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FedLoans

Federal Loans

Loans funded by the federal government and private lenders that allow you to borrow money to help pay for college. These funds need to be repaid with interest.

Federal Direct Subsidized Loan

This is a loan program for undergraduate students to borrow through the Department of Education to help meet their educational expenses and is based on financial need.

This is a subsidized loan, which means the government pays the interest for the student as long as they are enrolled at least half time. Repayment begins six months after the student graduates (or drops below half-time status).

  • Application: FAFSA. First-year, first-time borrowers also must complete and sign a Master Promissory Note (MPN) and complete Entrance Counseling.
  • Deadline: Loans must be certified by the Financial Aid Office prior to the last day of enrollment.

Federal Direct Unsubsidized Loan

This is a loan program for undergraduate and graduate students to borrow through the Department of Education to help meet their educational expenses and is not based on financial need.

This is an unsubsidized loan, which means the student is responsible for the interest while they are in school. Students may capitalize the interest and add it to the principle or make quarterly interest payments. Repayment begins six months after the student graduates (or drops below half-time status.)

  • Application: FAFSA. First-year, first time borrowers also must complete and sign a Master Promissory Note (MPN) and complete Entrance Counseling.
  • Deadline: Loans must be certified by the Financial Aid Office prior to the last day of enrollment.

Federal Direct Parent Loans for Undergraduate Students (PLUS) Loan

This is a loan program in which the parent of an undergraduate student borrows through the Department of Education and can borrow up to the cost of attendance minus any other aid the student receives.

Parents are subject to a credit check. Repayment usually begins within 60 days after the loan is fully disbursed, or parents may choose to defer payments until six months after the student graduates or drops below half-time status. Interest will continue to accrue and may be capitalized if not paid quarterly.

Note: If the parent's credit is not approved, the student becomes eligible for up to an additional $4,000 of Federal Direct unsubsidized loan.

  • Application: FAFSA. Parents must complete a credit check, and if approved, sign a Master Promissory Note (MPN). The credit check must be completed every year and should not be completed before June 1.
  • Deadline: Loans must be certified by the Financial Aid Office prior to the last day of enrollment.

Federal Direct Graduate PLUS Loan

This is a loan program in which a graduate student borrows through the Department of Education. The student can borrow up to the cost of attendance minus any other aid the student receives. Students are subject to a credit check. Repayment begins six months after you graduate (or drop below half-time status).

  • Application: FAFSA. Graduate students must complete a credit check, and if approved, sign a Master Promissory Note (MPN). The credit check must be completed every year and should not be completed before June 1.
  • Deadline: Loans must be certified by the Financial Aid Office prior to the last day of enrollment.

Direct Stafford Loan Program: Important Information

  • All first-time Direct Loan borrowers at La Roche University must complete an Entrance Counseling Session before loan funds can be disbursed.
  • All first-time Direct Loan borrowers also must complete and sign a new Master Promissory Note (MPN). Loan funds cannot be disbursed until the MPN has been completed. Generally, the MPN will be valid for 10 years and in most cases, a new MPN will not be required for subsequent years.

You can complete both requirements listed above online at studentaid.gov. You will need to sign in on this site using your FSA ID.

Parent or Graduate PLUS Loan Borrowers: Important Information

PLUS loans can cover the student’s balance. Credit-worthy parents and credit-worthy graduate students may borrow up to the cost of attendance minus any other aid the student is eligible to receive.

Parents wishing to borrow a Parent PLUS loan for their dependent student, or graduate students wishing to borrow a Graduate PLUS loan, are advised to wait until the student receives their bill to determine the exact amount of funds needed. You should not apply for the loan before June 1.

Funds should be requested for both the fall and the spring semesters so that the funds will be split equally between the fall and the spring semesters. The student’s financial aid award letter will include more detailed instructions.

Contact the Financial Aid Office

If you need help or have questions about student loan programs, please reach out to the Office of Financial Aid: 412-536-1125 or finaid@laroche.edu.