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Loans for Undergraduate Students

Loans can be a valuable tool to help bridge the gap between financial aid and the cost of attending Nova Southeastern University. While they offer financial flexibility, it’s important to understand the terms and conditions carefully. Federal student loans often provide more favorable repayment options compared to private loans.

Explore the loan options available to you and your family to find the best fit for your financial situation.

Federal Loan Programs

Eligibility

  • Complete FAFSA
  • Demonstrate financial need
  • Awarded to undergraduate students
  • Must enroll at least halftime
  • Must complete a Direct Loan Master Promissory Note and Entrance Interview prior to first disbursement.
  • Exit Interview must be completed if student drops below half time or ceases enrollment.

Interest Rates

  • Fixed interest rate of 6.53 percent for loans first disbursed on or after July 1, 2024, and before July 1, 2025
  • Fixed interest rate of 5.50 percent for loans first disbursed on or after July 1, 2023, and before July 1, 2024 

Loan Fees

First Disbursement Date Loan Fee
On or after Oct. 1, 2023, and before Oct. 1, 2024 1.057 percent
On or after Oct. 1, 2022, and before Oct. 1, 2023 1.057 percent

Master Promissory Note

Once the Direct loan has been awarded and guaranteed, the Department of Education will send you a notification to complete a Master Promissory Note (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.

Annual Loan Limits

Annual Loan Limits - Direct Loan
Dependent Students
(whose parents were not denied a PLUS loan)
Combined Base Limit for Subsidized and Unsubsidized Loans Additional Limit for Unsubsidized Loans Total Limit for Unsubsidized Loans (minus subsidized amounts)
First-Year Undergraduate (Freshman) $3,500 $2,000 $5,500
Second-Year Undergraduate (Sophomore) $4,500 $2,000 $6,500
Third-Year and Beyond Undergraduate (Junior, Senior) $5,500 $2,000 $7,500
Preparatory Coursework (for enrollment in an undergraduate program) $2,625 $0 $2,625
Preparatory Coursework (for enrollment in a graduate or professional program) $5,500 $0 $5,500
Teacher Certification Coursework $5,500 $0 $5,500
Independent Students
(and dependent students whose parents were denied a PLUS loan)
Combined Base Limit for Subsidized and Unsubsidized Loans Additional Limit for Unsubsidized Loans Total Limit for Unsubsidized Loans (minus subsidized amounts)
First-Year Undergraduate (Freshman) $3,500 $6,000 $9,500
Second-Year Undergraduate (Sophomore) $4,500 $6,000 $10,500
Third-Year and Beyond Undergraduate (Junior, Senior) $5,500 $7,000 $12,500
Preparatory Coursework (for enrollment in an undergraduate program) $2,625 $6,000 $8,625
Preparatory Coursework (for enrollment in a graduate or professional program) $5,500 $7,000 $12,500
Teacher Certification Coursework $5,500 $7,000 $12,500

Aggregate Loan Limits

Aggregate Loan Limits - Direct Loan
Student Type Combined Base Limit for Subsidized and Unsubsidized Loans Additional Limit for Unsubsidized Loans Total Limit for Unsubsidized Loans (minus subsidized amounts)
Dependent Undergraduate Students (whose parents were not denied a PLUS loan) $23,000 $8,000 $31,000
Independent Undergraduate Students (and dependent students whose parents were denied a PLUS loan) $23,000 $34,500 $57,500

Repayment

When you receive your first Federal Direct Loan, you will be contacted by your loan servicer. Your loan servicer will provide regular updates on the status of your Federal Direct Loan(s). After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment. During this period, you'll receive repayment information from your loan servicer, and you'll be notified of your first payment due date. Payments are usually due monthly.

Eligibility

Interest Rates

  • Fixed interest rate of 6.53 percent for loans first disbursed on or after July 1, 2024, and before July 1, 2025
  • Fixed interest rate of 5.50 percent for loans first disbursed on or after July 1, 2023, and before July 1, 2024

Loan Fees

First Disbursement Date Loan Fee
On or after Oct. 1, 2023, and before Oct. 1, 2024 1.057 percent
On or after Oct. 1, 2022, and before Oct. 1, 2023 1.057 percent

Master Promissory Note

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.

Annual Loan Limits

Annual Loan Limits - Direct Loan
Dependent Students
(whose parents were not denied a PLUS loan)
Combined Base Limit for Subsidized and Unsubsidized Loans Additional Limit for Unsubsidized Loans Total Limit for Unsubsidized Loans (minus subsidized amounts)
First-Year Undergraduate (Freshman) $3,500 $2,000 $5,500
Second-Year Undergraduate (Sophomore) $4,500 $2,000 $6,500
Third-Year and Beyond Undergraduate (Junior, Senior) $5,500 $2,000 $7,500
Preparatory Coursework (for enrollment in an undergraduate program) $2,625 $0 $2,625
Preparatory Coursework (for enrollment in a graduate or professional program) $5,500 $0 $5,500
Teacher Certification Coursework $5,500 $0 $5,500
Independent Students
(and dependent students whose parents were denied a PLUS loan)
Combined Base Limit for Subsidized and Unsubsidized Loans Additional Limit for Unsubsidized Loans Total Limit for Unsubsidized Loans (minus subsidized amounts)
First-Year Undergraduate (Freshman) $3,500 $6,000 $9,500
Second-Year Undergraduate (Sophomore) $4,500 $6,000 $10,500
Third-Year and Beyond Undergraduate (Junior, Senior) $5,500 $7,000 $12,500
Preparatory Coursework (for enrollment in an undergraduate program) $2,625 $6,000 $8,625
Preparatory Coursework (for enrollment in a graduate or professional program) $5,500 $7,000 $12,500
Teacher Certification Coursework $5,500 $7,000 $12,500

Aggregate Loan Limits

Aggregate Loan Limits - Direct Loan
Student Type Combined Base Limit for Subsidized and Unsubsidized Loans Additional Limit for Unsubsidized Loans Total Limit for Unsubsidized Loans (minus subsidized amounts)
Dependent Undergraduate Students (whose parents were not denied a PLUS loan) $23,000 $8,000 $31,000
Independent Undergraduate Students (and dependent students whose parents were denied a PLUS loan) $23,000 $34,500 $57,500

Repayment

Student does not have to pay the principal while 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. For information on minimizing your student loan debt by making interest payments while in school, view Unsubsidized Direct Loan Scenarios.

Eligibility

  • Student must complete FAFSA
  • Dependent undergraduate students enrolled at least half time
  • Contingent upon credit approval
  • No annual or aggregate amounts, except parent may not borrow more than the difference between the student's Cost of Attendance (COA) and other financial aid the students expects to receive
  • Must meet citizenship criteria
  • Must complete a Master Promissory Note and Entrance Counseling for parent borrowers
  • For more information, visit the Department of Education's website Federal Student Aid.

Interest Rates

  • Fixed interest rate of 9.08 percent for loans first disbursed on or after July 1, 2024, and before July 1, 2025
  • Fixed interest rate of 8.05 percent for loans first disbursed on or after July 1, 2023, and before July 1, 2024
  • Interest accrues as soon as the first disbursement is made.

Loan Fees

First Disbursement Date Loan Fee
On or after Oct. 1, 2023, and before Oct. 1, 2024 4.228 percent
On or after Oct. 1, 2022, and before Oct. 1, 2023 4.228 percent

Loan Limits

  • Maximum amount is cost of attendance minus any other financial aid the student receives; no minimum award amount

Repayment

Please visit the Department of Education's website studentaid.gov for detailed information or contact the lender.

Apply for a Federal Direct Parent Loan for Undergraduate Students (PLUS)

  • Online PLUS Request Process available through the Department of Education. Parents will need their FSA ID to log in to the Department of Education's secure site.

Learn More About Federal Direct Loan Eligibility for Preparatory Coursework

Alternative/Private Loans

Alternative (private) loans offer additional financing options for undergraduate students. These loans are provided by banks, credit unions, and other private lenders. While they can help cover educational costs, it's essential to explore federal loan options first due to potential benefits such as flexible repayment plans and income-driven repayment options.

  • Credit History: Most lenders require a satisfactory credit history. Some loans may require a cosigner.
  • Loan Certification: Your school must certify your loan before funds are disbursed.
  • Interest Rates: Rates vary based on creditworthiness. Compare multiple lenders for the best options.
  • Loan Limits: Not based on financial need, but cannot exceed the cost of attendance.
  • Repayment: Length of repayment varies by lender. 

NSU Payment Plans

Need help covering the full cost of tuition? NSU Payment Plans offer a flexible option to spread out your balance over several installments. This can provide much-needed relief while you focus on your studies. 

Learn More About NSU Payment Plans

Maximize Your Future by Minimizing Your Debt

NSU has a dedicated debt management staff that assists students with understanding the long term implications of borrowing money and provides one-on-one and/or group counseling on strategic borrowing, loan repayment options, effective budgeting, and credit card smarts.

Visit Debt Management

Contact Us

Horvitz Admin. Bldg
3300 S. University Drive
Fort Lauderdale, FL, 33328-2004

Monday - Friday
8:30 a.m. to 6:00 p.m.

(954) 262-3380 | 800-806-3680

finaid@nova.edu 

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