Loans

Kent State students who complete the Free Application for Federal Student Aid (FAFSA) will be considered for Federal Direct Loans based on grade level at the time financial aid awards are made.

• The Federal Direct Subsidized Loan is awarded to eligible undergraduate students who demonstrate financial need.
  • Interest will not accrue while you’re enrolled in school or during your six-month grace period.
• The Federal Direct Unsubsidized Loan is awarded to eligible students who do not demonstrate financial need.
  • Interest will accrue on unsubsidized loans while you are in school.
  • Any accrued interest will be capitalized when your loan enters repayment.
• Federal Direct PLUS Loans, for graduate students and parents, are not based on financial need, but a credit check is required.
  • Plus Loans are considered unsubsidized and interest will accrue while you're in school. 
• You must be enrolled at least half time (6 credit hours for undergraduate students and 4 credit hours for graduate students) and meet all other compliance requirements for the loan funds to be credited to your student account.
  • If the funds cause a credit balance on your student account, the university will issue a refund.

In order for the loan funds to apply to your student account, you must sign in to your FlashLine account and take action on your offered loans.

Most financial aid packages will include student loans; however, Federal Direct Loans (subsidized and unsubsidized) may not cover the total cost of college expenses. Private loans provide students with additional funding for these unmet college expenses.

Private loans are not federally guaranteed and require a good credit rating and/or creditworthy co-signer. Before considering a private loan, you are encouraged to complete the Free Application for Federal Student Aid (FAFSA) to exhaust all eligibility for federal funds.

Learn More About Private Loans

LOAN LIMITS:

Annual Loan Limits - $5,500 for freshmen*, $6,500 for sophomores*, $7,500 for juniors/seniors* (*Includes $2,000 unsubsidized).

$20,500 for graduate level non-medical (graduate level eligible for unsubsidized only).

Aggregate Loan Limits (Lifetime Loan Limits) - visit the Loan Limits webpage.

*Undergraduate subsidized loan amounts are based on financial need.  More information can be found at StudentAid.gov.

*A student in a one-year program can never receive more than the first-year annual loan amount limit.

*A student in a two-year program can never receive more than the second-year annual loan limit for an academic year.

WHO IS ELIGIBLE:

U.S. Citizens or permanent residents; must be half-time (ugrad:6 credit hours grad:4 credit hours).

HOW TO APPLY:

Submit FAFSA in early October each and every year.

INTEREST RATES:

Undergraduate Students:

• 7/1/23-6/30/24
  Fixed Interest Rates
  5.5% Subsidized
  5.5% Unsubsidized

Graduate Students:

• 7/1/23-6/30/24
  Fixed Interest Rates
  7.05% Unsubsidized

DIRECT LOAN FEES:

All Federal Direct loans for students and parents are charged a fee.  The loan fee is a percentage of the loan amount ad is proportionately deducted from each loan disbursement.  The percentage varies depending on when the loan is first disbursed, as shown in the chart below.

Loan Limits:

Who is Eligible:

• Nursing student must have unmet need.
• Must have a college level GPA or 2.0 or greater.
• Must be making Satisfactory Academic Progress.
• Meet half-time or greater enrollment status in an eligible nursing program.
• Nursing students must meet all federal criteria in order to be eligible for the loan.

How to Apply:

• Submit FAFSA each and every year.
• If you do not see the Federal Nursing Student Loan on your initial financial aid offer letter, submit the Kent State University Federal Nursing Loan Request Form (Dynamic Form).

Interest Rates/TERMS and conditions:

• Fixed 5% interest rate.
• Zero origination fees.
• Serviced by Heartland ECSI.
• 9-month grace period after graduation or student ceases to be enrolled at least half time.
• Repayment begins after grace period.

Also available to Kent State University Nursing students:

Nurse Education Assistance Loan Program (NEALP)

The Nurse Education Assistance Loan Program (NEALP) provides financial assistance to Ohio Students enrolled at least half-time study (or accepted for enrollment) in an approved Ohio nurse education program. NEALP provides funding for nurses who intend to serve as instructors or students who intend to serve as nurses after graduation.

How to Apply:

• Visit the Ohio Department of Higher Education website for details.
• Application deadline for the 23-24 academic year is July 15, 2023.

Loan Limits:

Cost of attendance minus other aid.

Who is Eligible:

Graduate students, must be half-time (4 credit hours)

How to Apply:

• Exhaust all eligibility for Federal Direct Subsidized and Unsubsidized loans ($20,500/yr or $138,500 lifetime limit).
• Submit FAFSA in early October each year. Graduate student must apply at StudentAid.gov by logging in with their FSA ID and by completing a Graduate PLUS request.
• Pass a credit evaluation performed by the Department of Education.
• Have a signed Master Promissory Note (MPN) on file with the Department of Education.
• Complete Entrance Counseling for Graduate PLUS borrowers at StudentAid.gov.
• Not be in default or have an overpayment on any Federal Title IV financial aid program.
• Applications for Summer 2023 Graduate PLUS are available April 1, 2023. Applications for Fall/Spring 2023-2024 and/or Fall 2023 are also available April  1, 2023. Applications for Spring 2024 become available in December 2023.
• Repayment for the Graduate PLUS generally begins 30 to 60 days after the funds are credited to the student account. 

LOAN PERIODS FOR THE ACADEMIC YEAR

Interest Rates:

7/1/23-6/30/24 Fixed interest rate of 8.05%

Loan Limits:

Up to the cost of education less any aid received.

Who is Eligible:

Parents of dependent students. The parent borrower may be the biological parent, adoptive parent, or the step-parent whose information is on the current year FAFSA. The student must be half-time (Undergraduate: 6 credit hours)

How to Apply:

• Submit FAFSA in early October each year. 
• Parent must apply for loan by logging in with their FSA ID at StudentAid.gov.
• The PLUS loan requires a credit worthy parent borrower.
• Parents who are interested in borrowing the Federal Direct Parent PLUS must complete the PLUS Master Promissory Note (MPN) at StudentAid.gov with their FSA ID.
• Applications for Summer 2023 Graduate PLUS are available April 1, 2023. Applications for Fall/Spring 2023-2024 and/or Fall 2023 are also available April  1, 2023. Applications for Spring 2024 become available in December 2023.
• Repayment for the PLUS generally begins 30 to 60 days after the funds are credited to the student account. Parents who desire the in-school deferment and did not select this option as part of their application must contact the Direct Loan Servicer.

LOAN PERIODS FOR THE ACADEMIC YEAR

Interest Rates:

7/1/23-06/30/24 Fixed interest rate of 8.05%

• Eligible students can receive up to $4,000 unsubsidized for freshmen and sophomore years and up to $5,000 for junior and senior years. 
• Students whose parents have been denied PLUS will be able to review FlashLine for additional eligibility based on a denied PLUS loan. 
• The student will have to review the loan offer and accept or decline the loan via FlashLine.

This loan program is no longer available after the 2017-2018 academic year.

UPDATE:

The Federal Perkins Loan program expired on September 30, 2017.  The information below is provided for students who borrowed Perkins Loans prior to the program's expiration.

INTEREST RATE:

The interest rate is 5% with the interest paid by the federal government while the student is in school at least half time and during a 9-month grace period after graduation or less than half time enrollment.  There are no origination fees for the Perkins Loan.

REPAYMENT:

• If you are in default of your Perkins Loan or need assistance with repayment, please contact the One Stop for Student services, and select Option 3 for "Billing and Payment" and ask for the Bursar Collections area.
• The standard repayment is 10 years.
• Perkins Loan is subject to partial forgiveness/cancellation for some types of teaching/public service.
• When you near graduation (or drop below half time) you will be given information on loan repayment.  This is referred to as exit counseling.

HELPFUL LINKS:

• Federal Perkins Loan information, including discharge and cancellation options
• Perkins deferment and forbearance forms
• View your federal loan history on StudentAid.gov.

The Charles E. Schell Foundation Loan is a zero fee, interest-free loan program established by Mr. Charles Schell as a revolving loan fund.  The funds repaid by students are used to lend to the next group of students.  Repayment begins within 6 months of graduation or withdrawal.

Please note, the Charles Schell Foundation Loan is a loan of last resort and cannot be used to replace Federal Direct Loans.  Students in Verification or with no FAFSA on file cannot be reviewed as Federal Need cannot be determined. Students pursuing a Post Undergraduate Degree can apply but must have an approved Program of Study and meet all the other criteria.

Applicants for the Schell Loan must meet all criteria on the application at the time of application. Incoming Freshmen are not eligible for a Charles Schell Loan. Annual maximum award is $3000.

We are not accepting applications for the 24-25 academic year at this time.  Check back soon.

Program Application (Dynamic Forms)

• View a video from Federal Student Aid if you are looking for help with your student loan decisions.
• Contact the servicer of your Direct Loan if you transfer from Kent State, drop below half-time status or there is a change in your name, permanent address, telephone or email information. A servicer is a company that the Department of Education hires to handle the repayment process of your loans. To find your servicer, visit StudentAid.gov and log in using your FSA ID.
• Maintain copies (either electronic or paper) of all documents related to your Direct Loan.
• Borrow only what you need. Begin a budget and stick to it. 

In order for your federal student aid (Title IV aid, which includes Parent PLUS loans) to pay for non-institutional charges, an authorization must be provided by you. Authorization is needed to allow Title IV aid to pay for prior year non-institutional charges. As a new student, this authorization is part of your online registration process via FlashLine:

• Sign in to FlashLine
• Click on the Student tab in the left column
• Under Finances, choose Scholarships & Financial Aid 
• Click Title IV Federal Aid Authorization

If you wish to rescind your authorization, you can complete the Rescind Authorization of TIV form and return it to the us. 

• Accept, reduce or decline your loan award(s) through FlashLine.
• Follow directions on your offer letter if you choose to adjust or decline the loan.
• Complete Entrance Counseling. As a part of Entrance Counseling, you will receive information regarding Direct Loans, budgeting your expenses, repayment options and your rights and responsibilities as a borrower
• Sign your Direct Loan Master Promissory Note (MPN).
• Financial aid awarded cannot be released to your account until 10 days before the semester begins. If financial aid has been released to your account and creates a credit balance, a refund may be issued. To learn more about this, visit information on Student Refund Processing.
• Annual Student Loan Acknowledgement (ASLA) is a tool to help you keep track of how much you owe while you are still in school.

Federal regulations require the annual maximum loan amount an undergraduate student may borrow be prorated in certain situations:

• When the student is enrolled in a program that is shorter than a full academic year.
• When the student is enrolled in a program that is one academic year or more in length, but the remaining period of study is shorter than a full academic year.

It is important to notify the Kent State support team if you are graduating in the summer or fall terms. Loans adjusted after disbursement may result in a balance being owed to the university.

View Kent state's loan proration policy