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Student & Parent Loan Information 2022–2023 for Undergraduate Students 

Steps to Apply for the Federal Direct Student Loan

  1. All student borrowers must complete the EMU loan request form; available online by logging on to your myEMU account, click on financial aid and complete the 22-23 loan request form.
  2. Students who are new to EMU or who are returning but have not previously borrowed a Federal Direct Loan must complete a:
    1. Federal Direct Loan Master Promissory Note (MPN)
    2. Entrance Counseling
      Both are completed at

Subsidized Direct Loans are interest free until graduation, withdrawal or less than half-time enrollment. Interest on Unsubsidized Direct Loans accrues immediately. Rates and fees are subject to change based on congressional action. The 21-22 academic year interest rate is 3.73%.  An origination fee of 1.057% is charged on each loan and is automatically deducted from each disbursement.  Interest rates for 22-23 academic year will be available in June.  

Steps to Apply for the Federal Parent PLUS loan  

  1. Go to website . Sign in using information for the parent who will be borrowing the Parent PLUS loan.  
  2. Complete the “Request Direct PLUS Loan” step. The Department of Education will perform a credit check to determine if parent borrower is eligible for a PLUS Loan and will notify borrower immediately.
  3. If parent borrower does not have a prior PLUS Loan for the student at EMU, a PLUS Loan Master Promissory Note is also required. Choose “Complete Master Promissory Note” and select “Parent PLUS” to complete MPN.
  4. If the Department of Education determines you are eligible for the loan but have had adverse credit history you will be required to complete a PLUS entrance counseling. This can be completed at  

The interest rate for 21-22 is 6.28%.  Interest accrues during enrollment.  An origination fee of 4.228% is charged on each loan and is automatically deducted from each disbursement. Interest rates for 2022-23 academic year will be available in June.

Applying for a Private Student Loan

Private student loans are another commonly used financing option.  Private loans are available from lenders who offer student loan programs and have differing interest rates, deferment and repayment options and other incentives.  Eligibility is based on the credit history of student borrower and usually, a required co-signer.  Interest rates are often variable and are tied to the credit scores of borrower/co-signer.  

EMU’s lender list for private student loans is included at  After carefully reviewing the features offered by a wide range of lenders, we have identified these lenders/programs because of their superior combination of savings, customer service, and loan processing reliability.

Many other private student loan programs exist. Please contact the Financial Assistance Office if you wish to consider a private loan not included on our list and instructions will be provided for that loan program.


Additional Federal Direct Student Loan Information

A Federal Direct Loan is either subsidized or unsubsidized. FDSL funds originate from the federal government.

A subsidized loan is awarded based on financial need (Free Application for Federal Student Aid required to determine financial need.) The federal government pays interest on a subsidized loan while the student is enrolled. An unsubsidized loan is awarded when a student does not have financial need or when the maximum allowable subsidized award has been made and the student has remaining eligibility and uncovered costs. The borrower is charged interest from the beginning of the loan period and until the loan has been paid in full. If the student borrower allows interest to accrue, it will be capitalized – that is, the interest will be added to the principal amount of the loan and will increase the total amount of loan the student will need to repay.

The undergraduate annual loan limits for each grade level are:

 01 (<24 credits) $5,500 dependent student, 9,500 independent student, (maximum sub amount $3,500)

02 (24–55 credits) $6,500 dependent student, $10,500 independent student, (maximum sub amount $4,500)

03–05 (>55 credits) $7,500 dependent student, $12,500 independent student, (maximum sub amount $5,500)

The maximum undergraduate aggregate Federal Direct Student Loan debt for a dependent student is $31,000 (maximum sub of $23,000) and for an independent student it is $57,500 (maximum sub of $23,000).

NOTE: Additional unsubsidized Federal Direct Student Loans may be available to a dependent student when a parent is denied a Federal Direct Parent PLUS Loan (see instructions on first page). The annual loan limit is $4,000 for freshmen and sophomores, and $5,000 for juniors and seniors.  If a dependent student borrows additional unsubsidized FDSL funds because of a denied Fed Parent PLUS Loan(s), their undergraduate aggregate maximum for Fed Direct Student Loan borrowing is also $57,500.

Additional Federal Direct Parent PLUS Loan Information

The Federal Direct Parent PLUS Loan enables a parent with good credit history to borrow for the educational expenses of a dependent undergraduate student who is enrolled at least half-time. Currently the loan origination fee of 4.228% is automatically deducted from each disbursement of the loan.  To include the fee in the requested amount, divide the desired net amount by .95772.  For example, if $5,000 (net) is desired, divide by .95772 and make a request of $5,221.

The interest rate on a PLUS Loan is currently a fixed rate of 6.28%. Interest is assessed from the begin date of the loan period and continues until the loan is paid in full. Rates and fees are subject to change based on congressional action.  Interest rates for the 22-23 academic year will be available in June.

Repayment of the total amount borrowed (including the origination fee) begins 60 days after the second disbursement is made. Parents may choose to defer repayment until six months after the date the student for whom the loan is borrowed ceases to be enrolled at least half time. 


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