Financial Aid

Federal and Private Loan Information

UM-Dearborn Code of Conduct for Student Loans (PDF)

All students are required to be enrolled at least half-time to be eligible for all federal student loans.

  • Minimum half-time enrollment for undergraduates is six (6) credits
  • Minimum half-time enrollment for graduate students is four (4) credits

ALL INFORMATION LISTED IS BASED ON THE INTEREST RATE CHANGES ENACTED BY THE STUDENT LOAN CERTAINTY ACT OF 2013

Federal Direct Loans for Students

  • Interest rate for Subsidized and Unsubsidized Direct Loans is a variable fixed 3.86% for 2013-14 for undergraduates
  • Interest rate for Unsubsidized Direct Loans is a variable fixed 5.41% for 2013-2014 for graduate students

Subsidized Loans are no longer available to graduate students.

What is the difference between subsidized and unsubsidized loans?


Federal Direct Parent Loans (PLUS)

Parents are able to borrow on behalf of their dependent student through a credit-based loan from the Direct Loan Program.

  • Interest rate is a variable fixed rate of 6.4% for 2013-2014
  • FAFSA must be completed by parent and student
  • Student must be half-time and making academic progress
  • PLUS Loans cannot be accepted online and must begin the process by completing the Direct Loan Parent PLUS application
  • Parents borrowing on behalf a their student must complete a Master Promissory Note after approval at studentloans.gov
  • Parents who are declined may seek an endorser or their student may borrow additional unsubsidized loan funds up to his/her grade level limit

Federal Direct Graduate PLUS

Graduate students who need additional funds beyond the graduate loan limitations are able to borrow a credit-based loan through the Direct Loan Graduate PLUS Program

  • Interest rate is a variable fixed rate of 5.4 for 2013-2014 
  • Student is required to complete the FAFSA
  • Student must be half-time and making academic progress
  • Begin the process by completing the Graduate PLUS Application Form
  • Students borrowing for the first time in the Graduate PLUS Loan Program must complete a Master Promissory Note (MPN) at studentloans.gov

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Student Loan Acceptance and Processing Tips

First time borrowers in the Direct Loan Program must complete Entrance Loan Counseling (allow 30 minutes) and a Master Promissory Note (MPN) at studentloans.gov
using your FAFSA PIN to enter the secured area.

 


Alternative or Private Loans

Alternative or private loans can be used to supplement federal student loans or when a student is ineligible for federal student loans.  These loans require credit-worthiness and cannot be consolidated with federal student loans.


How do I consolidate my loans?