The Emmanuel Advantage: Molly Keane ’22
Molly Keane ’22 loves the fact that as an Emmanuel student she’s both a member of the Saints’ community and the Boston community as well.
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. Applicants may receive both types of loan, but the total may not exceed the federal loan limits. Borrowers who have both types of loans may have a single repayment schedule.
This loan is not based on financial need and is available to all eligible students, regardless of income. A FAFSA application is required to apply. The loan is "unsubsidized" because the student is responsible for paying all interest due; there is no federal interest subsidy for the loan. The terms and conditions for Direct Unsubsidized Loans are otherwise the same as for Direct Subsidized Loans.
To complete the application process for a Federal Direct Loan, all first time borrowers at Emmanuel College must complete both the:
You will need your FSA ID (formerly FAFSA PIN) to complete both the Entrance Counseling and MPN. To obtain a FSA ID, please visit fsaid.ed.gov.
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".
Subsidized Loan | Unsubsidized Loan | |
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Fixed Interest Rate |
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Origination Fee (Deducted from the amount of the loan prior to disbursement.) |
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Maximum Undergraduate Annual Loan Amount | See chart below. | |
Maximum Undergraduate Aggregate Amount | Dependent students: $31,000-No more than $23,000 of this amount may be in subsidized loans. Independent students: $57,500-No more than $23,000 of this amount may be in subsidized loans. | |
Repayment | 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 studentloans.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 studentloans.gov and the Direct Loan website. Provisions for loan deferment or cancellation can be found on the loan promissory note and at studentloans.gov. | |
Interest Charged While Enrolled at Least Half-time in a degree granting program |
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Servicer | Visit studentaid.ed.gov for information regarding your servicer. |
Subsidized Loan | Unsubsidized Loan | |||
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Fixed Interest Rate |
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Origination Fee (Deducted from the amount of the loan prior to disbursement.) |
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Maximum Undergraduate Annual Loan Amount | See chart below. | |||
Maximum Undergraduate Aggregate Amount | Dependent students: $31,000-No more than $23,000 of this amount may be in subsidized loans. Independent students: $57,500-No more than $23,000 of this amount may be in subsidized loans. | |||
Repayment | 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 studentloans.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 studentloans.gov and the Direct Loan website. Provisions for loan deferment or cancellation can be found on the loan promissory note and at studentloans.gov. | |||
Interest Charged While Enrolled at Least Half-time in a degree granting program |
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Servicer | Visit nslds.ed.gov for information regarding your servicer. | |||
To learn more, visit | studentaid.ed.gov |
Grade (credits completed) | Dependent Students | Independent Students |
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Freshman (0-31 credits) |
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Sophomore (32-63 credits) |
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Junior/Senior (64+ credits) |
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Students who are graduating or who will no longer be enrolled at least half-time are required to complete Exit Counseling at studentloans.gov. Information regarding the following may also be found at studentloans.gov:
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. Please visit our detailed Student Loan Repayment page for more information.
Emmanuel is a place where students broaden their sense of what’s possible and prepare for inspiring careers in an ever-changing world. Be here.