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:

  1. Master Promissory Note (MPN) at https://studentaid.gov/mpn/ and
  2. Entrance Counseling at https://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 fsaid.ed.gov

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".

Subsidized Loan Unsubsidized Loan
Fixed Interest Rate
Subsidized Loan
3.73% (for new loans disbursed on or after July 1, 2021 and before July 1, 2022).
Unsubsidized Loan
3.73% (for new loans disbursed on or after July 1, 2021 and before July 1, 2022).

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, 2022.)
Unsubsidized Loan
1.057% (for new loans disbursed on or after October 1, 2020 and before October 1, 2022.)
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 studentaid.ed.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 https://studentaid.gov/exit-counseling/. 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. 

The Emmanuel Investment

Small College Feel

Small class sizes and a vibrant campus community through which students explore new areas of interest and grow as individuals.

Big City Appeal

Internship opportunities in Boston at leading organizations in healthcare, technology, finance, media & more.

For Your Present

Innovative academics, academic and career mentoring, and a slate of cocurriculars to foster teamwork and leadership.

For Your Future

Students graduate with skills, experience and habits of mind that provide the foundation for a lifetime of employability.

Explore Emmanuel

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Robert Columbus '20: The Idea Man

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Jessie Wang '19: Head of the Class

What began as an on-campus job in Emmanuel's student center transformed into a new career path for Jessie, one that brought her to Harvard University as a master's candidate in higher education administration. 

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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.