Loans

Federal Direct Subsidized Stafford Loans (FDSSL) are long-term, need-based loans that are available to undergraduate students at variable interest rates. Interest on FDSSLs does not accrue while you are enrolled at least half-time (six or more credit hours).

How Much Can I Borrow?

There are limits on the amount of FDSSL funding you are eligible to receive each academic year (the annual loan limit) and the total amount that you may borrow for undergraduate study (the aggregate loan limit). These vary depending on what year you are in school and whether you're a dependent or independent student:

Acceping an FDSSL

If you receive an FDSSL offer as part of your EFSC financial aid package and wish to accept it, you must follow the formal loan acceptance procedure, which includes reviewing and agreeing to the loan through the myEFSC portal, completing an online entrance counseling session, and signing a Master Promissory Note (MPN).

Repaying an FDSSL

Repayment on FDSSL loans begins six months after you graduate (the end of the grace period), when you drop to less than half-time enrollment, or when you withdraw from college completely. Additional information on this will be provided during your mandatory entrance counseling, as well as during your exit counseling, which you must complete when you leave school or enroll in fewer than six credit hours.

Federal Direct Unsubsidized Stafford Loans (FDUSL) are long-term, non-need-based loans with variable interest rates. Interest on FDUSLs begins accruing upon disbursement.

How Much Can I Borrow?

There are limits on the amount of FDSSL funding you are eligible to receive each academic year (the annual loan limit) and the total amount that you may borrow for undergraduate study (the aggregate loan limit). These vary depending on what year you are in school and whether you're a dependent or independent student:

EFSC's FDUSL Limits

If you receive an FDUSL offer as part of your EFSC financial aid package and wish to accept it, you must follow the formal loan acceptance procedure, which includes reviewing and agreeing to the loan through the myEFSC portal, completing an online entrance counseling session, and signing a Master Promissory Note (MPN).

Repaying an FDUSL

You are responsible for paying interest on an FDUSL once it disburses including while you are still in school, during the six-month grace period after leaving school, and any time the loan is in deferment.

Principal repayment on an FDUSL loan begins six months after you cease to be enrolled at least half-time. Additional information on this will be provided during your mandatory entrance counseling, as well as during your exit counseling, which you must complete when you leave school or enroll in fewer than six credit hours.

Federal Direct PLUS Loans are unsubsidized loans that are 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%.

Applying for a DPLUS

The Federal Direct PLUS Loan application is available on the Federal Student Aid website. All applicants are subject to a credit check.

Receiving a DPLUS

If you are approved for a Direct Parent PLUS Loan, you must complete an online Master Promissory Note (MPN) using your own FSA ID (not your child's) before any funds will be disbursed. An insurance premium of 1% of the loan principal and a 3% origination fee will be deducted from the loan proceeds prior to disbursement.

Repaying a DPLUS

Principal and interest repayment on a DPLUS both begin once the loan disburses. Additional information on this will be provided in the individual terms and conditions of your loan.

We recommend that you exhaust your federal financial aid options before considering a private loan, which vary in terms, conditions, and eligibility requirements. To apply for a private loan, you must go through a private lender or bank, which may require a credit-worthy cosigner. EFSC does not keep a list of preferred lenders.