Student Loan Information
Student loan programs offer long-term, low-interest educational loans that must be repaid after graduation. Based on a student’s application and their financial need, EFSC’s aid package may include the offer of both subsidized and unsubsidized loans. Any student may apply for additional unsubsidized loans, but it’s important to carefully assess how much money is really needed so a student avoids graduating with too much debt to repay. Federal regulations allow EFSC to deny loan eligibility to any student based on professional judgment of the financial aid administrator.
ALERT: Student loan eligibility requires a completed financial aid file by May 1st of the award year and the student must be enrolled in at least 6 credit hours in compliance toward their major each semester. Interest rates on loans, grace periods, loan maximums and related stipulations are subject to change without notice. Please see individual loan programs below for more details.
Loan Options & Information
Direct Federal Subsidized Stafford Loan (DFSL)
- Long-term need-based loan, with variable interest rate.
- Possible fee deferment up to 60 days if no chargeable awards.
- Repayment starts six months after graduation, withdrawal, or less than half time enrollment. Further information about Repayment and deferment will be provided to the student during loan orientation and exit interview.
- Loan limits: 1st year in program: $3,500 per academic year. 2nd year in program: $4,500 per academic year.
Aggregate total: $23,000
Federal Direct Unsubsidized Stafford Loan Request (DUSL)
Unsubsidized funds will be used to meet the remaining amount of need not to exceed the maximum federal allowance ($6,000 for independent students and $2,000 for dependent students).
Borrower is responsible for paying the interest during the in-school, grace, and deferment periods. Principal repayment starts six months after the borrower ceases enrollment on at least a half time basis. The interest repayment starts at the time of disbursement. Further information about repayment and deferment will be provided to students during the Entrance Interview loan orientation and Exit Interview Counseling.
Independent students' annual and aggregate loan limits are increased to include the FSL limits plus up to $4,000 (annual limit) and $23,000 (aggregate limit) on the DFSL.
Federal Direct Parent Loans to Undergraduate Students (DPLUS)
Direct PLUS Loans are unsubsidized loans available to parents of dependent students to help pay for educational expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods, with interest rates capped at 9%.
Complete the loan application at www.studentloans.gov. Parents completing a PLUS Master Promissory Note or Direct PLUS Loan Request must use their own PIN number, and not their child's PIN number. An insurance premium of 1% of the loan principal as well as a 3% origination fee will be deducted from the loan proceeds prior to disbursement. Keep lender informed of any change in permanent address, change of name, or change of enrollment status.
Principal repayment start date is the disbursement date. Interest repayment begins at the time of disbursement. Annual amounts are limited to the cost of attendance minus other estimated financial assistance.
For more information on this parent loan go to www.studentloans.gov or call toll-free 1-800-557-7394.
These loans are considered an alternative/optional loan and can vary in terms, conditions and eligibility requirements. It is recommended that Federal Aid be exhausted before a private loan is considered. Students need to apply directly to the lender for private loans.
Aid and Scholarship Contacts