Loans | Kent State University

Loans

Loans are a form of self help aid and must be repaid.

Attention New Students

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. A separate authorization is needed to allow Title IV aid to pay for prior-year non-institutional charges.

Provide authorization via FlashLine

  • Login to your FlashLine Account at www.kent.edu
  • Click on the Student tab in the left column
  • Under Finances, choose Financial Aid  
  • Click Title IV Federal Aid Authorization      

Federal Direct Loans

All Kent State University students who complete the FAFSA will be awarded the Federal Direct Loan based on the grade level. The Subsidized Direct Loan is awarded to students who demonstrate financial need. The Unsubsidized Direct Loan is awarded to students who do not demonstrate financial need. Interest will accrue on unsubsidized loans and will capitalize unless you choose to pay the interest while in school.

In order for the loan funds to apply to your student account, you must login to your FlashLine account.

  • Click on the Student tab in the left column
  • Under Finances, choose Financial Aid  
  • Click Financial Aid Awards        
  • Under Aid for Award Year, choose the appropriate Award Year from the drop-down menu and click Submit 
  • Under the Accept Award Offer tab, you have the option to reduce, decline, or accept your Direct Loan award.

Access the Guide to FlashLine

You must sign the Master Promissory Note (MPN)  and have it on file with Direct Loans in order for you to receive the loan funds. If you have a valid MPN on file with Direct Loans, you are not required to sign again.

Access more information on the electronic signature process

You must complete Entrance Loan Counseling if you are a first time borrower.   Entrance Loan Counseling is found at StudentLoans.gov.  You will need your FSA ID to access the counseling requirement. You must be enrolled at least half time (6 credit hours undergraduate; and 4 credit hours graduate) and meet all other compliance requirements in order for the loan funds to be credited to the student account. If the funds cause a credit on the student account, the Bursar’s Office will issue a refund.

Repayment of the loan begins six months after you have graduated or ceased to be enrolled at least half time (6 credit hours undergraduate; and 4 credit hours graduate). Several repayment plans are available.

Loan Programs

Federal Direct Subsidized and Unsubsidized Loan Program

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.

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:

  • 7/1/18-6/30/19
    Fixed Interest Rates
    5.05% Subsidized
    5.05% Unsubsidized

  • 7/1/17-6/30/18
    Fixed Interest Rates
    4.45% Subsidized
    4.45% Unsubsidized

Graduate Students

  • 7/1/18-6/30/19
    Fixed Interest Rates
    6.60% Unsubsidized

  • 7/1/17-6/30/18
    Fixed Interest Rates
    6.00% Unsubsidized

Federal Perkins Loan

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:

  • The standard repayment is 10 years.
  • Perkins Loan is subject to partial forgiveness/cancellation for some types of teaching/public service.
  • For Perkins deferment and repayment questions, contact the Bursar's Office Collections Department at 330-672-2626, Option 2.
  • 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 Nursing Loan

Loan Limits and enrollment requirements:

Campus Nursing Degree Program Grade Level Max Award Amount Enrollment Status
Kent Bachelor's Degree Freshman/Sophomore Up to $2,500 At least half time Kent Campus
Kent Bachelor's Degree Junior/Senior Up to $3,000 At least half time Kent Campus
Tuscarawas/East Liverpool Associate's Degree Freshman, Sophomore, Junior, Senior Up to $2,500 At least half time at the campus where student is pursuing their degree
Ashtabula Associate's Degree Freshman, Sophomore, Junior, Senior Up to $2,500 At least half time at Ashtaubla Campus
Stark Bachelor's Degree Contact Stark Campus Financial Aid Office

Who is Eligible:

  • Nursing student must have unmet need.
  • Must have a cumulative GPA or 2.0 or greater.
  • Must be making Satisfactory Academic Progress.
  • Meet enrollment requirements above.
  • Nursing students must meet all federal criteria in order to be eligible for the loan.

How to Apply:

  • Submit FAFSA in early October each and every year.
  • Submit the Kent State University Federal Nursing Loan Request Form (not yet available)

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.

Federal Direct PLUS Loan for Graduate Students

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 studentloans.gov by logging in with thier FSA ID and complete a Graduate PLUS request.
  • Pass a credit evaluation performed by the Department of Education.
  • Have a signed MPN on file with the Department of Education.
  • Complete Entrance Loan Counseling for Graduate PLUS borrowers at StudentLoans.gov.
  • Not be in default or have an overpayment on any Federal Title IV financial aid program.

Interest Rates:

7/1/18-6/30-19 Fixed interest rate of 7.60%

7/1/17-6/30/18 Fixed interest rate of 7.00%

Federal Direct Parent PLUS Loan

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 (ugrad:6 credit hours)

How to Apply:

  • Submit FAFSA in early October each year.  Parent must apply at studentloans.gov by logging in with their FSA ID and complete a PLUS request.
  • 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 studentloans.gov with their FSA ID.
  • Applications for Summer 2018 PLUS are available May 1, 2018. Applications for Fall/Spring 2018-2019 and/or Fall 2018 are also available May 1, 2018. Applications for Spring 2019 are available in December 2018.
  • 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 must contact the Direct Loan Servicer at 1-800-848-0979.

7/1/18-06/30/19 Fixed interest rate of 7.60%

7/1/17-06/30/18 Fixed interest rate of 7.00%

LOAN PERIODS FOR THE ACADEMIC YEAR

Semester Begin and End Months Allocation of Loan Funds
Summer semester May - August Entire eligible amount in Summer
Fall semester August - December Entire eligible amount in Fall
Spring semester January - May Entire eligible amount in Spring
Fall and Spring semesters August - May Entire eligible amount to be evenly divided between eligible terms of enrollment (Fall/Spring)
Summer/Fall/Spring semesters May - May Entire eligible amount to be divided between eligible terms of enrollment (Summer/Fall/Spring)*

*If you apply for a summer/fall/spring loan, the loan will be awarded equally between each semester, given that the loan requested fits in each semesters cost of attendance.  If summer semester cost of attendance, based on enrollment, is less than fall/spring cost of attendance, the loan will be awarded the maximum cost of attendance for the summer and the remaining loan request will be split evenly between fall and spring.

Additional Unsubsidized Based on Parent PLUS Denial 

  • 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.

Entrance Loan Counseling

Entrance Loan Counseling for Federal Direct Loan borrowers

Entrance Loan Counseling is required for first-time borrowers (undergraduate and graduate) of a Federal Direct Loan. Entrance Loan Counseling provides information to help you make the right choices. The Department of Education has developed a quick and easy interactive counseling session that provides useful tips and tools to help you develop a budget for managing your educational expenses and help you to understand your loan responsibilities.

Find out more about Entrance Loan Counseling.

Note: If you satisfied the entrance counseling in a previous year, you do not need to complete entrance counseling again.

Entrance Loan Counseling for Graduate PLUS Borrowers

This information applies to Graduate students who have borrowed from the Graduate PLUS Loan Program.

The Graduate PLUS is a loan designed for graduate students who have reached thier annual maximum eligibility for the Federal Direct Subsidized and Unsubsidized Loans. Entrance Loan Counseling is required for all Graduate PLUS loan borrowers. Entrance counseling will help you understand your rights and responsibilities as a student loan borrower. Graduate PLUS borrowers must complete Entrance Loan Counseling designed especially for graduate PLUS borrowers. 

Find out more about Entrance Loan Counseling.

Loan Proration Policy (Federal Direct Loans)

View Kent State's loan proration policy.

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

  • When the student is enrolled in a program that is shorter than a full academic year. This regulation would apply to certain certificate programs that are shorter than a full academic year. The maximum loan amount would be determined by the number of weeks in the program.
  • 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. This regulation would apply to all students that will graduate in Summer or Fall semester. The maximum loan amount would be determined by the number of credit hours enrolled for the final semester.

150% Direct subsidized loan limit (SULA)

  • Direct Loan requirements now limit borrower eligibility for Direct Subsidized Loans to a period not to exceed 150 percent of the length of the borrower’s educational program (“the 150% limit”). For example, 6 years of Subsidized Loan eligibility for a Bachelor’s degree and 3 years for an Associate’s degree.
  • Under certain conditions, first-time borrowers who have exceeded the 150% limit may lose the interest subsidy on their Direct Subsidized Loans.  Students impacted by the 150% rule will be notified by the Student Financial Aid Office.

Direct Loan Helpful Hints

  • Watch for and review your Student Aid Report (you will get either a paper copy or email notification from the Department of Education).  The Department of Education will send you the FAFSA results via email or paper copy.  It is called the Student Aid Report.  You will want to review it to ensure your information is correct.
  • Follow directions on the award letter if you choose to adjust or cancel the loan.
  • Accept/Decline your loan award(s) through FlashLine.
  • Complete Entrance Loan Counseling.
  • Sign the Electronic Master Promissory Note (eMPN) online. 
  • Learn more about electronically signing your Direct Loan MPN.
  • Authorize Title IV aid to allow Kent State University to credit your student account.

Know Your Responsibilities as a Borrower of a Federal Direct Loan

  • 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 you servicer, visit www.NSLDS.ed.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. 
  • Calculate your costs.
  • REPAY YOUR LOANS.

Alternative Loans

Financing a college education is a concern for many families. Most financial aid packages will include student loans; however, federal subsidized and unsubsidized loans may not cover the total cost of college expenses. Consequently, families are faced with the challenge of meeting the cost of their expenses.  

Learn more about Alternative Loans

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