Programs - Loans


Listed below are the educational loan programs that Emporia State University currently participates in.

  Classification1 Enrollment Level2
  UG GR SB TL3 FT TQ HT LT
Federal                
Direct Subsidized Stafford Loan   √   
Direct Unsubsidized Stafford Loan √  √  √  √   √ √   √  
Direct Parent PLUS Loan    √    
Direct Graduate/Professional PLUS Loan    √      
Perkins Loan  √  √  √ √   √  √
Outside                
Alternative/Private Educational Loan √  √   √  √ √ 

1Classification:  UG = Undergraduate, GR = Graduate, SB = Second Bachelors, TL = Teacher Licensure/Certification
2Enrollment Level:  FT = Full-Time, TQ = Three-Quarter-Time, HT = Half-Time, LT = Less-Than Half-Time
3Teacher Licensure/Certification:  Please note that teacher licensure/certification students are subject to undergraduate enrollment levels as well as annual and aggregate loan limits.


Federal Direct Stafford Loan (Subsidized and Unsubsidized) <<back to top>>

Direct Stafford Loans are the Department of Education's major form of self-help aid. At ESU, funds for the Direct Stafford programs are borrowed from the Federal Treasury.  

  • A subsidized loan (available for undergraduates only) is awarded on the basis of financial need. You will not be charged interest during hte time that you are enrolled at least half-time in a degree-seeking program or during authorized periods of deferment. The federal government subsidizes the interest during these periods.
  • There is a time limitation placed on subsidized loans. Loans for first-time borrowers originated on or after July 1, 2013 will be limited to no more than 150% of the published length of the borrower's academic program. The eligibility for a 4-year degree would be 6-years. Once a student exceeds this eligibility period, any Direct Subsidized loans disbursed on or after July 1, 2013 will loss their subsidy and the student will become responsible for the interest that accrues on these loans.
  • An unsubsidized loan is not awarded on the basis of financial need. Interest will accrue from the day that the loan is disbursed until it is paid in full. If interest is allow to accumulate, it will be capitalized any time the loan enters repayment. If you choose to pay the interest as it accumulates, you will repay less over the life of your loan.

Additional information:

  • For undergraduate students whose disbursement is between July 1, 2016 and June 30, 2017 the interest rate is 3.76%.
  • For undergraduate students whose disbursement is between July 1, 2017 and June 30, 2018 the interest rate is 4.45%.
  • Graduate students are not eligible for interest subsidies as of July 1, 2012. The unsubsidized interest rate for graduate students is 5.31% when the disbursement takes place between July 1, 2016 and June 30, 2017.
  • Please note that the interest rates also changed from fixed to variable-fixed, meaning that the interest rate can change every July 1, but any loan taken under that rate will remain fixed for the life of the loan.
  • New loans whose first disbursement before October 1, 2017 will have an origination fee of 1.069%.
  • New loans whose first disbursement is on or after October 1, 2017 will have an origination fee of 1.066%.

Eligibility for Direct Stafford loans will be detailed on your award letter, and you must utilize BuzzIn to accept the award offer.  Once a loan has been accepted, the Office of Student Financial Aid and Scholarships will create a loan application on your behalf with the Department of Education.  The loan is not considered valid until the student has completed a Master Promissory Note (MPN) which serves as your application and promise to repay the loan.  The MPN can be completed by going to http://www.studentloans.gov. In addition to the MPN, students must also complete Direct Entrance Loan Counseling at least once at ESU.  Entrance Loan Counseling serves as a review of your rights and responsibilities as a Direct Stafford loan borrower, and loan proceeds cannot be disbursed unless a student has completed it.  This requirement can also be completed by going to http://www.studentloans.gov/.

You have the right to cancel all or a portion of Direct Stafford loan proceeds by contacting the Office of Financial Aid, Scholarships, & Veterans Services prior to disbursement or 14 days after disbursement.


What is the maximum amount of funds I may be able to receive in Federal Direct Student Loans?


Listed below are the annual and total aggregate limits for the Stafford loan program.

  Base Stafford
Sub/Unsub

Additional Unsub*
Dependent/Independent

Total Combined
Dependent/Independent

Freshman (0-29 hrs)
$3,500
$2,000 / $6,000
$5,500 / $9,500
Sophomore (30-59 hrs)
$4,500
$2,000 / $6,000
$6,500 / $10,500
Junior (60-89 hrs)
$5,500
$2,000 / $7,000
$7,500 / $12,500
Senior (90+ hrs)
$5,500
$2,000 / $7,000
$7,500 / $12,500
Second Bachelors
$5,500
$2,000 / $7,000
$7,500 / $12,500
Teacher Certification
$5,500
$7,000
$12,500
Graduate
$8,500**
$12,000
$20,500

*Independent students include dependent students whose parents were denied a Parent PLUS loan.
**Graduate students are no longer eligible for Subsidized loans as of July 1, 2012.

Dependent Undergraduate, Second Bachelor, or Teacher Certification

$31,000 - only $23,000 of this may be subsidized

Independent Undergraduate, Second Bachelor, or Teacher Certification

$57,500 - only $23,000 of this may be subsidized

Graduate or Professional*

$138,500 - only $65,500 of this may be subsidized

*Graduate limit includes Stafford loans received as an undergraduate

 


Federal Direct Parent PLUS Loan <<back to top>>

A Parent Loan for Undergraduate Students (PLUS) is a low-interest loan available for parents of dependent students.

  • The PLUS is available without regard to financial need and you may borrow up to the full cost of attendance, minus all other aid awarded.
  • You must be the natural, adoptive, or step-parent of the student for whom you are borrowing.
  • Your student must be maintaining satisfactory academic progress as well as adequate enrollment level.
  • You must pass the credit check, which is good for up to 180 days prior to loan disbursement.

Additional information:

  • PLUS loans disbursed between July 1, 2016 and June 30, 2017 will have an interest rate of 6.31%. 
  • PLUS loans disbursed between July 1, 2017 and June 30, 2018 will have an interest rate of 7.00%.
  • Please note that the interest rates are variable-fixed, meaning that the interest rate can change every July 1, but any loan taken under that rate will remain fixed for the life of the loan.
  • Loan repayment begins once the loan has been fully disbursed.  An optional deferment of repayment can be requested on the application or by contacting your loan servicer.
  • PLUS loans first disbursed before October 1, 2017 will have an origination fee of 4.276%.
  • PLUS loans first disbursed on or after October 1, 2017 will have an origination fee of 4.264%.

Note:

Eligibility for PLUS loans will be detailed on your award package, and you must utilize Buzzin to accept the award offer.  If a student is eligible for the PLUS loan, the amount is calculated by taking the student's cost of attendance minus any other estimated financial assistance.  Once a loan has been accepted, the Office of Student Financial Aid and Scholarships will create a loan application with the Department of Education provided that the parent has completed a Master Promissory Note (MPN) and loan application.  These can be completed by going to www.studentloans.gov. When completing the PLUS application and PLUS loan master promissory note, the parent borrower should log in to the website using their FSA ID.  If the parent applies for the loan and is denied, the student can be awarded additional unsubsidized Direct Stafford loans at the independent annual limits for their grade level.

You have the right to cancel all or a portion of the PLUS loan proceeds by contacting the Office of Financial Aid, Scholarships, & Veterans Services prior to disbursement or 14 days after disbursement. 


Federal Direct Graduate/Professional PLUS Loan <<back to top>>

Graduate and professional degree students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Direct Parent PLUS Loans also apply to Direct Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history and repayment beginning on the date of the last disbursement of the loan.  As of July 1, 2016, the interest rate will change to 6.31%. If the first disbursement occurs on or after July 1, 2017, the interest rate is 7.00%. Please note that the interest rates also changed from fixed to variable-fixed, meaning that the interest rate can change every July 1, but any loan taken under that rate will remain fixed for the life of the loan. This program is subject to a loan fee of 4.276% of the loan amount whose first disbursement occurs before October 1, 2017.  For new loans whose first disbursement occurs on or after October 1, 2017 will be subject to a loan fee of 4.264%. Applicants must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Direct Stafford Loan Program before applying for a Direct Graduate/Professional PLUS loan.  Separate Entrance Loan Counseling is required prior to disbursement and can be completed by going to http://www.studentloans.gov/.  In addition to entrance loan counseling new borrowers must complete a Master Promissory Note (MPN) with Direct Lending to serve as their application and promise to repay the loan.  You can complete an MPN at http://www.studentloans.gov/.

If you are eligible for this loan program, please contact the Office of Financial Aid, Scholarships, Veterans Services to review your eligibility. . 


Federal Perkins Loan <<back to top>>

This is a low-interest loan program funded by the federal government and ESU, with the university acting as lender. Offers of the Perkins Loan are contingent upon availability of funds, demonstrated federal aid eligibility, and program requirements (Expected Family Contribution from the FAFSA must be Pell-eligible). The repayment period begins following a 9-month grace period, which begins after the student is no longer enrolled at least half-time in college. The loan carries a fixed interest rate of 5 percent, and the maximum repayment period is 10 years. 

For 2016-2017 and 2017-2018,  the maximum Perkins Loan award is $4,000 per academic year for ESU Kansas resident undergraduates, $5,000 for ESU non-resident undergraduates, and $6,000 for graduate students. 

The Office of Financial Aid, Scholarships, & Veterans Services will award Perkins loans to students who are eligible until funding is exhausted.  If you are eligible for the Perkins loan, and have not been awarded it, please contact the Office of Student Financial Aid and Scholarships to request to be placed on the waiting list for this fund.  Once awarded, you will need to accept the loan via Buzzin.  You will also need to complete Perkins Entrance Loan Counseling and a Perkins Master Promissory Note.  Once the loan has been accepted on Buzzin, the Student Loan Office transmits the borrower information to ECSI who handles all of ESU’s Perkins loans.  ECSI will provide information to you in regards to Entrance Loan Counseling and the Master Promissory Note.

Once you have graduated or ceased to be at least a half-time student, you will need to complete exit loan counseling which provides you with your rights and responsibilities as a loan borrower in repayment.  ECSI will provide you with information on completing exit loan counseling.

Effective December 18, 2015, schools may make Perkins Loans as specified below by the U.S. Department of Education:

Undergraduate Students

A school may make Perkins Loans through-  To an-  Who, on the date of disbursement-  If the school has awarded the student- 
September 30, 2017 Eligible undergraduate student Does or does not have an outstanding balance on a Perkins Loan made by the school. All Direct Subsidized and Unsubsidized Stafford Loan aid for which the student is eligible.

Graduate Students

A school may continue to make Perkins Loans through-  To an-  If the graduate student-   And the new Perkins Loan will- 
September 30, 2016 Eligible graduate student who has received a Perkins Loan before October 1, 2015. Received their most recent Perkins Loan from the school, for enrollment in an academic program at the school. Enable the graduate student to continue or complete the academic program for which the student received their most recent Perkins Loan.


Alternative/Private Educational Loan <<back to top>>

Students may apply for an alternative or private educational loan through a lender; however, we recommend that you complete the FAFSA and use the Direct Stafford Loan program as your primary education loan source.  The Direct Stafford loans may have lower interest rates, better repayment terms, and loan forgiveness options.

Students who are interested in private educational loans may obtain more information at: http://www.emporia.edu/finaid/privateloans.html.