Federal Loans
Federal student loans are funds provided to undergraduate and graduate/professional students for educational expenses and must be repaid. Students must file the FAFSA every academic year, meet federal student aid eligibility requirements, be admitted into a degree-seeking program, and be enrolled at least half-time to be eligible for these loan funds.
Information on this page is periodically reviewed and updated to reflect current federal rates and requirements. The information is subject to change without prior notice.
Types of Federal Loans
More federal loan information can be found when clicking on the links below.
Direct Subsidized loans are awarded to undergraduate students with financial need and enrolled at least half-time (6 credit hours). The federal government pays the interest while a student is enrolled at least half-time.
Direct Unsubsidized Loans are non need-based loans awarded to undergraduate and graduate/professional students. Interest accrues while in school. All students must be enrolled half-time, which is dictated by career and program.
Additional Unsubsidized - Provided to medical, dental, pharmacy, and graduate (non-certificate) public health students. In accordance with federal regulations; additional unsubsidized loans carry all the same terms, rights and responsibilities as the Direct Unsubsidized Loan. Annual award limits for the additional unsubsidized loan are based on the annual length of the period of enrollment.
Direct Grad PLUS Loans are credit-based loans awarded to graduate and professional students. Students can borrow up to the cost of attendance less other aid through this loan program and interest accrues while in school.
Awarded to Dentistry and Pharmacy students with financial need. Per Title VII/HHS Regulations, students interested in receiving this loan must complete the parent sections of the FAFSA by April 1 of each year to determine their federal need eligibility. Parent information is required regardless of marital and/or dependent children status. Health Professions Student Loans have a fixed interest rate of 5%, no interest accrues while enrolled at least half-time, and repayment begins 12 months after graduation or less than half-time enrollment, whichever comes first.
The annual award amounts vary depending upon the available funding.
Awarded to Nursing students with financial need. Federal Nursing Loans have a fixed interest rate of 5%, no interest accrues while enrolled at least half-time, and repayment begins 9 months after graduation or less than half-time enrollment, whichever comes first.
The annual award amounts vary depending upon the available funding.
Parent PLUS Loans are awarded to dependent undergraduate students as a placeholder award in your financial aid package. The Parent PLUS Loan is borrowed by a parent, stepparent, or legal guardian and they may borrow up to the cost of attendance less other aid through the PLUS Loan.
Learn more about Parent PLUS Loans.
First time Direct Loan borrowers at UNMC are required to complete Loan Entrance Counseling and Master Promissory Note(s) through the Department of Education before loan funds can be disbursed. There is a separate MPN for Subsidized/Unsubsidized Loan and for the Grad PLUS or Parent PLUS Loans.
Students borrowing through the HPSL or Federal Nursing Loan program will complete the Promissory Note through Heartland ECSI each year. Please check your To Do List in MyRecords for the complete list of outstanding requirements. Federal loan funds cannot be disbursed until all requirements have been met.
