Emmanuel students may apply for the Federal Direct Loan, a low-interest student loan from the federal government. The amount you are eligible to borrow appears on your financial aid award letter.
These loans are awarded to students with financial need. A "subsidized" loan means the federal government pays the interest while the student is in school. The maximum amount that may be borrowed is based on dependency status and grade level according to the annual and aggregate loan limits established by Congress.
This loan is not based on financial need and is available to all eligible students, regardless of income, but a FAFSA application is required to be eligible. The loan is "unsubsidized" because the student is responsible for paying all interest due.
Accepting the Federal Direct Loan(s)
To complete the application process for a Federal Direct Loan, all first time borrowers at Emmanuel College must complete both the:
- Master Promissory Note (MPN) at studentaid.gov/mpn and
- Entrance Counseling at studentaid.gov/entrance-counseling
You will need your FSA ID (formerly FAFSA PIN) to complete both the Entrance Counseling and MPN. To obtain a FSA ID, please visit the FSA site.
Declining or reducing the Federal Direct Loan(s)
To decline the loan(s) or reduce the amount you wish to borrow, please login to Financial Aid via EC Online Services and select the "My Awards" page. Scroll down to the Loans section, then click "Change loan amount".
| Fixed Interest Rate | Subsidized Loan 5.50% (for new loans disbursed on or after July 1, 2023 and before July 1, 2024). | Unsubsidized Loan 5.50% (for new loans disbursed on or after July 1, 2023 and before July 1, 2024).Interest accrues immediately upon disbursement of the loan to the student. Borrowers may elect to pay accrued interest on a monthly or quarterly basis, but most students elect to have it added back to the principal balance in a process called capitalization. The interest is then added into the total amount borrowed and is not paid until the loan repayment period begins, six months after graduation or withdrawal from the College. |
| Origination Fee (Deducted from the amount of the loan prior to disbursement.) | Subsidized Loan 1.057% (for new loans disbursed on or after October 1, 2020 and before October 1, 2023.) | Unsubsidized Loan 1.057% (for new loans disbursed on or after October 1, 2020 and before October 1, 2023.) |
See Chart Below
| Maximum Undergraduate Annual Loan Amount | Year Dependent Students (except students whose parents are unable to obtain PLUS Loans) | Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans) |
| First-Year | $5,500-No more than $3,500 of this amount may be in subsidized loans. | $9,500-No more than $3,500 of this amount may be in subsidized loans. |
Second-Year | $6,500-No more than $4,500 of this amount may be in subsidized loans. | $10,500-No more than $4,500 of this amount may be in subsidized loans. |
Third Year and Beyond | $7,500 per year-No more than $5,500 of this amount may be in subsidized loans. | $12,500-No more than $5,500 of this amount may be in subsidized loans. |
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| 10 years; begins 6 months after no longer enrolled at least half-time. Minimum monthly repayment of $50 begins six months after graduation or withdrawal from the University. You can monitor the total amount you borrow and the repayment requirements that you will have when you finish your education through studentaid.gov. Sample Direct Loan repayment schedules are available on the U.S. Department of Education Direct Loan website. You can choose from a variety of repayment plans to fit your financial circumstances and modify plans if circumstances change. |
| Deferment | You can defer your loan under various circumstances, which will postpone your loan payments. For example, while you are enrolled as a half-time student (including graduate school) in a degree granting program or while you are unemployed, you can request loan deferment. Learn more about deferment provisions and repayment options at studentaid.gov and the Direct Loan website. Provisions for loan deferment or cancellation can be found on the loan promissory note and at studentaid.gov. |
| Subsidized Loan No | Unsubsidized Loan Yes |
| Visit studentaid.gov for information regarding your servicer. |
Students who are graduating or who will no longer be enrolled at least half-time are required to complete Exit Counseling at studentaid.gov/exit-counseling. Information regarding the following may also be found at studentaid.gov:
- Making payments
- Avoiding default
- Loan servicers
- Repayment plans
- Loan consolidation
- Deferment and forbearance
- Forgiveness, cancellation and discharge
- Understanding default
- Resolving dispute
Loans will be submitted to the National Student Loan Data System and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
The Emmanuel Investment
Small class sizes and a vibrant campus community through which students explore new areas of interest and grow as individuals.
Internship opportunities in Boston at leading organizations in healthcare, technology, finance, media & more.
Innovative academics, academic and career mentoring, and a slate of cocurriculars to foster teamwork and leadership.
Students graduate with skills, experience and habits of mind that provide the foundation for a lifetime of employability.
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