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Student Loan Information

 

Federal Direct Student Loans

STUDENTS MUST BE ENROLLED IN AT LEAST HALF TIME TO BE ELIGIBLE TO RECEIVE FEDERAL STUDENT LOANS.


Student loan programs provide long-term, low interest loans to students. To be considered for loans at UNA, complete the FAFSA. Students at UNA can be awarded subsidized or unsubsidized Stafford loans, depending on the student's demonstrated need and cost of attendance.  View the US Department of Education's brochure on Direct Student Loans.

Subsidized Stafford Loans

Federal Stafford Subsidized Loans are based on financial need as well as annual and aggregate loan limits. Interest on this loan does not accrue during eligible periods of enrollment. Interest accrual will begin during the designated grace period and repayment begins six months after graduation or when a student is no longer enrolled at least half time (6 semester hours).  Subsidized Loans first disbursed on or after July 1, 2015 and before July 1, 2016 will have a 4.29% interest rate.

Unsubsidized Stafford Loans

Federal Stafford Unsubsidized Loans are based on annual and aggregate loan limits and is not need-based. Interest on this loan begins to accrue upon the first disbursement. Repayment begins six months after graduation or when a student is no longer enrolled at least half time (6 semester hours). For unsubsidized Stafford loans awarded and disbursed between July 1, 2015 and July 1, 2016, the interest rate for undergraduate students is 4.29%.

Loan Amounts

Annual Loan Limits (combined maximum for subsidized and unsubsidized) under the Stafford Loan Programs: 

  • Dependent Undergraduate students
    • Freshmen - $5500
    • Sophomores - $6500
    • Juniors and Seniors - $7500

The aggregate limit is $31,000 (no more than $23,000 may be in subsidized loans)

  • Independent Undergraduate students
    • Freshmen - $9500
    • Sophomores - $10,500
    • Juniors and Seniors - $12,500

The aggregate limit is $57,500 (no more than $23,000 may be in subsidized loans).

  • Graduate Students
    • $20,500 Unsubsidized Loans annually, limited to cost of attendance.  Graduate Direct Unsubsidized Loans disbursed on or after July 1, 2015 and before July 1, 2016 have a 5.84% interest rate.

The aggregate limit for graduate students is $138,500 (no more than $65,000 of this amount may be in preexisting subsidized loans as Graduate students became ineligible for subsidized loans after July 2012).

Accepting Your Student Loan Awards

STEP 1: Read and Accept Terms and Conditions. You MUST read, understand and accept the Terms and Conditions Governing Financial Aid Awards.

To do this, access your UNA Portal account, click Billing and Financial Aid, then click Financial Aid Award within the My Financial Aid Section, and then select the current aid year. Click the Terms and Conditions tab and click the link to read the actual terms and conditions. When you have finished, click Accept. If you have any questions regarding any of the listed terms and conditions, please contact our office before accepting them. You cannot move on to the remaining steps on this page until you have completed this step.

STEP 2: Accept Loan(s) in UNA Portal Financial Aid Self-Service.

To accept, reduce or decline your financial aid, access your UNA Portal account and clicking Billing and Financial Aid, then click on Financial Aid Awards, select the current aid year, then click on the Accept Award Offer tab.

STEP 3: Complete Entrance Counseling. Students borrowing Direct Stafford Loans for the first time must complete an online entrance counseling sessions. Students who have completed entrance counseling previously do not need to repeat entrance counseling. Complete entrance counseling here. UNA will receive electronic confirmation from the US Department of Education when you have successfully completed the counseling.

STEP 4: Complete a Master Promissory Note (MPN). View and complete the MPN online.

If you are unable to complete your MPN online, paper MPN(s) can be generated. Contact us to have paper copies of your MPN mailed to you.