Student Loans

Student loan programs offer long-term, low-interest educational loans which require repayment. Students should carefully consider the amount of debt they incur and recognize their future financial obligations. Like any other debt, a student loan is a serious financial obligation.

If you’re a first-time borrower of a federal direct student loan, you’ll need to complete entrance counseling and a Master Promissory Note (MPN). These are listed in your "To Do List" in MyRED. Your accepted student loans will not be applied to your student account until these two items are completed.

Another loan option available to students is applying for an external alternative loan. These loans are through private lenders or banks for educational expenses. We cannot assist students in selecting a specific alternative loan, however students may use the ELM Select Tool to help in their alternative loan search.

If you’re approved for an alternative loan, there’s a minimum 14-business day delay before fund can be applied to your student account.

Entrance Counseling & Master Promissory Note

Undergraduate Federal Direct Student Loan Options

All federal direct student loans do not require repayment while students are enrolled at least half-time (6 credit hours for undergraduate students) and offer a six-month grace period after graduation before payments begin.

• Federal Direct Subsidized Loan: this is a need-based loan that does not accrue interest while an undergraduate student is enrolled in at least 6 credit hours.
• Federal Direct Unsubsidized Loan: this loan does not require financial need and begins accruing interest immediately after disbursement.

Graduate/Professional Federal Direct Student Loan Options

All graduate federal direct student loans have the option for payments to be deferred while enrolled at least half-time (5 credit hours for graduate students, 6 credit hours for law students).

• Federal Direct Unsubsidized Loan: this loan does not require financial need and begins accruing interest immediately after disbursement. Repayment is automatically deferred until after graduation or less than half-time enrollment.
• Federal Direct Graduate PLUS Loan: This loan requires a credit check for eligibility and begins accruing interest immediately after disbursement. An application is not required. If you accept the loan in MyRED a credit check is sent on your behalf.

Eligibility Requirements

• Must first meet basic financial aid eligibility requirements.
• Be enrolled at last half-time.
  • Undergraduate/Law Students: 6 credits.
  • Graduate: 5 credits.
• Maintaining Satisfactory Academic Progress (SAP).
• Complete Loan Counseling (Federal Entrance Counseling and Master Promissory Note).

More Information About Loans

Visit the Office of Scholarships and Financial Aid website for more information about loans, including information about alternative or private loans and selecting a private lender through ELMSelect, applying for Federal Direct PLUS loans for parents of undergraduate students, and more.