Federal government does not pay the interest on unsubsidized loans while you are still in school, and repayment begins six months after you graduate, leave school, or drop below half-time enrollment.
The DIRECT Parent/Graduate/Professional PLUS Loan is a loan for the parents of undergraduate students as well as graduate/professional students that have no financial need remaining. For loans disbursed on or after July 1, 2020 the interest rate is fixed at 5.30 percent for Direct PLUS loans. There is currently a fee of 4.236 percent and 4.228 percent after October 1 of the loan deducted proportionately each time a loan disbursement is made. The PLUS loan goes into repayment 60 days after the loan is fully disbursed. The amount of Parent PLUS loan that a parent is eligible for is based on the students cost of attendance as well as any additional aid they may be receiving.
Alternative/Private Education Loans
Alternative and private education loans are non-federal student loans offered by private lenders. Students who apply for these types of loans may need a credit-worthy cosigner.
Before applying for alternative or private loans, NSU requests that students complete the FAFSA to determine eligibility for federal grants and/or loans. Federal student loans may have terms and conditions that are more favorable than those offered by alternative/private lenders and we want our students to have the best options available.
NSU does not recommend lenders, in choosing a an alternative/private loan lender we recommend that students research each lender for the best loan terms and interest rates.
After you complete the application process through your lender, your lender will send NSU a notification to certify. Prior to certification students must submit the Private Loan Self Certification form to our office. Please contact your lender if you have any questions about loan processing times or disbursement dates.
Additional Loan Information
To apply for a student loan, complete the Free Application for Federal Student Aid (FAFSA) and indicate that you are interested in a student loan. After you have been awarded, you will receive an award letter with instructions to complete the loan process. Loans are disbursed directly to the University and applied to your account. Loan amounts vary based on grade level, financial need, and other types of aid being received.
*Note* If you are awarded a subsidized and unsubsidized loan, you only need to complete the loan process once.
View the Stafford Loan Limits for annual and aggregate loan limits for the subsidized and unsubsidized Stafford loans first disbursed on or after July 1, 2008.
A student must complete an Exit Counseling session once they graduate, fall below half-time status, or sit out of school for a period longer than 6 months.
Students may also keep track of their federal loan debt by visiting the studentaid.gov and logging in with your FSA ID and password.