Student loans are funds provided to an undergraduate or graduate student for educational expenses and are considered self-help financial aid because you must repay the money loaned to you.
Use a loan payment calculator to investigate how much your monthly payment may be before you decide to borrow loans.
UNO students are eligible for the loans listed below. The information on this page is periodically reviewed and updated to reflect current federal rates and requirements and is subject to change without prior notice. Please visit Federal Student Aid on the Web for up-to-date information and a comprehensive list of federal student loan information.
Types of Federal Student Loans
Direct Subsidized Loan
Direct Unsubsidized Loan
Direct PLUS Loan
Loan Limits and Borrower Obligations
Federal Direct Loan Limits
Master Promissory Note
Loan Entrance Counseling
Loan Exit Counseling
Types of Federal Student Loans
DIRECT SUBSIDIZED LOAN
Who is eligible?
Undergraduate students with demonstrated financial need.
Generally, students must be admitted into an undergraduate degree-seeking program and enrolled on at least a half-time basis (six (6) credit hours).
Exceptions to the degree seeking requirement may apply for students in a teacher certification program or if preparatory coursework is required in order to be accepted into a degree granting program.
What is the current interest rate?
View current interest rates on StudentAid.gov
What is the minimum required credit hours?
You must be enrolled at least half-time, which is six credits for undergraduate students.
When does the government pay my interest?
While you are enrolled at least half-time
For six months after you graduate or drop below half-time
Deferment periods
Is there a charge for this loan other than interest?
Yes, Federal Direct Loans are subject to an origination fee. The origination fee is deducted from the loan at the time of disbursement. The amount of the fee is determined based on the first disbursement date of the loan.
For loans originated 10/01/20 - 9/30/21 there is a 1.057% origination fee on all disbursements.
For loans originated 10/01/21 - 9/30/22 there is a 1.057% origination fee on all disbursements.
When do I begin repayment?
Six months after you graduate or drop below half-time enrollment.
DIRECT UNSUBSIDIZED LOAN
Who is eligible?
Undergraduate and graduate students.
Generally, students must be admitted into a degree-seeking program and enrolled on at least a half-time basis. Half-time is defined as six (6) credit hours per semester for undergraduate students, and five (5) credit hours per semester for graduate students.
Exceptions to the degree seeking requirement may apply for students in a teacher certification program or if preparatory coursework is required in order to be accepted into a degree granting program.
What is the current interest rate?
Undergraduate Students:
View current interest rates on StudentAid.gov
Graduate Students:
View current interest rates on StudentAid.gov
What is the minimum required credit hours?
You must be enrolled at least half-time which is six credits for undergraduate students and five credits for graduate students.
When does the government pay my interest?
You pay all interest charged over the course of your loan term. Interest begins to accrue as soon as the loan disburses.
Is there a charge for this loan other than interest?
Yes, Federal Direct Loans are subject to an origination fee. The origination fee is deducted from the loan at the time of disbursement. The amount of the fee is determined based on the first disbursement date of the loan.
For loans originated 10/01/20 - 9/30/21 there is a 1.057% origination fee on all disbursements.
For loans originated 10/01/21 - 9/30/22 there is a 1.057% origination fee on all disbursements.
Six months after you graduate or drop below half-time enrollment
DIRECT PLUS LOAN
How I apply for a Direct PLUS Loan?
Parent PLUS: The borrower must be the biological or adoptive parent (or stepparent, in some cases) of a dependent student. The application is completed on StudentAid.gov.
Learn more about Parent PLUS Loan Application & Processing Steps
Guide for Parents: Completing a Parent PLUS Loan Application and MPN
Graduate PLUS: The graduate student must have borrowed their annual (or aggregate) maximum of the Federal Direct Unsubsidized Loan before they can borrow the Grad PLUS loan. The student must first accept the Grad PLUS Loan Option from their financial aid offered in MavLINK before completing and uploading the Grad PLUS Authorization form (accessed from To-do List in MavLINK).
Learn more about Graduate PLUS Loan Application & Processing Steps
Who is eligible?
Graduate or professional students, and parents of dependent undergraduate students. Students must be admitted into a degree-seeking program enrolled on at least a half-time basis.
What is the current interest rate?
View current interest rates on StudentAid.gov
What is the minimum required credit hours?
You must be enrolled at least half-time which is six credits for undergraduate students and five credits for graduate students.
When does the government pay my interest?
You pay all interest charged over the course of your loan term. Interest may be paid periodically or capitalized.
Is there a charge for this loan other than interest?
Yes, Federal Direct PLUS Loans (parent and graduate) are subject to an origination fee. The origination fee is deducted from the gross amount of the loan at the time of disbursement.
For loans originated 10/01/20 - 9/30/21 there is a 4.228% origination fee on all disbursements.
For loans originated 10/01/21 - 9/30/22 there is a 4.228% origination fee on all disbursements.
When do I begin repayment?
Parent PLUS: Federal Direct Parent PLUS loans enter repayment on the date the final disbursement of the loan is made. The first payment is due within 60 days of the last disbursement of the loan. For loans first disbursed on or after July 1, 2008, upon your request, your servicer will grant a deferment on your Direct Parent PLUS Loan that will begin on the date your Direct Parent PLUS Loan enters repayment, and will end on the date the student ceases to be enrolled on at least a half-time basis, or if you request an additional deferment period, six months after the student ceases to be enrolled on at least a half-time basis. During the deferment period, you will not be required to make any payments on your Direct Parent PLUS Loan. However, interest will continue to accrue. You will receive interest statements during the deferment period and may pay the accruing interest at any time. Any interest that you do not pay will be capitalized (added to your loan principal balance) at the end of the deferment period. Capitalization will increase your loan principal amount and the total cost of the loan.
Graduate PLUS: If you are borrowing a Federal Direct Graduate PLUS loan, your loan will be placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time. If your loan is deferred, interest will accrue on the loan during deferment. You may choose to pay the accrued interest or allow the interest to capitalize when the deferment period ends. Capitalization will increase your loan principal amount and the total cost of the loan. Your loan servicer will notify you when your first payment is due.
Is there a credit check for PLUS loans?
Yes, parent borrowers of Parent PLUS loans and graduate student borrowers of Graduate PLUS loans are subject to a credit check of adverse credit history by the U.S. Department of Education. No debt to income ratios are applied, and a lack of a credit history is not considered adverse. Learn more about the adverse credit history definition for purposes of qualifying for a Direct PLUS loan. (PDF)
What happens if I apply for/accept a PLUS loan and have been determined to have an adverse credit history?
If you are found to have an adverse credit history, you may still borrow a PLUS Loan if you get an endorser who does not have such a history. An endorser is someone who agrees to repay the loan if you do not. The endorser may not be the student on whose behalf a parent obtains a Direct PLUS Loan. You may also be able to appeal your denial with the U.S. Department of Education.
If I document extenuating circumstances or obtain an endorser due to my adverse credit history, must I complete PLUS Credit Counseling?
If you successfully appeal an adverse credit history or obtain an endorser, the borrower must complete PLUS Credit Counseling prior to the Federal Direct PLUS loan being disbursed. PLUS Credit Counseling is an online informational session for PLUS borrowers. Once the PLUS Credit Counseling session is completed, applicants will be provided a financial summary that includes loan balances, income expenses, and repayment plan details based on information provided during the counseling session. Note that PLUS Credit Counseling is only required for applicants found to have an adverse credit history who have appealed their denial or obtained an endorser; it is optional for approved borrowers.
What if I cannot find an endorser or cannot appeal the PLUS denial?
If you are a parent borrower of a Parent PLUS loan found to have adverse credit history but cannot obtain an endorser and cannot appeal the denial, the parent may submit documentation indicating the situation. The dependent student may then receive Direct Unsubsidized Loan funds up to the independent undergraduate student limit for that academic year. If you are a student borrower that was credit denied the Grad PLUS loan, you must obtain an endorser or successfully appeal the denial in order to borrow the loan.
In what order are Parent PLUS loans funds disbursed?
Parent PLUS loans take precedence in paying the tuition and fees balance before any student loans. The Cashiering/Student Accounts office first applies any contracts or agreements against the tuition and fees balance. If you are Federal Pell Grant eligible, any Pell grant eligibility will then be applied. Parent PLUS loans are applied next, then any other student financial aid.
Can I designate who will receive the refund of the Parent PLUS loan - the borrower or the student?
Yes, you may indicate who will receive the credit balance as part of the Parent PLUS loan application process at StudentAid.gov. However, Parent PLUS loans first pay the tuition and fees balance. If you and the student both borrowed loans, this could mean that the credit balance could be issued to the student, since the credit balance would be comprised of the loans the student borrowed.
Loan Limits and Borrower Obligations
FEDERAL DIRECT LOAN LIMITS
| YEAR | DEPENDENT UNDERGRADUATE STUDENT | INDEPENDENT UNDERGRADUATE STUDENT* | GRADUATE OR PROFESSIONAL STUDENT |
|---|---|---|---|
| 1st Year/Freshmen (0-26 credits) | $5,500 - No more than $3,500 of this amount may be in subsidized loans | $9,500 - No more than $3,500 of this amount may be in subsidized loans | $20,500 - subsidized loans are no longer awarded to graduate students |
| 2nd Year/Sophomore (27-57 credits) | $6,500 - No more than $4,500 of this amount may be in subsidized loans | $10,500 - No more than $4,500 of this amount may be in subsidized loans | $20,500 - subsidized loans are no longer awarded to graduate students |
| 3rd Year/Junior or 4th Year/Senior (58+ credits) | $7,500 - No more than $5,500 of this amount may be in subsidized loans | $12,500 - No more than $5,500 of this amount may be in subsidized loans | $20,500 - subsidized loans are no longer awarded to graduate students |
| Maximum Total Debt from Federal Direct Loans When You Graduate (Aggregate Loan Limits) | $31,000 - No more than $23,000 of this amount may be in subsidized loans | $57,500 - No more than $23,000 of this amount may be in subsidized loans | $138,500 - subsidized loans are no longer awarded to graduate students |
| *Also applies to dependent undergraduate students whose parent was denied a PLUS loan or post-baccalaureate students. |
MASTER PROMISSORY NOTE
The Office of Financial Support and Scholarships must have a record that you have completed a Master Promissory Note (MPN) for each type of loan you accepted before we are able to disburse loan funds.
It can take up to one week for our office to receive notification that you have completed your MPN.
What is an MPN?
An MPN, or Master Promissory Note, is a promissory note that does not specify the amount you must repay. When you sign a MPN, you are agreeing to repay all loans awarded under that MPN. In some cases this means multiple loans over multiple academic years.
How Do I Complete an MPN?
You can use the links below to complete your MPN requirement. If you have any questions contact of the Office of Financial Support and Scholarships at 402.554.2327.
| Loan Program | How to Complete a Master Promissory Note |
|---|---|
| Federal Direct Subsidized and Unsubsidized Loans | To begin a Federal Direct Subsidized/Unsubsidized Loan MPN, sign in at StudentAid.gov. |
| Federal Direct Parent PLUS Loans | To begin a Federal Direct PLUS Loan MPN, the parent borrower needs to visit StudentAid.gov and sign in. If your parent previously borrowed a Federal Direct Parent PLUS Loan at UNO for you, he or she does not need to complete another MPN unless a financial endorser was required at the time of application. If an endorser was required your parent must complete another MPN. |
| Federal Direct PLUS Loans for Graduate and Professional Students | To begin your Federal Direct Graduate PLUS Loan MPN, sign in at StudentAid.gov. If you previously borrowed a Federal Direct PLUS Loan at UNO, you do not need to complete another MPN unless a financial endorser was required at the time of application. If an endorser was required you must complete another MPN. |
LOAN ENTRANCE COUNSELING
Use the links below to complete your counseling requirements. If you have questions contact the Office of Financial Support and Scholarships at 402.554.2327.
If you are a first-time UNO borrower of a federal student loan, you must complete a Loan Entrance Counseling before the Office of Financial Support and Scholarships can release your loan proceeds. This online counseling session will help to ensure that you understand the responsibility and obligation you are assuming when borrowing this type of student loan. Each online session will take approximately 30 minutes to complete.
| Loan Program | How to Complete a Loan Entrance Counseling |
|---|---|
| Federal Direct Subsidized and Unsubsidized Loans | In order to begin your Federal Direct Loan Entrance Counseling, sign in at StudentAid.gov. |
| Federal Direct Parent PLUS Loans | Entrance counseling is not required for this type of loan. |
| Federal Direct PLUS Loans for Graduate and Professional Students | If you have already completed an entrance counseling session for a Federal Direct Unsubsidized Loan as a Graduate Student, you do not need to complete one for your Federal Direct PLUS Loan, otherwise sign in at StudentAid.gov. |
LOAN EXIT COUNSELING
Students who are scheduled to graduate, who have dropped below half-time enrollment, or who have not returned to UNO are required to complete Loan Exit Counseling.
Loan Exit Counseling provides you with deferment, forbearance, and consolidation information if you decide to return to school or if you are unable to make your payments for any reason.
| Loan Program | How to Complete a Loan Exit Counseling |
|---|---|
| Federal Direct Subsidized and Unsubsidized Loans | Visit StudentAid.gov to begin your Federal Direct Loan exit counseling. |
| Federal Direct Parent PLUS Loans | Exit counseling is not required for this type of loan. |
| Federal Direct PLUS Loans for Graduate and Professional Students | Visit StudentAid.gov to begin your Federal Direct Graduate PLUS loan exit counseling. |
| Federal Perkins Loans | Click here to begin your Federal Perkins Loan exit counseling. If you have questions please contact the Perkins Loan Office at 402.554.2657 or unoperkinsloan@unomaha.edu. |