Loan Programs

The ÍÃ×ÓÏÈÉú participates in several loan programs that can help students and families finance educational expenses. Available options include Federal Direct Loans for students, Federal Direct Parent PLUS Loans, limited Graduate PLUS eligibility for qualifying borrowers, and private education loans.

Loans must be repaid, usually with interest. ÍÃ×ÓÏÈÉú and families are encouraged to review all terms, borrow only what is needed, and explore federal loan options before considering private loans.

Federal Direct Student Loans

ÍÃ×ÓÏÈÉú participates in the William D. Ford Federal Direct Loan Program. Federal Direct Loans are borrowed from the U.S. Department of Education and include Direct Subsidized Loans and Direct Unsubsidized Loans.

ÍÃ×ÓÏÈÉú must complete the FAFSA and meet all federal eligibility requirements. They must also be enrolled at least half-time when the loan is disbursed.

For current interest rates, loan fees, repayment options, and other federal loan information, visit the .

Direct Subsidized Loans

Direct Subsidized Loans are available to eligible undergraduate students who demonstrate financial need.

The federal government generally pays the interest while the borrower is:

• Enrolled at least half-time
• In the applicable grace period
• In an approved deferment period

Repayment generally begins after the student graduates, leaves school, or drops below half-time enrollment, following the applicable grace period.

Direct Unsubsidized Loans

Direct Unsubsidized Loans are available to eligible undergraduate and graduate students and are not based on financial need.

Interest begins accruing when the loan is disbursed. Borrowers may pay the interest while enrolled or allow it to accrue. Unpaid accrued interest may increase the total amount the borrower must repay.

Enrollment and Direct Loan Eligibility

Federal Direct Loan borrowers must be enrolled at least half-time to receive loan funds.

For periods of enrollment beginning on or after July 1, 2026, annual Direct Loan limits must be reduced when a student is enrolled less than full-time. This federal requirement is known as the Schedule of Reduction (SOR).

The Schedule of Reduction applies to:

• Direct Subsidized Loans
• Direct Unsubsidized Loans
• Graduate PLUS Loans received under the federal interim exception

ÍÃ×ÓÏÈÉú reviews enrollment before each loan disbursement. Changes to a student’s schedule may affect the student’s loan amount, disbursement timing, or eligibility for future disbursements.

Review Enrollment Status & Withdrawal Implications for detailed information about:

• Undergraduate and graduate enrollment status
• Half-time enrollment requirements
• The Schedule of Reduction
• Courses with different start dates
• Adding or dropping courses
• Withdrawals, attendance, and no-shows
• Possible effects on financial aid and refunds

Annual Direct Loan Limits

Federal annual loan limits depend on the student’s grade level, dependency status, program type, prior borrowing, enrollment intensity, cost of attendance, and remaining eligibility.

The amounts below are maximum annual limits. A student may qualify for less than the listed amount.

Note: Federal student loan limits are established by the U.S. Department of Education and are subject to change. For the most current annual and aggregate loan limits, please refer to the .

Dependent Undergraduate ÍÃ×ÓÏÈÉú

• First year: $5,500, of which no more than $3,500 may be subsidized
• Second year: $6,500, of which no more than $4,500 may be subsidized
• Third year and beyond: $7,500, of which no more than $5,500 may be subsidized

Independent Undergraduate ÍÃ×ÓÏÈÉú

These limits also generally apply to dependent undergraduate students whose parents are unable to obtain a Parent PLUS Loan.

• First year: $9,500, of which no more than $3,500 may be subsidized
• Second year: $10,500, of which no more than $4,500 may be subsidized
• Third year and beyond: $12,500, of which no more than $5,500 may be subsidized

Graduate ÍÃ×ÓÏÈÉú

Eligible graduate students may receive up to $20,500 per academic year in Direct Unsubsidized Loans.

ÍÃ×ÓÏÈÉú enrolled less than full-time are subject to the federal Schedule of Reduction and may qualify for less than the maximum annual amount.

Aggregate (Lifetime) Direct Loan Limits

An aggregate limit is the maximum outstanding amount a borrower may have within a particular category of federal loans. Repaying part of an outstanding balance may restore eligibility under some aggregate limits, but it does not restore eligibility under the separate federal lifetime maximum described below.

Undergraduate ÍÃ×ÓÏÈÉú

• Dependent undergraduate students: $31,000, of which no more than $23,000 may be subsidized
• Independent undergraduate students: $57,500, of which no more than $23,000 may be subsidized

Graduate ÍÃ×ÓÏÈÉú

Graduate students who are subject to the loan limits effective July 1, 2026 may receive no more than $100,000 in aggregate Subsidized and Unsubsidized Loans borrowed for graduate study.

Undergraduate loans and prior Graduate PLUS Loans do not count toward the $100,000 graduate aggregate limit. However, they may count toward the federal lifetime maximum for student borrowers.

Lifetime Maximum for Student Borrowers

Student borrowers subject to the federal limits effective July 1, 2026 may receive no more than $257,500 in total applicable federal student loans over their lifetime.

This lifetime maximum generally includes applicable:

• Direct Subsidized Loans
• Direct Unsubsidized Loans
• Graduate PLUS Loans
• Federal Family Education Loan Program loans
• Federal Perkins Loans

Parent PLUS Loans borrowed by a parent on behalf of a dependent student are not counted toward the student’s $257,500 lifetime maximum.

The lifetime maximum applies without regard to amounts repaid, forgiven, canceled, or otherwise discharged. Reaching this limit may prevent a student from receiving additional federal student loans.

Federal Interim Exception

Some students and parent borrowers qualify for a temporary federal interim exception to certain loan changes that took effect July 1, 2026. This is sometimes referred to as the Legacy Provision or legacy-borrower exception.

A student generally qualifies for the interim exception when the student:

• Was enrolled in a program of study at an institution as of June 30, 2026; and
• Received a Direct Loan disbursement for that program before July 1, 2026.

ÍÃ×ÓÏÈÉú who qualify remain subject to the prior loan-limit rules for their expected time to credential. The expected time to credential is generally the lesser of:

• Three academic years; or
• The published length of the program minus the portion completed before July 1, 2026.

Graduate students who qualify may continue to receive:

• Up to $20,500 annually in Direct Unsubsidized Loans
• Graduate PLUS Loans up to the cost of attendance minus other financial assistance
• An aggregate Subsidized and Unsubsidized Loan limit of $138,500, including undergraduate borrowing

The Schedule of Reduction still applies when an eligible student is enrolled less than full-time.

Eligibility for the interim exception is tied to the student’s program of study and continued enrollment. Changing programs, withdrawing, completing the program, or reaching the end of the expected time to credential may end eligibility.

ÍÃ×ÓÏÈÉú and the U.S. Department of Education will determine whether a borrower qualifies for the interim exception.

Direct Parent PLUS Loans

A Direct Parent PLUS Loan allows an eligible parent to borrow funds to help pay the educational expenses of a dependent undergraduate student.

The parent borrower must generally:

• Be the student’s biological or adoptive parent, or an eligible stepparent
• Complete the Parent PLUS Loan application
• Meet federal credit requirements or qualify through an approved alternative
• Meet the general eligibility requirements for federal student aid

The dependent student must:

• Be enrolled at least half-time at ÍÃ×ÓÏÈÉú
• Maintain Satisfactory Academic Progress
• Meet all other applicable federal eligibility requirements

Parent PLUS Loan Limits

For borrowers subject to the Parent PLUS limits effective July 1, 2026:

• Annual limit: The lesser of $20,000 per dependent student or the student’s cost of attendance minus other financial assistance
• Aggregate limit: $65,000 per dependent student

These limits are per dependent student, not per parent. Two parents cannot each borrow the maximum annual or aggregate amount for the same student.

The aggregate limit includes Parent PLUS Loans previously borrowed on behalf of that student, including loans received while the student attended another institution. The aggregate limit applies without regard to amounts repaid, forgiven, canceled, or discharged.

Parent PLUS Loans are not reduced under the Schedule of Reduction, although the student must remain enrolled at least half-time.

Parent PLUS Interim Exception

A parent may qualify for the federal interim exception if the dependent student:

• Was enrolled in the applicable program of study as of June 30, 2026; and
• Received a Direct Loan for that program before July 1, 2026.

When the exception applies, the parent may continue borrowing up to the student’s cost of attendance minus other financial assistance during the student’s remaining expected time to credential.

The student’s prior Direct Loan may establish the exception even when the parent did not previously borrow a Parent PLUS Loan.

Applying for a Parent PLUS Loan

Parents must use their own FSA ID to complete the Parent PLUS Loan application and required credit check through .

Approved borrowers must also complete the required Parent PLUS Master Promissory Note unless an existing MPN remains valid.

Graduate PLUS Loans (Legacy Borrowers)

Graduate PLUS Loans

Graduate PLUS Loans are no longer available to most graduate and professional students for loans first disbursed on or after July 1, 2026.

Graduate students who do not qualify for the federal interim exception may receive up to $20,500 annually in Direct Unsubsidized Loans, subject to enrollment intensity, cost of attendance, annual limits, aggregate limits, and other federal eligibility requirements.

Graduate PLUS Loans Under the Interim Exception

A graduate student who qualifies for the federal interim exception may remain eligible for Graduate PLUS Loans during the student’s expected time to credential.

The student does not need to have previously received a Graduate PLUS Loan. A prior Direct Loan disbursement for the same graduate program may establish eligibility.

Eligible borrowers may receive Graduate PLUS funds up to the cost of attendance minus other financial assistance, subject to federal requirements and the Schedule of Reduction when enrolled less than full-time.

Loan Disbursements

Federal and private education loan funds are generally sent directly to ÍÃ×ÓÏÈÉú and applied to the student’s account.

Federal loan funds cannot be disbursed until all applicable requirements are completed, which may include:

• FAFSA processing
• Verification or other requested documentation
• Entrance Counseling
• A valid Master Promissory Note
• Required enrollment
• Confirmation of attendance
• Resolution of any eligibility issues

If loan funds and other financial aid exceed eligible institutional charges, the remaining credit balance may be issued to the student according to ÍÃ×ÓÏÈÉú’s published refund process.

ÍÃ×ÓÏÈÉú enrolled in courses with different start dates may receive aid and refunds in stages as courses begin and attendance is confirmed.

Federal Loan Application Requirements

First-time Direct Subsidized and Direct Unsubsidized Loan borrowers must complete Entrance Counseling before loan funds can be disbursed.

Entrance Counseling explains:

• The terms and conditions of the loan
• Interest and fees
• Borrower responsibilities
• Repayment obligations
• The consequences of delinquency and default

Complete Entrance Counseling through StudentAid.gov using your FSA ID. ÍÃ×ÓÏÈÉú generally receives electronic confirmation after completion.

The Master Promissory Note is the legal document through which the borrower promises to repay the federal loan and agrees to its terms.

Borrowers must complete the appropriate MPN through StudentAid.gov using their FSA ID. ÍÃ×ÓÏÈÉú generally receives electronic confirmation after completion.

Direct Loan borrowers must complete Exit Counseling when they:

• Graduate
• Leave ÍÃ×ÓÏÈÉú
• Withdraw
• Drop below half-time enrollment

Exit Counseling provides information about loan balances, repayment plans, interest, grace periods, loan servicers, deferment, forbearance, forgiveness, delinquency, and default.

After the applicable grace period ends, the borrower’s federal loan servicer will provide repayment information, including payment amounts and due dates.

Borrowers should keep their contact information current through StudentAid.gov and with their loan servicer.

Federal Loan Repayment

Borrowers with at least one eligible Direct Loan first disbursed on or after July 1, 2026 may be subject to the federal repayment-plan rules effective on that date.

Depending on the types and dates of their loans, borrowers may be eligible or required to use the:

• Repayment Assistance Plan
• Tiered Standard Plan

Parent PLUS Loans and Direct Consolidation Loans that include Parent PLUS debt may have different repayment-plan eligibility from loans borrowed directly by students.

Because repayment-plan eligibility depends on each borrower’s loan history, students and parents should review their options through StudentAid.gov and contact their federal loan servicer before selecting or changing a repayment plan.

Private Student Loans

Private Student Loans are offered by banks, credit unions, state agencies, and other private lenders. These loans can help cover eligible educational expenses that remain after other financial aid is applied.

ÍÃ×ÓÏÈÉú should generally complete the FAFSA and review federal student loan options before considering a private loan. Federal loans typically offer borrower protections and benefits that may not be available through private lenders.

Private education loans may differ in:

• Interest rates
• Origination or other fees
• Credit requirements
• Cosigner requirements
• Repayment terms
• In-school payment requirements
• Deferment or forbearance options
• Discharge provisions
• Cosigner-release policies

Approval is generally based on the borrower’s or cosigner’s creditworthiness and ability to repay. ÍÃ×ÓÏÈÉú should compare multiple lenders and carefully review all disclosures before borrowing.

For assistance comparing private education loan products used by ÍÃ×ÓÏÈÉú students, visit .

Private-Lender Choice

ÍÃ×ÓÏÈÉú may select any eligible private lender and are not required to use a lender included on a ÍÃ×ÓÏÈÉú resource list.

ÍÃ×ÓÏÈÉú does not endorse or recommend a specific private lender. Any lender information provided by the University is offered only as a resource.

Private lenders previously used by ÍÃ×ÓÏÈÉú students include:

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Lender participation, products, eligibility criteria, and loan terms may change. ÍÃ×ÓÏÈÉú should confirm current information directly with the lender.

Private Education Loan Self-Certification

Private education loan applicants must complete the required and submit it to the lender.

The form asks the applicant to provide information such as:

• Estimated cost of attendance
• Estimated financial assistance
• The difference between those amounts

ÍÃ×ÓÏÈÉú may contact the Financial Aid Office for assistance obtaining the information required to complete the form.

Private-Loan Application Timing

Private-loan processing and credit-approval periods vary by lender. ÍÃ×ÓÏÈÉú should not apply so early that the lender’s approval expires before certification or disbursement, but they should allow enough time for:

• The lender’s application and credit review
• Completion of required disclosures
• The federal waiting period
• ÍÃ×ÓÏÈÉú certification
• Final lender approval
• Disbursement

ÍÃ×ÓÏÈÉú’s recommended private-loan application deadlines are:

• Fall: June 1
• Spring: November 1
• Summer: March 1

Meeting a recommended deadline does not guarantee approval or disbursement. ÍÃ×ÓÏÈÉú should confirm processing requirements with their chosen lender.

Private-Loan Disbursements and Refunds

Private-loan funds are generally sent directly to ÍÃ×ÓÏÈÉú and applied to the student’s account. If funds remain after eligible institutional charges are covered, the resulting credit balance may be issued according to ÍÃ×ÓÏÈÉú’s refund process.

Private-loan disbursement timing depends on the lender’s terms, ÍÃ×ÓÏÈÉú certification, the approved loan period, enrollment, and other applicable requirements.

ÍÃ×ÓÏÈÉú should not assume that an initial refund represents all funding available for the semester. ÍÃ×ÓÏÈÉú enrolled in courses or terms with different start dates should plan carefully for later educational expenses.

Private education loans are not federal Title IV aid. However, withdrawing or changing enrollment may still affect the student’s account balance, private-loan certification, future disbursements, or obligations under the lender’s loan agreement.

ÍÃ×ÓÏÈÉú should review Enrollment Status & Withdrawal Implications and contact both the Financial Aid Office and their lender before withdrawing or making significant schedule changes.

Managing Your Loans

Borrow only the amount needed to meet educational expenses. Accepting the maximum amount offered is not required.

To reduce or cancel a federal or private loan, students may:

• Contact the ÍÃ×ÓÏÈÉú Financial Aid Office at [email protected]
• Follow any cancellation instructions provided in the lender’s disclosure
• Contact the lender or federal loan servicer when appropriate

Cancellation rights and deadlines vary depending on whether the loan has already been disbursed. Contact the Financial Aid Office promptly when requesting a change.

ÍÃ×ÓÏÈÉú and parents should:

• Review total borrowing regularly through StudentAid.gov and lender accounts
• Understand interest rates and fees before accepting a loan
• Keep copies of loan documents and disclosures
• Maintain current contact information
• Know the identity of each loan servicer or private lender
• Consider expected income and monthly payments before borrowing
• Avoid borrowing more than is necessary

Making informed borrowing decisions can reduce total debt and support long-term financial stability.

Questions

For questions about federal or private education loans, contact the ÍÃ×ÓÏÈÉú Financial Aid Office at [email protected].