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.

Direct Stafford Loans

Excelsior College participates in the Direct Loan Program, established in 2010. 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 (interest does not accrue while you're in school)
  • Unsubsidized (interest does accrue while you're in school)

Subsidized Loans

The subsidized program is offered to students who demonstrate financial need as defined by federal regulations. Important points include:

  • The federal government pays the interest on subsidized loans while you are enrolled in school.
  • You begin paying interest and principal six months after leaving school.
  • To determine your eligibility for the Direct Stafford Loan, submit the Free Application for Federal Student Aid form (FAFSA), your study plan and course approval.
  • You need to be enrolled at least half-time (six credits of Excelsior College courses) in a term.
  • If you are enrolled for less than a full academic year your original loan award may be reduced.

Unsubsidized Loans

If you do not qualify for the subsidized loan, you may be eligible to borrow under the Direct Unsubsidized Loan program. Important points include:

  • An eligibility determination for the subsidized program must be made prior to applying for the unsubsidized loan.
  • Interest on unsubsidized Direct Stafford Loans accrues while you are enrolled in college.
  • You begin paying interest and principal six months after leaving school.

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.

Direct Plus Loans

There are two Direct Plus Loan Program options:

Important points of these two Direct Plus programs include:

  • Parents and graduate students may borrow up to the cost of education minus any financial aid.
  • Loans are subject to the Department of Education's credit policy and the Office of Financial Aid certification of enrollment and costs.
  • The interest rate is a fixed 8.5 percent.
  • Repayment begins within 60 days of disbursement and may extend for up to 10 years.
  • Deferred repayment may be available for some borrowers.
  • Loans are made jointly payable to the parent/graduate student borrower and Excelsior College.

 

Direct Lending Interest Rates   (Effective July 1, 2009)

Loan Type
Grade Level
First Disbursed
July 1, 2009 through
June 30, 2010
First Disbursed
July 1, 2010 through
June 30, 2011
First Disbursed
July 1, 2011 through
June 30, 2012
First Disbursed
July 1, 2012 through
June 30, 2013
First Disbursed
July 1, 2013 through
June 30, 2014
Subsidized Stafford
Undergraduate
5.60
4.50
3.40
3.40
3.86
Graduate
6.80
6.80
6.80
N/A
N/A
Unsubsidized Stafford
Undergraduate
6.80
6.80
6.80
6.80
3.86
Graduate
6.80
6.80
6.80
6.80
5.41
PLUS Loans
Parent and Grad Student
7.90
7.90
7.90
7.90
6.41

(Source)

Annual Limits on Loan Amounts

Independent Students
Annual Limits
Subsidized
Unsubsidized
Total Limit
Freshman (under 30 credits)
$3,500
$6,000
$9,500
Sophomore (30-60 credits)
$4,500
$6,000
$10,500
Junior (61-90 credits)
$5,500
$7,000
$12,500
Senior (91+ credits)
$5,500
$7,000
$12,500
Graduate Students
N/A
$20,500
$20,500
Lifetime Limits
Subsidized
Unsubsidized
Total Limit
Undergraduate
$23,000
$34,500
$57,500
Graduate
N/A
$138,500
$138,500
Dependent Students
Annual Limits
Subsidized
Unsubsidized
Total Limit
Freshman (under 30 credits)
$3,500
$2,000
$5,500
Sophomore (30-60 credits)
$4,500
$2,000
$6,500
Junior (61-90 credits)
$5,500
$2,000
$7,500
Senior (91+ credits)
$5,500
$2,000
$7,500

 


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Instructions

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If the problem persists

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Speak with an Excelsior College financial aid advisor

855-323-9235

Delaying Loan Payments

Have questions about delaying your loan payments?

Learn More