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Loans Are Financial Aid That Must Be Repaid
đź”— Federal Student Loan Basics for Students
🔗 Préstamos Federales para Estudiantes Conceptos Básicos para Estudiantes
Your maximum Direct Loan eligibility is the same at every institution you attend. It may vary in content based on your estimated need at each school, but you always have the same, maximum eligibility.
The Federal Direct Loan Program has both a need based, subsidized, component and a non-need based, unsubsidized, component.
The Direct Subsidized Loan is a loan based on financial need for which the federal government generally pays the interest that accrues while the borrower is in an in-school, grace, or deferment status.The Direct Unsubsidized Loan is a loan for which the borrower is fully responsible for paying the accruing interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan. Interest payments will by default be deferred, but can be opted into while in school. This type of loan is not based on financial need.
Direct Loan interest and principal payments are automatically deferred during school (while students are attending at least half-time) and through the student’s six month grace period. Direct Loan interest rates are fixed each year by law and may vary from award year to award year. Direct Loan award amounts are based on a student’s class level and dependency status, need, and aggregate borrowing. Students who elect to borrow under the Federal Direct Loan program must complete a Master Promissory Note (MPN), and first-time borrowers must complete Entrance Counseling. To complete your Direct Loan MPN, Entrance Counseling, or Annual Student Loan Acknowledgment, go to: studentaid.gov.
(NOTE: If you received a Direct Subsidized Loan that was first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period.)
Page 3-98 of Chapter 5 of Volume 3 of the FSA HB, Dec 2018 (PDF)
đź”— Direct PLUS Loan Basics for Parents
🔗 Conceptos básicos sobre préstamos PLUS del Direct Loan Program para padres
The Federal Direct Parent PLUS Loan is available to parents of dependent, undergraduate students for their educational expenses. Parents may borrow up to the difference between the student’s estimated cost of attendance and the other financial assistance that the student is expecting for the year. Parents who want to borrow under the PLUS loan program must apply for credit [after May 1 of each year] from the U.S. Department of Education at studentaid.gov. Once the parent borrower’s credit is approved, the parent borrower must complete or have an active PLUS Master Promissory Note (MPN) on file with the Department, submit to EOU’s Financial Aid Office the PLUS Acceptance Form, and the student will need to have accepted the loan in his or her student portal (i.e. Mountie Hub) before disbursement.
Generally, repayment on the PLUS loan begins after the last disbursement for the academic year, but can be deferred, and interest begins accruing immediately with each disbursement. Students who have had a parent denied during the PLUS approval process, or who do not meet the eligibility requirements (e.g. noncitizen parents) are eligible to borrow additional funding in the Federal Direct Loan program (submit a Loan Revision Request form to the Financial Aid Office). Any credit balances on a student’s account resulting from receipt of PLUS loan funds will be mailed directly to the parent borrower unless otherwise directed.
The Federal Direct Graduate PLUS loan is offered to students enrolled in a graduate or professional degree program to cover the gap between a student’s estimated cost of attendance and their estimated financial assistance. Students who want to borrow under the Graduate PLUS Loan program must first pass a credit check at studentaid.gov. Students who have been approved must then complete a Graduate PLUS Master Promissory Note (MPN). Students should borrow their full Unsubsidized Direct Loan maximums before applying for the Federal Direct Graduate PLUS loan. For additional questions on this program please contact the Financial Aid Office or visit studentaid.gov.
Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2013 have fixed interest rates that are determined in accordance with formulas specified in sections 455(b)(8)(A) through (C) of the Higher Education Act of 1965, as amended (HEA).
The interest rate is determined annually for all loans first disbursed during any 12-month period beginning on July 1 and ending on June 30, and is equal to the high yield of the 10-year Treasury notes auctioned at the final auction held before June 1 of that 12-month period, plus a statutory add-on percentage that varies depending on the loan type and, for Direct Unsubsidized Loans, whether the loan was made to an undergraduate or graduate student. Loans first disbursed during different 12-month periods may have different interest rates, but the rate determined for any loan is a fixed interest rate for the life of the loan.
For each loan type, the calculated interest rate may not exceed a maximum rate specified in the HEA. The maximum interest rates are 8.25% for Direct Subsidized Loans and Direct Unsubsidized Loans made to undergraduate students, 9.50% for Direct Unsubsidized Loans made to graduate and professional students, and 10.50% for Direct PLUS Loans made to parents of dependent undergraduate students or to graduate or professional students.
See studentaid.gov for more information.
Sequester-required loan fees and grant reductions for FY 24
Please click here for information about the federal loan servicers.
Generally, there are two types of student loans—federal and private.
Federal student loans and federal parent loans: These loans are funded by the federal government with terms and conditions that are set by law, and include many benefits (such as fixed interest rates and income-driven repayment plans) not typically offered with private loans.
Private student loans: These loans are nonfederal loans, made by a lender such as a bank, credit union, state agency, or a school, and have terms and conditions that are set by the lender. Private student loans are generally more expensive than federal student loans.
Compare Federal and Private Student Loans
Schedule a Financial Aid Counseling Appointment
Important!
If you have lost your federal aid eligibility due to past unsatisfactory academic progress, you do have the option to request reinstatement of your eligibility by submitting a Satisfactory Academic Progress appeal. Appeal Forms are available online.
The Financial Aid Office at Eastern Oregon University does not endorse, recommend, or promote any lender selection for private loans.
The lenders and loan options presented in FastChoice include lenders who provided a loan at the school in the past.
FastChoice displays loan options for students and parents with clear, consistent information on a user-friendly website, and provides student education through borrowing essentials. FastChoice is free and fully supported by Great Lakes, a federal loan servicer.
You are free to choose any lender, including those not presented in FastChoice. If you choose a lender that is not presented, please contact the Financial Aid Office. Application processing will not be delayed unnecessarily if you choose a lender not presented.
Our officials are prohibited from accepting any financial or other benefits in exchange for displaying lenders and loan options in FastChoice. Prohibited activities include: receiving compensation to serve on any lender board of directors or advisory boards; accepting gifts including trips, meals, and entertainment; allowing lenders to staff our institution’s financial aid office; allowing lenders to place our institution’s name or logo on any of their products; and owning of lenders’ stock (for college officials who make financial decisions for our institution).
Your loan application will be forwarded to the EOU Financial Aid Office after your loan has been credit-approved and you have signed the promissory note. Your lender will provide you with current interest rates, processing fees and cosigner requirements. Contact the Financial Aid Office with questions regarding loan eligibility.
Private loan borrowers should be aware of two important changes established by the Truth in Lending Act (TILA) 15 USC § 1638(e), both of which will affect the time required to apply for, and receive, a private student loan:
EOU Policy regarding Private Lenders and Preferential Prohibition thereof.
The primary goal of the institutional financial aid professional is to help students achieve their educational goals by providing appropriate financial support and resources. To this end, this statement provides that the financial aid professional shall:
*This was adopted in part from the National Association of Student Financial Aid Administrators’ Statement of Ethical Principles and Code of Conduct for Financial Aid Professionals. The obligations in this Code of Conduct are in addition to any requirements imposed by state or federal laws, or Eastern Oregon University policies.
Financial Aid Office Eastern Oregon University One University Boulevard David E. Gilbert Center La Grande, OR 97850-2807
Title IV School Code: 003193
Telephone: +1 (541) 962-3550 +1 (800) 452-8639 (SMS/MMS): +1 (541) 972-3550 Note that no personal information can be divulged through text messaging.
Secure Fax: +1 (541) 962-3661 Fax to E-mail: +1 (541) 962-3095 (Senders take full responsibility for any activity resulting from sensitive information being sent from private E-mail through the university E-mail system)
E-Mail: fao@eou.edu
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Office Hours Hours: 8-5 Monday-Friday Drop-in appointments available during normal office hours.
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