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:

• 7/1/21-6/30/22
  Fixed Interest Rates
  3.73% Subsidized
  3.73% Unsubsidized

Graduate Students:

• 7/1/21-6/30/22
  Fixed Interest Rates
  5.28% 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.

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 is July 15, 2021

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 2022 Graduate PLUS are available April 1, 2022. Applications for Fall/Spring 2022-2023 and/or Fall 2022 are also available April  1, 2022. Applications for Spring 2023 become available in December 2022.
• 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:

7/1/21-6/30/22 Fixed interest rate of 6.28%

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 2022 Graduate PLUS are available April 1, 2022. Applications for Fall/Spring 2022-2023 and/or Fall 2022 are also available April  1, 2022. Applications for Spring 2023 become available in December 2022.
• 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:

7/1/21-06/30/22 Fixed interest rate of 6.28%

• 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.