Frequently Asked Questions About Loans

Loan FAQ Quick Links

What is the difference between subsidized and unsubsidized loans?

Subsidized loans do not accrue interest (subsidized by the government) prior to repayment. Unsubsidized loans begin accruing interest when the loans are disbursed (while the student is in school).

What will my payments be for the federal loan?

Click here to see our student loan calculator.

Do Federal Direct (subsidized /unsubsidized) loans require a cosigner?

No, Federal Direct subsidized and unsubsidized loans are guaranteed by the federal government.

Why hasn't my (federal) loan paid to my account?

You may need to complete a MPN and/or Entrance Counseling 2. Enrollment must be minimum of half time (6 credits undergrad and 5 credits grad) 3. Recently accepted loans must be originated prior to disbursement which may take up to 72 hours.

Who is my federal direct loan servicer?

You may visit the National Student Loan Data System (NSLDS)website at to access information tied to all federal direct loans you have borrowed, and who your loan servicer(s) may be.

How do I defer my federal direct loans while I'm in school?

In school deferment is automatically updated each semester by the school to the Clearinghouse. As long as you are enrolled at least half time, your federal loans will automatically be placed in the status of in-school deferment.

How much federal loan debt do I have?

You can access this information on the National Student Loan Data System (NSLDS) website at

May I make a payment on my federal student/parent loan(s), or pay them off while they are in deferment?

You may make a payment on your federal loans at any time without penalty (this includes paying the loan(s) off). If you have questions regarding repayment, or need a pay off amount, you will need to contact your loan servicer.

What is the difference between Stafford and Federal Direct loans?

Stafford loans and federal direct loans are one in the same.

How do I apply for a Perkins loan?

The Perkins loan is automatically awarded to students who file a FAFSA and meet certain requirements during the awarding process. This loan is given out on a first come, first served basis, until funds are depleted. There is no application to fill out.

Can the student assume the Parent PLUS Loan debt from their parent after graduation?

No. the Federal Direct Parent PLUS Loan debt is solely the responsibility of the parent that took out the loan. The debt cannot be transferred to the student.

How do I apply for the Nursing Loan?

If you are a student in the Nursing program (not pre-nursing), you can send an email to The email request serves as the application. Funding is very limited and money is awarded on a first come, first served basis to students who demonstrate financial need (based on FAFSA results).