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.

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:

• 7/1/19-6/30/20
  Fixed Interest Rates
  4.529% Subsidized
  4.529% Unsubsidized

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

Graduate Students:

• 7/1/19-6/30/20
  Fixed Interest Rates
  6.079% Unsubsidized

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

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

Loan Limits and enrollment requirements:

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.

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.

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 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.

Interest Rates:

7/1/19-6/30/20 Fixed interest rate of 7.079%

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

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 StudentAid.gov by logging in with their FSA ID and apply for a Parent PLUS Loan.
• 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 Spring 2020 are available in December 2020.
• Applications for Summer 2020 PLUS are available May 1, 2020. Applications for Fall/Spring 2020-2021 and/or Fall 2020 are also available May 1, 2020. Applications for Spring 2021 are available in December 2021.
• 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.

7/1/19-06/30/20 Fixed interest rate of 7.079%

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

LOAN PERIODS FOR THE ACADEMIC YEAR

*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.

• 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.