Federal Direct Loans

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 (see chart below).

Federal Direct Subsidized Loan - Undergraduate

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.

Federal Direct Unsubsidized Loan

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.

 Subsidized LoanUnsubsidized Loan
Fixed Interest Rate
Subsidized Loan
4.529% (for new loans disbursed on or after July 1, 2019 and before July 1, 2020).
Unsubsidized Loan
4.529% (for new loans disbursed on or after July 1, 2019 and before July 1, 2020)

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
1.062% (for new loans disbursed on or after October 1, 2018 and before October 1, 2019.)
Unsubsidized Loan
1.062% (for new loans disbursed on or after October 1, 2018 and before October 1, 2019.)
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
Subsidized Loan
Unsubsidized Loan
Servicer Visit nslds.ed.gov for information regarding your servicer.
To learn more, visit studentaid.ed.gov

Annual Federal Direct Loan Limits

Grade (credits completed)Dependent StudentsIndependent Students
(0-31 credits)
Dependent Students: $5,500
Independent Students: $9,500
(32-63 credits)
Dependent Students: $6,500
Independent Students: $10,500
Junior/Senior (64+ credits)
Dependent Students: $7,500
Independent Students: $12,500


What must I do to accept my Federal Direct Loan?

To complete the application process for a Federal Direct Loan, all first time borrowers at Emmanuel College must complete both the:

  1. Master Promissory Note (MPN) at studentloans.gov; and
  2. Entrance Counseling at studentloans.gov.

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

If you prefer to complete a paper version of these requirements, please contact the Office of Student Financial Services at 617-735-9938 or financialservices@emmanuel.edu.

What if I want to decline or reduce my Federal Direct Loan?

If you do not wish to borrow with the Federal Direct Loan or would like to reduce the amount of your loan, please send an e-mail including your name and student ID Number to financialservices@emmanuel.edu.

What happens after I am no longer an Emmanuel Student?

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:

  • Making payments
  • Avoiding default
  • Loan servicers
  • Repayment plans
  • Loan consolidation
  • Deferment and forbearance
  • Forgiveness, cancellation and discharge
  • Understanding default
  • Resolving disputes

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.

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