Undergraduate Student Loans

• Eligibility: Based on financial need; must complete the FAFSA.
• Award Amounts: 
  • Up to $3,500 for first-year students, $4,500 for second-year students, and $5,500 for third-year and beyond (all amounts per year).
  • Please note: All students have a total or aggregate limit for borrowing Federal Direct Loans over the course of their entire education.
• Interest Rates: Fixed rate of 6.39% for loans disbursed in the 2025-2026 academic year.
• Fees: 1.057% origination fee for loans disbursed on or after October 1, 2025 and before September 30, 2026
• Important Deadlines: The FAFSA and all loan steps should be completed by July 1 before each fall-to-spring academic year and by January 1 for spring-only semesters in order for your loans to be processed timely.
• How to Apply: 
  • Step 1: Visit FAFSA.gov to complete your Free Application for Federal Student Aid (FAFSA). 
  • Step 2: Complete an online entrance counseling session at studentaid.gov/entrance-counseling
  • Step 3: Complete an online Federal Direct PLUS Loan Master Promissory Note (MPN) at studentaid.gov/mpn
     

• Eligibility: Available to all undergraduate students regardless of financial need.
• Award Amounts: 
  • For Dependents: Up to $2,000 per year.
  • For Independents: Up to $6,000 for first-year students, $6,000 for second-year students, and $7,000 for third-year and beyond (all amounts per year).
  • Please note: All students have a total or aggregate limit for borrowing Federal Direct Loans over the course of their entire education.
• Interest Rates: Fixed rate of 6.39% for loans disbursed in the 2025-2026 academic year.
• Fees: 1.057% origination fee for loans disbursed on or after October 1, 2025 and before September 30, 2026.
• Important Deadlines: The FAFSA and all loan steps should be completed by July 1 before each fall-to-spring academic year and by January 1 for spring-only semesters in order for your loans to be processed timely.
• How to Apply: 
  • Step 1: Visit FAFSA.gov to complete your Free Application for Federal Student Aid (FAFSA). 
  • Step 2: Complete an online entrance counseling session at studentaid.gov/entrance-counseling
  • Step 3: Complete an online Federal Direct PLUS Loan Master Promissory Note (MPN) at studentaid.gov/mpn

• Eligibility: Available to parents of dependent undergraduate students. A credit check is required.
• Award Amounts: Vary, up to the cost of attendance minus any other financial aid.
• Interest Rates: Fixed rate of 8.94% for loans disbursed in the 2025-2026 academic year.
• Fees: 4.228% origination fee for loans disbursed on or after October 1, 2025 and before September 30, 2026
• Important Deadlines: The FAFSA and all loan steps should be completed by July 1 before each fall-to-spring academic year and by January 1 for spring-only semesters in order for your loans to be processed timely..
• How to Apply: 
  • Step 1: Visit FAFSA.gov to complete your Free Application for Federal Student Aid (FAFSA). 
  • Step 2: Complete an online PLUS Request at studentaid.gov/plus-app
  • Step 3: If credit-approved, complete an online Federal Direct PLUS Loan Master Promissory Note (eMPN) at studentaid.gov/mpn
  • Step 4: Complete an online entrance counseling session at https://studentaid.gov/entrance-counseling/. 

Note: Parent borrowers who have been denied and are later approved by obtaining an endorser or an appeal to the U.S. Department of Education by documenting extenuating circumstances related to their adverse credit history should visit studentaid.gov/counseling-selection

Credit approval required. Re-apply for each loan as needed by completing step 1 only.

Denied a Federal PLUS Loan?

Click here to learn more and consider your options. 

Private education loans are offered by private lenders and assist students with educational and living expenses in addition to Federal and PLUS loans. These loans should only be considered as a last resort and are not recommended unless Federal PLUS loans are not an option.

• Eligibility:
  • Students must complete a separate application and pass a credit approval with their chosen lender.
  • Private loans will be included as a resource in your financial aid package.
• Award Amount:
  • Students may borrow up to the estimated cost of their education minus other aid.
• Additional Information:
  • For more details on the private loan process, students and families can visit finaid.org.
• How to Apply:
  • Step 1: Select a lender—three options: 
    • Review lenders used often by SAIC students at ELMSelect* or
    • Check with your own banking institution, or
    • Search the internet to review and select a private lender of your choice. 
  • Step 2: Complete required steps as instructed by your chosen lender. An endorser/co-signer is required in most cases.

Note: A credit approval is required for a private loan. Borrowers need to re-apply each year and for each loan as needed. Information on the private loan process can be found at finaid.org.

*ELMSelect is a transparent, lender neutral, free service. Lenders provide the loan information available for comparison.

1. Request a Credit Review:
   • Call the Federal Loan Origination Center at 800.433.3243 to request a review of your credit decision by a staff member. They may conduct a deeper inquiry to rule out less significant adverse listings.
2. Add a Creditworthy Endorser:
   • An endorser is someone who does not have an adverse credit history and agrees to repay the loan if the primary borrower does not. For assistance with this process, contact the Federal Loan Origination Center at 800.433.3243.
3. Submit an Appeal:
   • If you believe there are extenuating circumstances not reflected in your credit history, you can appeal your PLUS Loan credit decision. Follow these steps:
     • Call the Federal Loan Origination Center at 800.433.3243.
     • Log in to StudentAid.gov.
     • Select the "Document Extenuating Circumstances" link under the PLUS Loan Process section.

After submitting your appeal online, expect a call from a representative within three business days. If you don’t receive a call, you may contact the center for an update.

If you qualify for a Federal Direct PLUS Loan through an endorser or by documenting extenuating circumstances, you will need to complete PLUS counseling before receiving the loan. The U.S. Department of Education will provide detailed information on your options if you are notified of an adverse credit history.