Undergraduate Student Grants and Loans
Additional Federal Direct Unsubsidized Loan
Eligibility
- Complete FAFSA
- Financial need is not a requirement
- Must be enrolled for at least half-time.
- Must complete a * Direct Loan Master Promissory Note and Entrance Interview prior to first disbursement.
- Exit Interview required after student drops below half time.
- Only awarded to the following independent students:
- Bachelor of Pharmacy
- $12,500-9 mo. period
- $16,667-12 mo. period
- Bachelor of Pharmacy
Interest Rates
- Fixed rate of 6.8% on loans first disbursed on or after July 1, 2006.
- Borrower is responsible for interest during life of the loan.
Annual/Aggregate Loan Limits
- Maximum loan limits: Unsubsidized loan limits plus additional loan amounts.
Repayment
Student does not have to pay the principal if enrolled at least half-time, but will be charged interest. Student can defer interest but it will be capitalized (added to principal loan balance) later.
Important Details *
Once the Direct loan has been awarded and guaranteed, the Department of Education will send you a notification to complete the MPN. Loan funds will not be disbursed until the borrower completes the MPN.
You are only required to complete an MPN one time as it can be used for up to 10 years of borrowing for educational expenses. A new MPN must be signed if you cease enrollment for one full academic year or if your MPN has expired after 10 years. Each academic year, all students using the MPN will be notified of their loan eligibility. You may accept, reduce, or decline your loan(s) in NSU's WebSTAR system.