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Federal Financial Aid: Loans main

Federal Loans—Title IV

Title IV is a federal college aid program created by the Higher Education Act of 1965. Under this program, loans are offered primarily on the basis of financial need.

The U.S. government distributes federal loans and administers repayment either directly or through third parties. All charges on your student account for the current semester could be paid through this aid.

Title IV application procedures may seem complex, but the Excelsior College financial aid office can simplify the process for you. Contact the financial aid office at 855-323-9235 to ensure that you get all the Title IV aid you're eligible for.

Federal Aid: Subsidized & Unsubsidized Loans

DIRECT STAFFORD LOANS

Excelsior participates in the Direct Loan Program. Under the Direct Loan program, eligible students borrow directly from the U.S. Department of Education rather than from third-party lenders.

There are two types of Direct Stafford Loans, subsidized and unsubsidized:

Subsidized loans do not accrue interest while you're in school. This program is offered to students who demonstrate financial need as defined by federal regulations.

Important notes:

  • You begin paying principal 6 months after leaving school
  • To determine your eligibility for the Direct Stafford Loan, complete a FAFSA, your study plan and course approval
  • You need to be enrolled at least half-time (6 credits of Excelsior courses in a term)
  • If you are enrolled for less than a full academic year your original loan award may be reduced

Time Limitation on Direct Subsidized Loans

Any new federal subsidized loan borrower will have a limit on the length of time they are eligible for subsidized loans. Read more about the time limits. Students who are not enrolled full-time will have their loan usage prorated based on their enrollment status.

If you do not qualify for the subsidized loan, you may be eligible to borrow under the Direct Unsubsidized Loan program. With this program, interest accrues while you're in school and you begin paying the interest and principal six months after leaving school.

An eligibility determination for the subsidized program must be made prior to applying for the unsubsidized loan.

All other program rules are the same for both the subsidized and the unsubsidized loans.

Self-supporting/independent students and graduate students can borrow additional amounts under the unsubsidized Direct Stafford Loan Program.