To Accept/Decline a Loan
Loans can now be accepted on Bronco Direct for the 2014/2015 academic year. First-time borrowers must complete an online Entrance Workshop.
To decline or reduce a loan, submit an Information Update Form to the Office of Financial Aid & Scholarships.
Please note: After you have accepted your loan(s) you will not be able to make changes. If changes need to be made, you must submit an Information Update Form to the Office of Financial Aid & Scholarships.
Master Promissory Note: Beginning Monday, September 15, 2014 for the 2014/2015 academic year, new Stafford Loan borrowers need to sign a Master Promissory Note (MPN).
Parent Plus Loan: Beginning Monday, September 15, 2014, parents will be notified by Direct Lending regarding the status of their loan. If approved, the Master Promissory Note (MPN) must be signed. If denied, the Office of Financial Aid & Scholarships will send an email to the student with instructions on how to apply for an additional Unsubsidized Stafford Loan.
Federal Stafford Loans (PDF)
The Federal Stafford Loan is a federal loan available to both undergraduate and graduate students. Loan amounts are based on academic class level, and range up to $12,500 for undergraduate and teacher credential and $20,500 for graduate master. Two types of Stafford loans are available:
Subsidized Federal Stafford Loan:
If you have financial need, you qualify for a subsidized Stafford Loan and the government pays the interest while you are in school. This loan is no longer available for graduate students.
Unsubsidized Federal Stafford Loan:
Unsubsidized Stafford loans are available to students without consideration of financial need. You are responsible for all interest payments. Payments can be deferred.
Direct Plus Loans: (PDF)
The PLUS loan is a federal loan for parents of undergraduate students. Eligibility is not based on financial need. Parents may borrow up to the total cost of attendance minus any other financial aid received. The interest rate is fixed at 7.9%. Repayment begins sixty days after disbursement of the total loan for the year. A valid FAFSA must be completed each academic year.
Direct Graduate Plus Loans: (PDF)
The Graduate PLUS loan allows graduate and professional students to borrow the total cost of attendance minus any other financial aid. The interest rate is fixed at 7.21% for the life of the loan. Interest begins to accrue immediately upon disbursement. Payments may be deferred until after graduation or as long as you are seeking a degree and are enrolled at least half-time. Students enrolled in the Credential Program are not eligible for this type of loan.
Federal Perkins Loans: (PDF)
The Perkins loan is a federal loan for undergraduate and graduate students. This loan is based on financial aid need. The interest rate is a 5% fixed rate and repayment begins nine months after you graduate or are enrolled less than half-time. Loans range up to $3,900 per academic year. The completion of a Perkins Promissory Note is required before funds can be disbursed.
Private (Alternative) Loans: (PDF)
Alternative loans are offered by many lenders as an addition to the Federal Student loan program. Alternative loans can also assist borrowers who do not qualify for the federal programs. Interest rates, fees, and repayment vary from lender to lender. A valid FAFSA must be completed each academic year.