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Loan Information

Loan Information

365英国上市官网 participates in the William D. Ford Federal Direct Loan Program, which provides federally insured, low-interest loans to students and parents to cover the costs of college. In this program, the federal government is the lender; 365英国上市官网 determines eligibility and disburses the money.

365英国上市官网 offers four types of federal loans; most require a FAFSA. For more details on all federal loans, go to www.studentaid.gov.

Federal Direct Subsidized Loans are need-based and offered to the student.
  • Annual borrowing limit: ranges from $3,500 to $5,500 depending on year of schooling.
  • Interest rate: 4.53%, starting when repayment begins six months after graduation or upon termination of education.
  • Fee: 1.062%, taken directly from the loan prior to disbursement.
Federal Stafford Unsubsidized Loans are non-need-based and offered to the student.
  • Annual borrowing limit: $2,000. (Limits are higher for independent students.)
  • Interest rate: 4.53%, starting when loan is disbursed.
  • Fee: 1.066%, taken directly from the loan prior to disbursement.
Federal Parent PLUS Loans are non-need-based and offered to parents.
  • Annual borrowing limit: yearly cost of education less any other financial aid.
  • Interest rate: 7.08%, starting 60 days after full amount of loan for a school year has been disbursed.
  • Fee: 4.248%, taken directly from the loan prior to disbursement.

In addition, many students and parents choose a private educational loan provider, which will notify 365英国上市官网 when your loan has been approved and request certification; we can then add the loan value into your full financial aid package and apply the loan funds directly to your student account. Your lender will provide details about interest rates, repayment conditions, and more. Please don't hesitate to contact us is you have questions about private loans.

The loan process

  1. If you are offered a loan as part of your financial aid award letter, you must either accept or reject it.
    • Incoming students can email us at [email protected] to accept or reject the offer on your behalf or call (205) 226-4688.
    • Current students should use TheSIS to accept or reject their offer.  If TheSIS will not allow you to accept them, you can email us at [email protected] to accept or reject the offer on your behalf or call (205) 226-4688.
    • First-time borrowers accepting a Direct or PLUS loan must complete an electronic Master Promissory Note (eMPN) online here. This is a legal document outlining the loan requirements and requiring the borrower to promise to repay his or her loan.
      • Students or parents will need to use thier FSA ID and password to sign in to complete the eMPN. If you do not have a FSA ID, you may request one here.
      • You'll receive a disclosure statement with specific information about your loan amount, fees, and disbursement dates.
  2. First-time borrowers accepting a Direct loan must also complete entrance counseling online here.

Note: Loan amounts are not credited to a student's account until the Master Promissory Note and entrance counseling is complete and on file.

Exit Counseling is required for all students who borrow Federal Direct Loans.  Exit Counseling must be completed when the student drops below half time, withdraws, transfers or graduates from 365英国上市官网. This requirement can be completed online here.