If you do, you'll need to take care of a couple things, like signing your Electronic Master Promissory Note or going through online Loan Entrance Counseling. Since these are required, it's best to take care of them as soon as possible. You can do both by visiting studentaid.gov.
Northern Kentucky University has been a direct lending institution since 2010 and participates in the William D. Ford Direct Loan Program. Direct lending is when eligible students and parents borrow directly from the federal government. Direct Loans include Direct Subsidized and Unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans. You repay these loans directly to the U.S. Department of Education.
| Dependent Student* | Subsidized** | Unsubsidized | Total |
|---|---|---|---|
| Freshman (1-29 hours) | $3,500 | $2,000 | $5,500 |
| Sophomore (30-59 hours) | $4,500 | $2,000 | $6,500 |
| Junior (60-89 hours) | $5,500 | $2,000 | $7,500 |
| Senior (90+ hours) | $5,500 | $2,000 | $7,500 |
| Independent Student* | Subsidized** | Unsubsidized | Total |
|---|---|---|---|
| Freshman (1-29 hours) | $3,500 | $6,000 | $9,500 |
| Sophomore (30-59 hours) | $4,500 | $6,000 | $10,500 |
| Junior (60-89 hours) | $5,500 | $7,000 | $12,500 |
| Senior (90+ hours) | $5,500 | $7,000 | $12,500 |
| Lifetime Aggregate Limit | Subsidized** | Total |
|---|---|---|
| Dependent* | $23,000 | $31,000 |
| Independent* | $23,000 | $57,500 |
| Graduate | $65,500 | $138,500 |
*Undergraduate students
**Subsidized loans are based on need and may vary from student to student.
Most federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You're responsible for repaying the entire amount you borrowed and not just the amount you received.
The chart below shows the loan fees for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after Oct. 1, 2019.
Loan Type |
First Disbursement Date |
Loan Fee |
|---|---|---|
Direct Subsidized and Unsubsidized Loans |
On or after 10/1/20 and before 10/1/24 |
1.057% |
On or after 10/1/19 and before 10/1/20 |
1.059% |
|
Direct PLUS Loans |
On or after 10/1/20 and before 10/1/24 |
4.228% |
On or after 10/1/19 and before 10/1/20 |
4.236% |
For Direct Loans First Disbursed on or After July 1, 2023, and Before July 1, 2024
Undergraduate Borrowers |
Graduate or Professional Borrowers |
5.50% |
7.05% |
Direct Subsidized Loans and Direct Unsubsidized Loans |
Direct Unsubsidized Loans |
For Direct Loans First Disbursed on or After July 1, 2024, and Before July 1, 2025
Undergraduate Borrowers |
Graduate or Professional Borrowers |
6.53% |
9.08% |
Direct Subsidized Loans and Direct Unsubsidized Loans |
Direct Unsubsidized Loans |
Graduate and professional students can also apply for the Graduate Plus loan. Students who are applying must pass a credit check and must be enrolled half-time in a degree seeking program. If you receive a Direct PLUS Loan as a graduate or professional student, you don't have to make any payments while you're enrolled in school at least half-time, and for an additional six months after you graduate, leave school, or drop below half-time enrollment. The Direct Graduate Plus Loan has an interest rate of 8.05 percent (effective July 1, 2023). The maximum Plus eligibility is determined by the student's cost of attendance minus any other financial aid that the student is receiving.
Please Note: As of July 1, 2024 the interest rate will be 9.08%.
Who is eligible to apply for the NFLP?
Students who are admitted to or enrolled in one of our Nursing programs at a master’s or doctoral level, are eligible to apply. They must also meet the following criteria:
1) Be a US citizen or national of the US, or a lawful permanent resident of the US and its territories
2) Be enrolled full-time or part-time in an eligible program at the time the NFLP loan is established and must complete the education component(s) to prepare qualified nurse faculty
3) Be in good academic standing in an advanced nurse education program at the school
4) Have no judgment liens entered against them based on the default on a federal debt, 28 U.S.C. 3201(e)
Borrowers should maintain full or part time enrollment status for a minimum of 2 terms/semesters during an academic year while receiving the NFLP loan.
How do you apply for the NFLP?
Contact the Office of the Dean of the College of Health Professions. They will provide you with the necessary application. If you are eligible and selected for the program, you will communicate with a representative in the Office of Student Financial Assistance via email to accept the loan and complete the required promissory note every semester.
What does the NFLP provide?
The amount of the loan is restricted to tuition plus the cost of fees, books, laboratory expenses and other reasonable education expenses and is determined by the College of Health Professions. NFLP Loan Funds DO NOT include support for living expenses, transportation expenses, room/board, or personal expenses. If the student’s tuition is paid by a waiver/scholarship they can only receive the loan for fees and books.
Can a student receive the NFLP for more than one academic year?
Subject to the availability of funds and the recipient maintaining good academic standing, the NFLP loan can be made annually for the period required to complete the course of study, not to exceed five (5) years.
The NFLP is not a need-based program. The Free Application for Federal Student Aid (FAFSA) and other financial records are not required to determine eligibility for the NFLP borrower. However, FAFSA data may be used to confirm U.S. citizenship and non-default status on federal loans.
The NFLP loan(s) made to a recipient is not transferable to another school. The student may transfer to another participating NFLP school and request NFLP loan support; however, the cumulative total should not exceed the maximum of $35,500 per academic year, and not to exceed 5 years of support.
How does the NFLP repayment and forgiveness work?
The grace period for the NFLP Loan repayment is 9 months. The unpaid balance is repayable in equal or graduate periodic installments over a 10 year repayment period.
The borrower must find employment as a full time nurse faculty member within 12 months after graduation to be eligible for the loan cancellation provision. If verification of employment is not submitted to Northern Kentucky University’s servicer – ECSI – within the 12 month timeframe the borrower will not be eligible for the cancellation provision.
The cancellation provision authorizes the lending school to cancel up to 85% of the NFLP loan if the borrower serves as full-time nurse faculty for a consecutive four year period at a school of nursing following graduation. The borrower may cancel 20% of the principal and interest on the amount of the unpaid balance upon completion of each of the first, second, and third year of full time employment; and 25% of the principal and interest on the amount of the unpaid balance upon completion of the fourth year of full-time employment.
The borrower is responsible for requesting cancellation. After the end of each complete year of employment, the borrower must submit an NFLP Request for Partial Cancellation Form.
Federal Parent PLUS Loans are available for parents of dependent undergraduate students who are enrolled at least half-time and are meeting satisfactory academic progress requirements. The parent must be the biological, adoptive or stepparent of the student for whom they are borrowing. Parents may borrow up to the cost of attendance minus any other financial aid the student will receive. The FAFSA is required. PLUS loans are subject to a credit check.
Interest begins to accumulate on the date of the first loan disbursement. The repayment period begins on the date the loan is fully disbursed. The first payment is due within 180 days after the final loan disbursement. There are deferment options that will allow you to defer the loan while the student is enrolled at least halftime. You will receive further information about repayment and deferment options from the Direct Loan Servicer. The Parent Plus Loan has an interest rate of 8.05 percent (effective until June 30, 2024). The interest rate for the Parent Plus Loan will change to 9.08% (effective as of July 1, 2024).
If the eligible parent of an undergraduate student accepts the Federal Direct Parent PLUS Loan, the following steps MUST be completed in order to process the loan. The parent borrower must be listed on the student's FAFSA. Upon credit approval and completion of all requirements, the loan funds will be disbursed to the school at the appropriate time.
*Parent PLUS Loan Eligibility Confirmation Form
If the parent who is borrowing the Parent PLUS loan is not listed on the student’s FAFSA, the *Parent PLUS Loan Eligibility Confirmation Form and required documents are required to process this loan.
PLUS credit counseling is available at www.studentaid.gov. PLUS credit counseling may be completed voluntarily at any time. PLUS credit counseling is required if the U.S. Department of Education has informed you that you have an adverse credit history and
Students, after exhausting all other aid avenues including federal loan eligibility, sometimes explore the use of non-federal educational loans. Collectively called alternative loans, these loan products may be available to assist a student who is not eligible for federal aid or when federal aid does not meet the financial need of the student. Alternative educational loans require the student borrower to be credit-worthy or have a credit-worthy co-signer. They can assist with meeting your educational costs. For more information on federal loans versus alternative loans, visit the federal student aid website.
For alternative loan options, visit FASTChoice. Here you can learn more about alternative loans, find details about different lenders and loan programs, and even select the loan that's right for you.
For bar study loan options, please follow the link provided below. We have collected information for you to research different bar study loans to choose the right one for you. A bar study loan can help a student with the opportunity to obtain the funds they need for bar study-related expenses that are not covered by federal student loan programs. For more information, please contact the Office of Student Financial Assistance.
For bar study loan options, visit FASTChoice.
Northern Kentucky University
Lucas Administrative Center, Room 301
Highland Heights, KY 41099
Phone: +1 (859) 572-5143
Fax: (859) 572-6997
Toll-Free: 1-888-225-4499
Hours: Monday - Friday 8:15am - 4:30pm Virtual appointments available upon request.
