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.  Authorization is needed to allow Title IV aid to pay for prior-year non-institutional charges. This authorization is part of your online registration process via FlashLine. If you wish to rescind your authorization, you can complete the Rescind Authorization of TIV form and return to the One Stop for Student Services.

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

Kent State students who complete the 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.
  • 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.
  • Borrowers 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 the student account.
    • If the funds cause a credit balance on the student account, the Bursar's Office will issue a refund.

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

  • 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

In addition to meeting federal eligibility, there are 2 requirements that must be completed before your federal direct loan(s) to disburse to your student account:

  1. Master Promissory Note (MPN)
  2. Entrance Counseling

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.

*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 Type First Disbursed Loan Fee Percent Fee Example
Direct Subsidized Loans and Direct Unsubsidized Loans On or after Oct 1, 2020 and before Oct 1, 2022 1.057 $58.13 on a $5,500 loan
Direct PLUS Loans (Parent and Grad/Prog Student) On or after Oct 1, 2020 and before Oct 1, 2022 4.228

$422.80 on a $10,000 loan
Federal Nursing Loan

Loan Limits:

Campus Nursing Degree Program Grade Level Max Award Amount
Kent Bachelor's Degree Freshman/Sophomore Up to $3,000
Kent Bachelor's Degree Junior/Senior Up to $4,000
Tuscarawas/East Liverpool Associate's Degree Freshman, Sophomore, Junior, Senior Up to $3,000
Ashtabula Associate's Degree Freshman, Sophomore, Junior, Senior Up to $3,000
Stark Bachelor's Degree Freshman, Sophomore, Junior, Senior Up to $1,500

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:

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
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 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

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)

Interest Rates:

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

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 (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

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)

Interest Rates:

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

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.
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:

  • 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:

 

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. 
  • 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 Student Financial Aid Office if you are graduating in the summer or fall terms.  Loans adjusted after disbursement may result in a balance being owed to the university.

DIRECT LOAN HELPFUL HINTS

KNOW YOUR RESPONSIBILITIES AS A BORROWER OF A FEDERAL DIRECT LOAN

  • 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 you 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. 

PRIVATE 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 Private Loans

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.

*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 Type First Disbursed Loan Fee Percent Fee Example
Direct Subsidized Loans and Direct Unsubsidized Loans On or after Oct 1, 2020 and before Oct 1, 2022 1.057 $58.13 on a $5,500 loan
Direct PLUS Loans (Parent and Grad/Prog Student) On or after Oct 1, 2020 and before Oct 1, 2022 4.228

$422.80 on a $10,000 loan
Federal Nursing Loan

Loan Limits:

Campus Nursing Degree Program Grade Level Max Award Amount
Kent Bachelor's Degree Freshman/Sophomore Up to $3,000
Kent Bachelor's Degree Junior/Senior Up to $4,000
Tuscarawas/East Liverpool Associate's Degree Freshman, Sophomore, Junior, Senior Up to $3,000
Ashtabula Associate's Degree Freshman, Sophomore, Junior, Senior Up to $3,000
Stark Bachelor's Degree Freshman, Sophomore, Junior, Senior Up to $1,500

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:

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
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 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

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)

Interest Rates:

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

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 (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

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)

Interest Rates:

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

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.
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:

  • 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:

 

Charles E. Schell Loan

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.

Program Application

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. 
  • 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 Student Financial Aid Office if you are graduating in the summer or fall terms.  Loans adjusted after disbursement may result in a balance being owed to the university.

DIRECT LOAN HELPFUL HINTS

KNOW YOUR RESPONSIBILITIES AS A BORROWER OF A FEDERAL DIRECT LOAN

  • 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 you 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. 

PRIVATE 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 Private Loans

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