Loan Opportunities

Federal Loan Options

Federal loan awarded by UMD (after completing the FAFSA)
Fixed interest rate of 6.0% beginning July 1, 2008
Federal government pays the interest on subsidized loans while the student is enrolled in school and during the six-month grace period after graduation or withdrawal from school
Available to students who demonstrate financial need
Origination fee is deducted proportionally from each disbursement
Annual loan limits are based on credits earned:
$3500, 0-29.99 credits;
$4500, 30-59.99 credits;
$5500, 60+ credits;
$8500, graduate students
Student must complete Direct Loan Entrance Counseling at http://www.dlssonline.com/entrancecounseling/main-entc.asp
Student must complete Master Promissory Note (New MPN for Student Loans) at https://dlenote.ed.gov/empn/index.jsp
Direct Loan Brochure [PDF]

Federal loan awarded by UMD (after completing the FAFSA)
Allows all students, regardless of need, to obtain a federal student loan
Fixed interest rate of 6.8% beginning July 1, 2008
Interest accrues during in-school and deferment periods which may be paid or capitalized (added to principle at beginning of repayment)
Origination fee deducted proportionally from each disbursement
Annual loan limits are the same as for Federal Ford Direct Subsidized Loan (above)
Students who are independent or who are dependent and whose parents are denied a Federal Direct PLUS Loan, may borrow additional amounts up to:
$4000, for each of the freshman and sophomore years;
$5000, for each of the junior and senior years;
$12,000 for the graduate years
Combination of all financial aid and outside resources cannot exceed cost of attendance
Student must complete Direct Loan Entrance Counseling at http://dlssonline.com/entrancecounseling/main-entc.asp
Student must complete Master Promissory Note (New MPN for Student Loans) at https://dlenote.ed.gov/empn/index.jsp
Direct Loan Brochure:

Federal long-term, low-interest (5%) loan
Limited funds awarded by UMass Dartmouth
Eligibility is based directly on demonstrated financial need
Available for undergraduate and graduate students enrolled at least half-time in a degree program
Student must sign Federal Perkins Loan Master Promissory Note and complete Perkins Loan entrance interview

Private, credit-based loan administered by the U.S. Department of Education
Available through UMD to graduate students
Annual loan limit is the cost of education minus any aid received (or eligible for)
Origination fee deducted proportionally from each disbursement
Repayment begins 60 days after second disbursement but students may apply for an in-school deferment
Fixed interest rate of 7.9% beginning July 1, 2007
Student must submit a Federal Direct PLUS Loan for Graduate Students Pre-Application to Financial Aid Services to start the application process
If Federal Direct PLUS Loan Pre-Application is approved, student must complete Federal Direct PLUS Loan Master Promissory Note (New MPN for Student Loans -- Graduate PLUS) at https://dlenote.ed.gov/empn/index.jsp
2008-2009 Federal Direct Graduate PLUS Loan application

Federal Parent Loans

Private, credit-based loan administered by the U.S. Department of Education
Available through UMD to parents of undergraduate, dependent students
Annual loan limit is the cost of education minus any aid received (or eligible for)
Origination fee deducted proportionally from each disbursement
Repayment begins 60 days after second disbursement
Fixed interest rate of 7.9% beginning July 1, 2007
Parent must submit a Federal Direct Loan Pre-Application to Financial Aid Services to start the application process
If Federal Direct PLUS Loan Pre-Application is approved, parent must complete Federal Direct PLUS Loan Master Promissory Note (New MPN for Parent Loans) at https://dlenote.ed.gov/empn/
Direct Plus Loan Brochure
2008-2009 Federal Direct PLUS Loan application.