Request an Appointment: 859-323-9707

Loans

Federal Perkins 

Federal Health Professions

Federal Direct – Unsubsidized

Federal Direct – Grad Plus

Federal Perkins

The Perkins Loan is a need-based, school-managed fund provided by the federal government.   Parental information is required on the FAFSA.  An annual award cannot exceed $6,000 with a lifetime undergraduate and professional maximum award of $36,000.  Like all school-managed funds, two equal disbursements are credited directly to the student's tuition account.  No interest accrues during enrollment, and no fees are deducted.  The fixed interest rate of 5% begins to accrue nine months following graduation or withdrawal.  The standard repayment is ten years.

Back to top

Federal Health Professions

The HPSL is a need-based, school-managed fund provided by the federal government. Parents’ information is required on the FAFSA.  The amount of the award depends on the amount of money provided by the government and the number of eligible students. There is no regulated maximum amount.  No fee is deducted and no interest accrues during continued enrollment in a health professions program. Standard repayment of ten years begins twelve months after graduation or withdrawal at a 5% fixed interest rate.  One half of the loan amount is applied to the student's tuition account each semester.  Promissory notes must be completed before the loan is official.

Back to top

Federal Direct – Unsubsidized

Amounts:  Up to $44,944 annually from the unsubsidized loan or the Cost of Attendance, which ever is lower.  The maximum lifetime limit for the unsubsidized loan is $224,000.
Interest Rate: The interest rate for borrowers on or after July 1, 2013, is fixed at 5.41%.  The federal government pays the interest on the subsidized loans while the student is enrolled at least halftime.  Interest begins to accrue immediately on the unsubsidized loans, but students may authorize their servicer to add the interest to the principal at the time repayment begins.
Disbursements:  All loans are disbursed in two equal halves -- one in the fall and one in the spring.  The amount of the Direct Loan funds will be applied directly to the student’s tuition account with Student Billing Services on Main Campus.  Any remainder after tuition is paid will be issued to the student by Direct Deposit Authorization Agreement by the University
Costs:  An origination fee of 1.072% per loan may be deducted from each disbursement.
Repayment:  The standard repayment plan is ten years commencing after a six-month grace period.  Additional repayment plans are offered.
 
Back to top

Federal Direct – Grad Plus

Effective, as of, July 1, 2006 graduate students were eligible for the Graduate Plus Loan.  This loan is similar to the Parent Plus Loan for which some undergraduate students had eligibility if the parent needed to borrow the money.  Because of the increase to tuition and fees at most colleges and universities across the nation the Federal Government now allows graduate students to take part in this program.  (Requires the FAFSA.)

Amounts:  The maximum amount that a student can receive annually is the cost of attendance less all other aid the student received.
Interest Rate: The interest rate for borrowers is fixed at 6.41%.  To be eligible you must be a U.S. citizen or eligible non-citizen and provide a valid social security number.  Students must be enrolled at least half-time, must complete a FAFSA, Plus Master Promissory Note and must be credit worthy.
Disbursements:  All loans are disbursed in two equal halves; one in the fall and one in the spring.  The amount of the Direct Loan funds will be applied directly to the student’s tuition account with Student Billing Services on Main Campus.  Any remainder after tuition is paid will be issued to the student by automatic deposit or check from the University.
Costs:  An origination fee of 4.288% per loan may be deducted from each disbursement.
Repayment:  The standard repayment plan is ten years commencing after a six-month grace period.  Additional repayment plans are offered.

Back to top