• Loans

    Students must be enrolled in a minimum of six (6) semester hours at HSU to qualify for most educational loans. Check with the Financial Aid Office if you are unsure of the requirements for a specific loan.

    Direct Student Loans

    Direct Student Loans are guaranteed by the federal government. Any student filing a Free Application for Federal Student Aid (FAFSA) is eligible to receive a Direct loan. These fixed interest rate loans are a preferred loan option for undergraduate and graduate students. Repayment of Direct loans is deferred as long as half-time enrollment is maintained. Once enrollment ceases, repayment ensues following a six month grace period. Federal lending regulations require that, except in the instance of a student graduating in December, all federal direct loans be disbursed to the student borrower in two equal amounts, one for the fall term and the other for the spring term.

    Students with financial need (determined by FAFSA) may qualify for Subsidized Direct Loans. While enrolled, interest is paid by the federal government on these loans. Unsubsidized Direct loans are available to any student regardless of financial need, but interest accrues during enrollment. Accrued interest may be paid quarterly, or capitalized when repayment begins.

    To receive Direct loan funds students must first complete Entrance Counseling and a Master Promissory Note with the Department of Education. This is a one-time requirement. In subsequent years, students requesting loans on their FAFSA will be awarded Direct loans automatically, and no further steps are required to receive funds. Therefore, it is imperative that students notify the Financial Aid Office if they wish to cancel a Direct loan.

    Direct loan awards are subject to annual and aggregate limits. Additional information is available in the Financial Aid Guide.
    To complete Direct Loans Entrance Counseling: click HERE
    To complete a Direct Loan Master Promissory Note: click HERE

    Direct Plus Loans

    Direct Plus Loans are federal parent loans that require a credit approved application. The PLUS loan award is limited to the amount remaining after qualified financial aid is subtracted from the school’s cost of attendance. Repayment begins sixty days after the final disbursement in the academic year. However, parents may apply for deferment of payments until the dependent student ceases enrollment. Loan interest accrues in this case. Parents may apply for a PLUS loan by completing a Master Promissory Note. Click HERE to complete a Direct PLUS Loan application/Master Promissory Note. FAFSA is required. Federal lending regulations require that, except in the instance of a student graduating in December, all federal direct loans be disbursed to the student borrower in two equal amounts, one for the fall term and the other for the spring term.

    Direct Grad Plus Loans

    Direct Grad Plus Loans are federal loans available to graduate students on a credit approval basis. These may supplement educational costs beyond those covered by Direct loans. Click HERE to complete a Direct GradPLUS Loan application/Master Promissory Note. FAFSA is required. Federal lending regulations require that, except in the instance of a student graduating in December, all federal direct loans be disbursed to the student borrower in two equal amounts, one for the fall term and the other for the spring term.

    Private Certified Loans

    Private Certified Loans (see link below) are available to students on a credit approval basis. In most cases a cosigner is necessary to qualify for a private loan. Like Plus loans, private loans are limited to the amount remaining after qualified financial aid is subtracted from the school’s cost of attendance. Like Direct loans, repayment can be deferred until the student graduates or enrollment falls below 6 hours. Most lenders offer up to six months grace period before repayment begins. Online applications may be accessed from the link below. FAFSA is not required for private loans. Disbursement of private loans can be adjusted to suit the needs of the student, within the limits of the calculated Cost of Attendance for each of the terms in which funds will be posted.
    Click here for more information.

    Loan Entrance & Exit Counseling

    Loan Entrance Counseling (see link below) is required for each of the loan programs above.
    Loan Exit Counseling (see link below) is required for each of the Direct loan programs (Stafford, PLUS, Perkins, etc.) upon graduation, falling below 6 hours enrollment, or withdrawal from the University.
    Click here for more information.

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