Student Financial Services
Student Financial Services

Financial Aid: Managing Your Financial Aid

Federal Direct Loans
Federal Direct Loans- PLUS
Federal Direct Loans- GRAD PLUS
Federal Perkins
Federal Nursing
Institutional Loans
Alternative Loans
Student Employment / Work Study

Employment & Loan Programs (PDF)

Federal Direct Loans

Federal Direct Loans are federally guaranteed loans available through the US Department of Education. There are two types of Direct Loans: subsidized and unsubsidized. Repayment of principal begins six months after graduation or dropping below half-time status. For loan limits, repayments, and interest information, refer to the Employment & Loan Program chart (PDF) or click here.

Subsidized Loans are awarded to undergraduate students* to help meet documented financial need; the interest will be paid by the federal government while you are enrolled at least half time. Interest will begin to accrue six months after you have left school or dropped below half-time status. Repayment follows the six-month grace period when you will begin to make payments of principal and interest.

Unsubsidized Loans may be awarded to help meet education costs but are not based on documented financial need and do not receive federal interest benefits. Students may choose to have the interest on these loans capitalized (added to the principal) at repayment or may pay the accruing interest prior to repayment. Contact your servicer for interest payment instructions. Servicer information is available at NSLDS.

If you have been awarded a subsidized or unsubsidized Federal Direct Loan, note the following:

  • You must complete a Master Promissory Note (MPN). The original MPN will be used for all the years you attend SPU.
  • You must complete a loan counseling session.
  • A loan exit interview is required prior to your graduation from SPU or when your enrollment drops to less than half-time status.
Funds will be applied directly to your account after you have met all eligibility requirements for the term, including being registered for an appropriate number of credits.

*PLEASE NOTE: Graduate students are eligible for unsubsidized loans only for loan periods begining after July 1, 2012.

Last Updated: 2/5/2015