Many students must rely on educational loans to cover at least some portion of their educational costs. Educational loans are available to undergraduate and graduate students as well as parents of undergraduate students.
When you file the FAFSA, the Office of Student Financial Aid automatically considers your eligibility for the Federal Perkins Loan and Federal Direct Loan. However, for other loan programs, you will have to take additional steps or meet certain criteria for consideration.
Student loan borrowing is an investment in your future. When deciding to borrow, it is very important that you obtain the best possible loans available to you in terms of interest rates and repayment options.
The Office of Student Financial Aid will always offer you the best educational loans available and your maximum student loan eligibility. However, you should consider borrowing only an amount that you absolutely need to keep your loan indebtedness as low as possible. Remember that you have to repay these funds at a later time and will want to have a modest loan repayment amount when that time comes.
EMU follows a code of conduct for student loans that is applicable to all officers, employees, and agents of Eastern Michigan University and any affiliated organizations with responsibilities (directly or indirectly) with respect to private student loans. Download information here.
How do I apply for a student loan?
Student loans are funded through the federal government. To receive any type of student loan, you must first fill out a Free Application for Federal Student Aid (FAFSA). For more information on filling out the FAFSA, go to www.fafsa.ed.gov. This application allows you to apply for two types of federal loans: subsidized and unsubsidized.
What is a Federal Direct Loan?
Federal Direct Loans are offered by the federal government and will be automatically awarded by our office to eligible students who have remaining room in their cost of attendance. The FAFSA must be completed each year for which a student wishes to borrow the Federal Direct Loan.
What is the difference between subsidized and unsubsidized loans?
Subsidized loans, on which the government pays the interest while the student is enrolled at least half time, are need-based. Examples of such loans are the Federal Perkins loan and the Federal Subsidized loan.
Unsubsidized loans, on which interest begins accruing immediately upon the loan’s first disbursement, are non-need-based. Examples of such loans are the Federal Direct Unsubsidized loan, private loans, and Federal PLUS loans.
|Full-time:||12 credits||12 credits|
|Half-time:||6 credits||6 credits|
|Full-time:||8 credits||8 credits|
|Half-time||4 credits||4 credits|
How do I apply for a PLUS loan?
- Complete a FAFSA (Free Application for Federal Student Aid).
- Complete a PLUS Loan Application at www.studentloans.gov (login with PARENT information)
How do I apply for an alternative loan?
Please remember that alternative loans are not for everyone. You should exhaust all of your loan eligibility before considering an alternative loan.
When does loan repayment begin?
Generally for educational student loans, repayment begins within six months from the student graduating or falling below half time enrollment.
For Federal PLUS loans, repayment begins within 60 days of the full disbursement of the loan amount. However, deferral of repayment until six months after the student graduates or drops below half-time enrollment may be available.