Student Loans

Many students fund their education through student loans.

Several types of student/educational loans are available. Since all loans must be repaid, some with interest, it is important to explore all options, carefully consider borrowing decisions, and only borrow what you need.

Federal Loans

Federal Direct Subsidized/Unsubsidized loans are are low interest loans from the Department of Education. To determine eligibility, students are required to complete the Free Application for Federal Student Aid (FAFSA) application. All eligible students must be enrolled in at least six credits per semester for undergraduate students and five credits per semester for graduate and professional students, and meet Satisfactory Academic Progress (SAP).

Open-enrollment, independent study courses, continuing enrollment and extended learning courses are not eligible for federal financial aid.

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What is a subsidized loan?

A subsidized loan is available to undergraduate students who demonstrate financial need based on the results of the Free Application for Federal Student Aid (FAFSA).

No interest is accrued while you are in school at least half-time (6 credits), and during deferment periods. Graduate students are not eligible for subsidized loans.

Subsidized Loan Eligibility Criteria

Must complete a FAFSA each year, and have a calculated Student Aid Index (SAI)
Must be enrolled in a minimum of 6 semester-based credits as an undergraduate.
Must be a degree seeking undergraduate student.
Meet Satisfactory Academic Progress (SAP) standards.
Otherwise eligible for Federal Aid

For more information, please visit StudentAid.gov.

What is an unsubsidized loan?

An unsubsidized loan is available to undergraduate and graduate students by completing the Free Application for Federal Student Aid (FAFSA). Ther is no requirement to demonstrate financial need to be eligible.

Interest for unsubsidized loans will begin accruing immediately. Interest is charged when you're enrolled in school and during deferment periods. Students are strongly encouraged to pay the interest while they are in school, but if they cannot, it's automatically deferred until they graduate and enter repayment.

Unsubsidized Loan Eligibility Criteria

Must complete a FAFSA each year, and have a calculated Student Aid Index (SAI).
Must be a degree seeking undergraduate, graduate or professional student.
Must be enrolled in a minimum of 6 semester-based credits as an undergraduate or a minimum of 5 credits as a graduate or professional student.
Meet Satisfactory Academic Progress (SAP) standards.
Otherwise eligible for Federal Aid

For more information, please visit StudentAid.gov.

What is a Parent PLUS loan?

A Parent PLUS loan is a federal loan available to the parent/guardian of a dependent undergraduate students who has submitted a FAFSA, to help pay for the student’s educational costs.

Parent PLUS Loan Application

The Parent PLUS loan is an alternative funding source for parents who are seeking additional funding to help with the students cost of education. The Parent PLUS loan application allows you to authorize the school to use your loan funds to satisfy other educationally related charges after tuition and fees, and room and board have been paid. You are not required to provide this authorization.

As a parent borrower, the Parent PLUS loan application allows you to:

Designate whether the school pays any credit balance to the student or to you.
Request a deferment while the student is in school.

Request an additional deferment for 6 months after the student ceases to be enrolled at least half time.

Parent PLUS Loan Eligibility Criteria

Must complete a FAFSA and have a calculated Student Aid Index (SAI).
Student must be a degree seeking undergraduate enrolled at least half time (6 credits).
Parents (natural, adoptive or legal guardians) may borrow up to the Cost of Attendance (COA) minus other aid the student is receiving.
Parents must not have an adverse credit history.
Requires a Master Promissory Note.
Your application will not be processed if you have a security freeze on your credit file.
Otherwise eligible for Federal Aid.

What is a graduate PLUS loan?

Graduate PLUS is a federal loan that’s an alternative funding source for graduate and professional students who need additional funding to meet the cost of education. Students may borrow up to their Cost of Attendance (COA) minus other aid they are receiving.

Graduate PLUS Loan Application

The Direct PLUS Loan Application allows you to authorize the school to use your loan funds to satisfy other educationally related charges after tuition and fees, and room and board have been paid.

Graduate PLUS Eligibility Criteria

Must complete a FAFSA and have a calculated Student Aid Index (SAI)
Degree seeking graduate or professional students enrolled at least half time (5 credits)
Graduate and professional students may borrow up to the Cost of Attendance minus other aid.
Graduate and professional students will need to apply at www.studentaid.gov
Complete a Master Promissory Note.
Otherwise eligible for Federal Aid

What is a Federal Nursing Loan?

The Federal Nursing Loan is a low interest 5% federal loan available to undergraduate nursing students demonstrating financial need. No interest accrues on the loan while the student is enrolled at least half-time.

Nursing students must complete a FAFSA in order to determine eligibility. Students are offered the Federal Nursing Loan as part of their financial aid offer if they qualify.

Federal Nursing Loan Eligibility Criteria

Must complete a FAFSA and have a calculated Student Aid Index (SAI)
Must demonstrate financial need
Must be admitted to the BSN program (pre-nursing majors are not eligible)
Must be enrolled at least half-time.
Requires completion of a Master Promissory Note (MPN) and other Truth in Lending documents

Repayment begins nine months after graduation or withdrawal from college. Otherwise eligible for Federal Aid.

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).

UND participates in the multi-year process, which means you should only have to complete one MPN for each loan type borrowed (Direct Loan, Nursing Loan, etc.). The MPN will remain valid for 10 years unless you file for bankruptcy. If you sign the MPN and then decide not to borrow within 12 months, you will be required to complete a new MPN.

Federal Direct Loan or Direct PLUS/GradPLUS

If you're borrowing one of these loans for the first time, you must complete your MPN on the Direct Loans Master Promissory Note website.

Federal Nursing Loan

If you're borrowing one of these loans for the first time at UND, please complete the online MPN with ECSI.

Private Student Loans

Private student loans are loans that can be used to pay for your educational costs at UND. These nonfederal loans are made by a lender such as a bank, credit union, state agency or school for educational expenses. You apply for these loans, which often require a co-signer.

You should compare different lenders. A quick way to do this is to use the FastChoice tool to easily compare key aspects of different private loan options. FastChoice is not a lender and not every institution that offers private loans will appear in FastChoice.

FASTchoice

Emergency Short Term Loan

UND has established funding to assist students by providing money on a short-term basis. Students may apply for a Short Term Loan (STL) from the Office of Student Finance. Short term loans will not be approved to pay a past due balance. Once approved, loan funds will be disbursed on or after the first day of class for the term in which they applied to receive the loan. These funds are repaid to UND One-Stop Student Services and a charge will post to the student's account.

All STLs are charged a $5.00 processing fee
Students may only have one outstanding STL at a time
Student must be able to demonstrate ability to repay
STLs must be paid back within 30 days
Students must be registered for the term in which they are applying for an STL
STL applications must be submitted before the last day of the term

Entrance Loan Counseling

If you accept federal loan(s), you are required to complete an Entrance Loan Counseling session before loan funds are released to you. Click the following to complete counseling for the loan(s) you've accepted:

Federal Direct Loan Entrance Counseling
Parent PLUS Loan Entrance Loan Counseling (New regulations require some families to complete.)

Exit Loan Counseling/Loan Repayment

You must complete Exit Loan Counseling:

If you drop below half-time enrollment
If you withdraw from UND
Before the end of your last semester of enrollment at UND

Complete counseling for the loan(s) you have taken out.

If you have taken out a Medical Loan at UND, you must contact the Medical School Financial Aid Office directly to complete exit loan counseling.

The Federal Student Aid Ombudsman Office is available to help you informally resolve loan disputes and problems.

North Dakota Health and Human Services Loan Repayment Options for Healthcare Professionals

Loan Consolidation

Consolidation is the process by which you combine one or more student loans into a new loan. As a result, you'll only have to make one payment per month. Keep in mind that consolidation will likely increase your total cost of borrowing. If you're interested in consolidating loans, you should first contact your student loan lender to request information on loan consolidation programs offered.

Federal Loan Consolidation

Additional information about federal loan consolidation programs can be found with the U.S. Department of Education. If you are unsure of who your loan servicer is, please visit studentaid.gov for assistance.

Federal Loan Consolidation Application

Private Loan Consolidation

Use the FastChoice tool to compare consolidation lenders for private student loans.

FASTCHOICE Private LOAN CONSOLIDATION

Defaulted Student Loans

The U.S. Department of Education's Guide to Defaulted Student Loans provides information for borrowers whose federal loans are in default status.