Loans for Traditional Undergraduate Students
We get it: The idea of taking out loans may seem intimidating. But did you know that 75% of graduates who attended a private, non-profit school (like ºìÐÓ¶ÌÊÓƵ Fox) graduated with some student loan debt? ( ) It’s common, and if done right, can be the best kind of investment in your future.
We can help you consider your options responsibly to ensure that, if taking out loans is part of your financial path moving forward, you’re doing so carefully and considerately.
Loan Disbursement Timeline
Loan funds will be applied to your student account (disbursed) 10 days before the start of your first class if you have:
- Accepted the loans in your award package in
- Completed all required documents
- Enrolled in a minimum of six credit hours
Excess funds are sent within 6 to 10 business days after the beginning of classes each semester. For direct deposit and refund information, contact Student Accounts.
Loan Types
Stafford Loans
Federal Direct Subsidized and Unsubsidized Stafford Loans are federal student loans offered by the U.S. Department of Education for eligible students to help cover the cost of higher education.
All Stafford Loans:
- Enter repayment six months after graduation or when you cease attending a place of higher education at least half time
- Are set at a fixed-interest rate
- Have an origination fee deducted from the loan funds by the Department of Education
For more information on the current interest rates and origination fees, see .
Subsidized Stafford Loans:
- Are available to students with financial need*
- Are subsidized by the Department of Education, which pays the interest on the loans while the student is enrolled in school at least half time
Unsubsidized Stafford Loans:
- Are available to students regardless of financial need*
- Accrue interest at the point the loan is disbursed onto your student account (typically 10 days before semester begins)
*Financial need is defined as the cost of attendance minus all financial aid.
Annual Loan Limits
| Freshmen | Sophomore | Junior and Senior | |
|---|---|---|---|
| Dependent Student Total | $5,500 | $6,500 | $7,500 |
| Independent Student Total | $9,500 | $10,500 | $12,500 |
| Maximum Subsidized Portion (Based on Financial Need) | $3,500 | $4,500 | $5,500 |
| Additional Unsubsidized if Parent PLUS loan is denied | $4,000 | $4,000 | $5,000 |
Loans cannot exceed the cost of attendance less other financial aid.
Maximum Total Debt from Stafford Loans When You Graduate (aggregate loan limits)
| Dependent Student Total | $31,000 |
|---|---|
| Independent Student Total* | $57,500 |
| Maximum Subsidized Portion (Based on Financial Need) |
$23,000 |
*And Dependent Students whose parents cannot borrow from the PLUS loan program
Federal Student Loan Repayment
Understanding your loan repayment options is a smart way to approach using student loans. is your hub for federal student loan repayment questions and answers. Once you log in, you can view your current student loan balance and plan for loan repayment, plus get a link to your loan servicer’s website.
After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment. Once your grace period is up, it will be important to choose the right payment plan option that works for you.
Start by reviewing the . It walks you step-by-step through loan repayment and provides a helpful FAQ! You can view information about and use the to see a detailed plan of specific loan repayment options based on your own borrowing.
Some students may also qualify for — click the link to review eligibility requirements.
Parent PLUS Loans*
Direct Parent PLUS loans are federal loans provided by the U.S. Department of Education that parents of dependent undergraduate students can apply for to help pay education expenses.
Here are some quick facts about Parent PLUS Loans:
- The U.S. Department of Education is the lender.
- They are approved based on a credit check of the parent.
- The credit check is not a review of your credit score but a check for .
- The maximum loan amount is the student’s cost of attendance minus any other financial aid received.
- They have an origination fee deducted from the loan funds by the Department of Education.
- Repayment begins within 60 days of disbursement of the loan and can be deferred while the student is enrolled at least half-time by request.** To learn more about Parent PLUS Loan repayment, visit Direct Parent PLUS Loans.
*Plus loans applications become available in May for the following academic year.
**Note: If your loan is deferred, interest will accrue on the loan during the period of deferment. You may choose to make interest-only payments during the deferment period, but are not required to. To set up interest only payments, contact your servicer.
Application Process
The application is available online at . Parents must log in using their FSA ID and password (not the student’s). You should be notified right away on whether you are approved or denied. Once your application is submitted, it will be sent directly to ºìÐÓ¶ÌÊÓƵ Fox within 24 hours.
Applications are aid-year specific and must be completed each year you wish to borrow a Parent PLUS loan.
The loan amount can be specified during the application process as one of the following:
- Maximum amount (the student’s cost of attendance minus all other financial aid)
- Specific amount (where the parent chooses the loan amount)
- Unknown amount (contact financial aid counselor)
Once the application is complete, parents will also need to complete a PLUS Master Promissory Note at (only needs to be completed once per child).
What if I am denied?
In some cases, when a parent is denied, they may still be able to receive a PLUS loan by:
- Obtaining an endorser who does not have an adverse credit history. An endorser code should be provided at the time you complete the application.
- You will also need to complete a PLUS Master Promissory Note for each endorsed loan.
- Appealing the credit decision by documenting to the Department of Education’s satisfaction extenuating circumstances relating to their adverse credit history.
If either is true, parents will also need to complete PLUS Counseling at before disbursements of the loan can be made.
If a parent is unable to obtain an endorser or appeal, the student may be eligible for additional unsubsidized loans to help pay for his or her education.
Interest Rates
Interest rates are fixed for the life of the loan. To find the current interest rates, visit .
Fees
There is a loan fee on all Direct PLUS Loans. The fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For current loan fee information, visit .
Loan Transfer Policy
A PLUS loan made to a parent cannot be transferred to the child. The parent is responsible for repaying the loan.
How much should I request for my PLUS loan?
PLUS loans have a loan fee of 4.228%. A loan fee comes out of the amount of money that is disbursed (paid out) to you while you’re in school. This means the money you receive will be less than the amount you actually borrow. Use the form below to determine how much you should request to make sure you receive all you need in your student account.
Private Loans
Private (or alternative) loans are loans that are not part of the federal financial aid program.
Here are some quick facts about private loans:
- Interest rates and fees vary greatly and may depend on the borrower’s credit-worthiness.
- They have both fixed and variable-interest rate options.
- Generally, students are required to have a cosigner.
- Loan amounts cannot exceed the cost of attendance minus all other financial aid.
- They can be in the student or parent’s name.
- They have no loan origination fee.
- Repayment deferment options may vary.
- Interest begins accruing at the point the loan is disbursed onto your student account (this is typically ten days before semester begins).
Where do I find a private loan?
These resources will help you make an informed decision about the most appropriate loan for you:
- Check with your personal bank or credit union
- Try to view and compare lenders that have provided private loans to ºìÐÓ¶ÌÊÓƵ Fox students in the past.
- Please note that you are not required to select a lender on this list.
- You can also visit for helpful tips on how to choose a student loan lender.
Your financial aid counselor cannot recommend any private lender but can help you understand your options.
Stafford Loans FAQ
No! Unsubsidized Stafford loans do not accrue interest until we actually disburse them onto your account. We always disburse financial aid 10 days before classes begin. Subsidized Stafford loans do not accrue interest while you are enrolled at least half-time in school. They begin accruing interest once you cease enrollment.
Both a Master Promissory Note (MPN) and Entrance Loan Counseling must be completed before we can disburse your Stafford loans. Entrance Loan Counseling is training that helps students understand their rights and responsibilities when taking out federal student loans. It ensures that you understand the terms and conditions of your loan(s), including how to avoid default and delinquency, how interest works, and repayment options. A Master Promissory Note is a document that outlines the terms and conditions of the Stafford loan, including the promise to repay the loan and any interest and fees to the U.S. Department of Education.
Interest rates vary from year to year and will always be posted in early summer.
Subsidized Stafford loans are considered need-based, which means not everyone qualifies for them. If you do qualify for this type of loan, it will not accrue interest while you’re enrolled in classes at least half-time! Unsubsidized Stafford loans do accrue interest while you are in school.
Since subsidized Stafford loans are based on financial need, only those who demonstrate need based on federal formulas will be eligible for a subsidized loan. Refer to your financial aid package to see if you qualify.
You will accept your Stafford loans through your MyºìÐÓ¶ÌÊÓƵFox account under the financial aid tile. We have a very helpful tutorial video that walks you through the step-by-step process. If you do not want the full amount offered to you, you’ll select the “reduce” option in MyºìÐÓ¶ÌÊÓƵFox and then specify how much you want to accept.
We will disburse your Stafford loans one semester at a time and always 10 days before classes start, pending the items we mention in our last question below.
Stafford loans are for the student and therefore in the student’s name. Stafford loans can never be transferred to a parent to pay off.
While you choose to accept your Stafford loans through your MyºìÐÓ¶ÌÊÓƵFox account, these are not loans you’re borrowing from our school directly. We offer them on your financial aid package on behalf of the Department of Education, and if you choose to accept them, the loans are given through the federal government and repaid back to them.
You will not see any borrowing history on studentaid.gov until we disburse your loan(s). Once they’re disbursed, they will appear on your aid history on studentaid.gov. Get logged in using your FSA ID and password and navigate to the “my aid” section to see your loans, interest accrual, and lender’s contact information.
No! In fact, we encourage you to make payments on your loans if you can while you’re enrolled in school. This is a great way to keep the costs down once you graduate.
This will vary depending on how much you borrowed and which repayment options you choose to pursue. Studentaid.gov has great loan repayment information that we encourage you to check out.
In order for us to disburse your Stafford loans, you need to complete any pending financial aid To Do List items on your MyºìÐÓ¶ÌÊÓƵFox account. This can include, but is not limited to, Entrance Loan Counseling, MPN, verification documentation, proof of U.S. citizenship, SAP appeal, etc. This is why it’s very important to check your MyºìÐÓ¶ÌÊÓƵFox To Do List regularly and take care of items in a timely manner. You will also need to be enrolled in at least half-time (6 credits) each semester you plan to borrow the loans and be in good Satisfactory Academic Progress (SAP) standing.