Repayment: The repayment on direct subsidized and unsubsidized loans begins automatically six months after you drop below half-time attendance. Repayment on Parent Plus loans begins 60 days after the funds are fully disbursed, unless a deferment is granted.
Interest Rate: Current interest rates can be found at https://studentaid.gov/understand-aid/types/loans/interest-rates
Master Promissory Note (MPN): The MPN is mandated by federal regulations. You will have to complete an online promissory note only one time (in most cases). After you complete the new MPN, it will then be in effect for future loans requested at Drury University.
Eligibility Criteria: Students who are admitted to an eligible school as at least half-time students. Citizens, permanent residents of the U.S., or permanent residents of an eligible trust territory. Students not currently in default, or who do not owe a refund on any Title IV Program: Federal Pell, SEOG, Work Study, Subsidized Direct, Unsubsidized Direct, PLUS, or Consolidation Loan. Students who are maintaining satisfactory academic progress. Students who have satisfied all Selective Service Act requirements.
Direct Loan Program Annual Maximums (include both sub and unsub loans):
|Dependent Undergraduate||Subsidized||Total (Subsidized & Unsubsidized)|
|Freshman (0-29 hrs)||$3,500||$5,500|
|Sophomore (30-59 hrs)||$4,500||$6,500|
|Junior (60-89 hrs)||$5,500||$7,500|
|Senior (90-124 hrs)||$5,500||$7,500|
|Freshman (0-29 hrs)||$3,500||$9,500|
|Sophomore (30-59 hrs)||$4,500||$10,500|
|Junior (60-89 hrs)||$5,500||$12,500|
|Senior (90-124 hrs)||$5,500||$12,500|
|Subsidized||Total (Subsidized & Unsubsidized)|
|Independent Students (Includes
Dependent students whose parents
are unable to borrow under the PLUS program)
*Includes Dependent Students whose parents are denied a loan under the Parent PLUS program.
Disbursements: Loan funds are disbursed after the drop/add period. Please note the items listed below that may affect the delivery of funds to your student account and any credit balance refund.
Verification: The Federal Processing Center selects and flags a certain number of FAFSAs for verification. If you are selected, you will be required to complete and submit additional forms to the Financial Aid Office before funds can be released to your Drury student account.
Entrance Counseling: All first-time borrowers at Drury University are required to participate in entrance interview counseling prior to loan disbursement. Entrance Counseling should be completed online at https://studentaid.gov/app/counselingInstructions.action?counselingType=entrance.
Book vouchers: Vouchers are issued by the Business Office only when guaranteed loans and other aid are greater than student charges.
Credit Balance Refund:
IF your Drury University account reflects a credit balance:
Previous Borrowers: You may obtain information regarding your student loans via the internet at www.nslds.ed.gov. You must have an FSA ID to access your loan data. For assistance, call (800) 4-FED-AID (800 433-3243).