Borrowed Assistance

Notre Dame Subsidized Loan

The Notre Dame Subsidized Loan is a need-based loan made by the University. This loan program requires that the student borrower repay with interest this source of financial assistance. Additional terms and conditions are referenced in the master promissory note but also include the following:

  • Zero interest while the student is enrolled at the University of Notre Dame on at least half-time basis as an undergraduate student and during the six-month grace period following enrollment
  • No origination fee or insurance fee
  • 5% fixed rate interest during the repayment
  • Repayment of principal and interest begins six months after the student ceases to be enrolled at the University of Notre Dame on at least half-time basis as an undergraduate student, generally extending over a 10-year period
  • $4,000 is normal yearly limit

Notre Dame Subsidized Loan borrowers will receive an email to their Notre Dame preferred email account, starting in late May, from SignMyLoan@signmyloan.com to complete the annual loan process. The loan process will require completion of Self-Certification and Disclosure forms, as well as a Master Promissory Note, all of which will be handled electronically through SignMyLoan.com. Important rate, fee, and other cost information about Notre Dame Subsidized Loans is located here.

In order to have your loan proceeds disbursed to your student account, you must complete the SignMyLoan process annually.

Federal Direct Subsidized Loan

The terms of the need based Federal Direct Subsidized Loan Program require that the student borrower repay, with interest, this source of financial assistance. This program is referred to as “subsidized” because the student is not charged interest while they are enrolled in school at least half-time and during any deferment periods. Additional terms, subject to revision by federal regulation, include:

  • Maximum annual limit varies by year in school
  • 4.29% fixed interest rate during repayment for loans disbursed prior to July 1, 2016
  • 3.76% fixed interest rate during repayment for loans first disbursed on July 1, 2016 and after
  • 1.068% origination fee for loans with a first disbursement date on or after October 1, 2015 but before October 1, 2016
  • 1.069% origination fee for loans with a first disbursement date on or after October 1, 2016
  • Repayment on both principal and interest beginning six months after the student ceases to be enrolled in school on at least a half-time basis, generally extending over a 10-year period
  • $23,000 maximum base aggregate undergraduate borrowing limit

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Additional Direct Loan details >

Federal Direct Unsubsidized Loan

The terms of the non-need-based Federal Direct Unsubsidized Loan Program require that the student borrower repay, with interest, this source of financial assistance. This program is referred to as “unsubsidized” because interest accrues (accumulates) while the student is enrolled in school. Interest on Unsubsidized Direct Loans begins to accrue after disbursement of the loan funds; however, the student may choose to have the payment of the interest deferred during enrollment and later capitalized (added to principal) at the time of repayment. Additional terms, subject to revision by federal regulation, include:

  • 4.29% fixed interest rate during repayment for loans disbursed prior to July 1, 2016
  • 3.76% fixed interest rate during repayment for loans first disbursed on July 1, 2016 and after
  • 1.068% origination fee for loans with a first disbursement date on or after October 1, 2015 but before October 1, 2016
  • 1.069% origination fee for loans with a first disbursement date on or after October 1, 2016
  • Repayment on both principal and interest beginning six months after the student ceases to be enrolled in school on at least a half-time basis, generally extending over a 10-year period
  • $31,000 maximum base aggregate undergraduate borrowing limit (combined subsidized and unsubsidized loans) for dependent students

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Additional Direct Loan details >

assistance

Federal Direct PLUS Loan for Parents

The Federal Direct PLUS Loan provides a borrowing option for parents of dependent undergraduate students. Based upon a parent's credit history, a parent may borrow through this federally guaranteed, non-need-based loan program. Additional terms, subject to revision by federal regulation, include:

  • 6.84% fixed interest rate during repayment for loans disbursed prior to July 1, 2016
  • 6.31% fixed interest rate during repayment for loans first disbursed on July 1, 2016 and after
  • 4.272% origination fee for PLUS loans with a first disbursement date on or after October 1, 2015 but before October 1, 2016
  • 4.276% origination fee for PLUS loans with a first disbursement date on or after October 1, 2016
  • Repayment of both principal and interest usually begin within 60 days of disbursement of the funds, however, parents have the choice to defer payment until six months after the student ceases to be enrolled in school on at least a half-time basis, generally extending over a 10-year period
  • Parent’s ability to apply for up to the full cost of education minus student aid

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Additional Direct PLUS Loan for Parents details >

Private Student Loans

After exhausting the opportunities available from the federal aid programs, students may consider private loan programs as a source of funding.

The terms and conditions of these credit-based loan programs vary, and as such, students are encouraged to review the details of the programs before selecting a private loan program. Private loans are not eligible for loan consolidation programs made available for federal student loans. Interest rates, fees (both at the time of borrowing and at repayment), credit checks, and annual and aggregate loan limits require careful evaluation by the student as a consumer.

As always, taking on debt for any reason should be done deliberately and only for the amounts needed. Additional information is available from the Department of Education publication, Federal Aid First.

 

Additional private student loan details >