Federal low-interest loans for eligible students to help cover the cost of higher education. Funds are borrowed directly from the U.S. Department of Education and the student must meet the general eligibility requirements for federal student aid. For additional information on Federal Direct Loans, please visit studentaid.gov/loans.
Direct Loan interest rates are set each year by Congress, and are fixed rates for the life of the loan. The interest rate varies depending on the loan type and first disbursement date of the loan. Most federal loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionally from each loan disbursement received. The percentage varies depending on when the loan was first disbursed. For additional information on Direct Loan interest rates and loan fees, please visit studentaid.gov/interest.
NOTE: Southern Adventist University can refuse to certify a loan application, or can certify a loan for an amount less than the maximum amount. Students/Parents will be notified in writing, with a full explanation, if such a circumstance should arise.
Loans available to students, regardless of need/financial status according to the FAFSA. The student is responsible for paying the interest, which accrues while enrolled in school at least half-time. The student must sign a master promissory note (MPN), complete entrance counseling online at StudentAid.gov before the loan is released onto their account. Repayment of the loan generally begins six months after the student graduates, leaves school or drops below half-time enrollment. For additional information, please visit studentaid.gov/sub-unsub.
Loans available to graduate or professional degree students who have satisfactory credit histories. The student is responsible for paying the interest, which accrues while enrolled in school at least half-time. The student must sign a master promissory note (MPN), complete entrance counseling online at StudentAid.gov before the loan is released onto their account. Repayment of the loan generally begins six months after the student graduates, leaves school or drops below half-time enrollment. The yearly loan limit is the cost of education minus any estimated financial aid that the student is eligible to receive. For additional information on Grad PLUS loans, please visit studentaid.gov/plus.