Federal Direct Loans
Federal Direct Loans are low-interest loans provided to you, if eligible, after your high school graduation to help with the cost of college.
Apply for a Federal Direct Loan
If you are interested in student loans, and you are a first-time borrower, you will need to complete:
FAFSA and Bryan FA Online
Complete your FAFSA, a free application for Federal Student Aid at www.fafsa.ed.gov.
The information from your application will be shared with Bryan College of Health Sciences when you identify us as your school on the FAFSA. After the FAFSA has been processed, we will notify you with an award letter, of the types of aid for which you are eligible.
Bryan FA Online
If you are a current student, you have access to Bryan FA Online in your student portal.
Fill out a Master Promissory Note
You must complete a Master Promissory Note (MPN) to apply for a loan. The MPN is a legally binding agreement to repay your loan to the U.S. Department of Education. In most cases, one MPN for the Direct Subsidized and Unsubsidized can be used for loans that you receive over several years of study. A new MPN must be filled out each year to apply for the PLUS or GradPLUS loans. You can fill out the MPN online at www.studentloans.gov
Federal Direct Loan Counseling
Prior to receiving a federal loan, students must complete Entrance Counseling to ensure that you understand the responsibilities and obligations you taking on by getting a loan. This requirement will be fulfilled during your Bryan FA Online completion.
You will be expected to complete Exit Counseling upon graduation or if you drop below half-time enrollment. Exit counseling provides important information to prepare you to repay your federal student loan(s). To complete Exit Counseling, students will sign in using their FSA ID and provide details on their income, financial aid, living expenses and demographics.
Students and their parents can learn more about federal student aid, including how to repay your loans, at www.studentaid.ed.gov.
Eligibility Requirements for Loans
- You must be enrolled at least half-time
- You must be a U.S. citizen or eligible non-citizen
- You must be enrolled in a program of study leading to a degree
Federal Direct Loan Interest Rates 2018/19
Direct Subsidized Loans (Undergraduates)
Direct Unsubsidized Loans (Undergraduates)
Direct Unsubsidized Loans (Graduates or Professional Students)
Direct PLUS (Parents and Graduate or Professional Students)
How Your Federal Loans Get Reported
When you borrow a federal student loan from the government, you will be assigned a loan servicer. Servicers are companies that collect payments on a loan and perform other administrative tasks associated with maintaining a loan (i.e. work out lower payment options with you, setup automatic payments, report your payments to the credit bureau, etc.). Your student loan servicer is the company that sends you a billing statement each month.
You are required to begin repayment on your loans if you fall below half-time enrollment.
National Student Loan Data System (NSLDS) can be a valuable tool in keeping track of your student loan information. You can check on your federal student loans by going to NSLDS.ed.gov. Here you can find your amounts, balances, interest rates and loan status (in repayment, in default, etc.). If you are unsure who your loan servicer is, you can locate their contact information on NSLDS’s website.
Alternative Student Loans
Please consider all financial aid options, including grants, scholarships and federal loans before applying for an Alternative Student loan. We encourage you to borrow responsibly.
Apply with a Cosignor
We strongly encourage you to apply with a cosigner. This may increase your chance of loan approval and may help you qualify for a lower interest rate.
How you Receive the Funds
The lender will send the funds directly to the college. Student Accounts will apply the funds to your student tuition account and distribute any remaining funds to you.
When you Will Start Making Payments
No principal or interest payments are due while you are enrolled in school at least half-time. (6 credit hours per semester for undergraduates, 3 credit hours per semester for graduate students). To reduce the cost of your loan, you can make payments anytime while still in school with zero repayment penalty fee.
How Much Can I Borrow?
All financial aid you receive for the academic year CANNOT exceed your Cost of Attendance. Your Cost of Attendance is found on your Financial Aid Award Letter. To determine how much you can borrow with an Alternative Loan, add up all the grants, scholarships and federal loans you have received this academic year and subtract from your Cost of Attendance. The remaining balance is what you could apply for with an Alternative Loan.
Apply for an Alternative Loan
Visit https://choice.fastproducts.org/FastChoice/home/639900/1 to take you to the Alternative Loan site. All lenders are viewed on one web page. You can narrow the list of lenders, view specific borrower benefits, services, rates and disclosures in a side-by-side comparison. You can then begin the loan process by clicking on a direct link to the lender’s website.