Nazareth University participates in the William D. Ford Federal Direct Student Loan Program. These loans are provided by the federal government and require you to first file a Free Application for Federal Student Aid (FAFSA). The Direct Loan Program provides a simple way to obtain and repay student loans; the U.S. Department of Education is the lender and the loan funds are sent directly to Nazareth.
If you borrowed federal loans at a previous institution, you can combine those loans with the Federal Direct Loans under the Direct Consolidation Loan Program. Your academic year level and dependency status determines the maximum annual amount you may be eligible to borrow; the federal government also monitors loan aggregates for both undergraduate and graduate students.
What Kinds of Direct Loans are Available?
| Annual Maximum Limit (Federal Direct - Sub & Unsub) | ||
|---|---|---|
| Dependent Student | Independent Student | |
| Year 1 | $5,500 (No more than $3,500 of this amount may be in subsidized loans) | $9,500 (No more than $3,500 of this amount may be in subsidized loans) |
| Year 2 | $6,500 (No more than $4,500 of this amount may be in subsidized loans) | $10,500 (No more than $4,500 of this amount may be in subsidized loans) |
| Years 3, 4, & 5 | $7,500 (No more than $5,500 of this amount may be in subsidized loans) | $12,500 (No more than $5,500 of this amount may be in subsidized loans) |
| Graduate/Professional | n/a | $20,500 per academic year |
| Aggregate Limits | ||
|---|---|---|
| Dependent Student | Independent Student | |
| Dependent Undergraduate | $31,000 (No more than $23,000 of this amount may be in subsidized loans) | n/a |
| Independent Undergraduate | n/a | $57,500 (No more than $23,000 of this amount may be in subsidized loans) |
| Graduate | n/a | $138,500 (No more than $65,500 of this amount may be in subsidized loans) |
If you receive a federal student loan, you will be required to repay that loan with interest. It is important that you understand how interest is calculated and the fees associated with your loan. Both of these factors will impact the amount you will be required to repay. A federal student loan is a loan funded by the federal government to help pay for your education. A federal student loan is borrowed money you must repay with interest. Please see additional federal student loan information.
If you intend to borrow a federal student Subsidized or Unsubsidized Direct Loan you must complete the following two required federal loan documents:
All federal loan borrowers are required to complete Exit Counseling prior to graduation, leave of absence, or withdrawal from school. The purpose of the exit counseling is to inform borrowers of the provisions of the loan(s) as well as their rights and responsibilities now that the loan(s) will be in another status.
Students who have additional questions about the Exit Counseling process should contact Office of Financial Aid at 585-389-2310 or finaid@naz.edu.
Graduate students are eligible to borrow Graduate Plus Federal Direct Loans as long as the following conditions are met:
Upon receipt of a FAFSA, the Nazareth Financial Aid Office will automatically offer you the unsubsidized Direct Loan.
If you need to borrow additional loans to cover your educational expenses, you may apply for a Direct Graduate PLUS loan up to your cost of attendance.