MyMBU

Loans

Federal Direct Subsidized Student Loan 
A federal loan for undergraduate students to help cover the cost of higher education. The subsidized amount varies up to $3,500 per year for grade level one (freshman); $4,500 per year for grade level two (sophomore); and $5,500 per year for grade levels three (junior) through five (fifth year senior). Students must first file the Free Application for Federal Student Aid (FAFSA) and meet all other federal eligibility requirements. This is a need-based loan and the government will pay the interest while the students are in school. Students must be enrolled for at least 6 credit hours each semester. Repayment will begin six-months after the students graduate, leave school, or drop below half-time enrollment.

The current interest rate for Federal Direct Subsidized Student Loans is 4.45%.

The government charges a loan fee of 1.066% on all Direct Subsidized Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement.  Student Loans originated after  October 1st, 2018 will be charged a loan origination fee of 1.062%.

Federal Direct Unsubsidized Student Loan 
A federal loan for students to help cover the cost of higher education. The amount for all student levels is $2,000 per academic year. Students must first file the Free Application for Federal Student Aid (FAFSA) and meet all other federal eligibility requirements. This loan is not need-based, and the government does not pay the interest while the students are in school.  However, students do have the option to pay on it while they are still in school. Students must be enrolled for at least 6 credit hours each semester. Repayment will begin six-months after the students graduate, leave school, or drop below half-time enrollment.

Additional Federal Direct Unsubsidized Student Loan 

A federal loan for students to help cover the cost of higher education. The amount varies up to $4,000 per year for grade levels one (freshman) and two (sophomore); $5,000 per year for grade levels three (junior) through five (fifth year senior). Students must first file the Free Application for Federal Student Aid (FAFSA) and meet all other federal eligibility requirements.  The eligibility for additional unsubsidized student loan  is based off of the denial of a parent plus loan for credit reasons. The parent must apply for the PLUS loan and be denied. This loan is not need-based, and the government does not pay the interest while the students are in school. However, students do have the option to pay on it while they are still in school. Students must be enrolled for at least 6 credit hours each semester. Repayment will begin six-months after the students graduate, leave school, or drop below half-time enrollment.

The current interest rate for Federal Direct Unsubsidized Student Loans is 4.45%.

The government charges a loan fee of 1.066% on all Direct Unsubsidized Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement.  Student Loans originated after  October 1st, 2018 will be charged a loan origination fee of 1.062%.

How To Apply for a Direct Student Loan

Application Process
FAFSA (https://fafsa.ed.gov)
Entrance Counseling (https://studentloans.gov)
Loan Agreement (MPN) (https://studentloans.gov)

Federal Parent Loan for Undergraduate Student (PLUS)
A federal loan that is offered to parents of undergraduate students to help pay for education expenses. The amount of the loan is limited to the cost of education minus financial aid. The eligible amount of the loan may vary for each applicant/student. Students must be enrolled for at least 6 credit hours each semester. Repayment will begin sixty days after the school receives the last disbursement of the loan. Parents must log in to https://studentloans.gov to apply. If approved, they will then need to sign the Loan Agreement for a PLUS Loan (MPN). This is a legal document indicating parents promise to repay the federal student loan(s) and any accrued interest and fees.

The current interest rate for Federal Direct Parent PLUS Loans is 7.00%.

The government charges a loan fee of 4.264% on all Direct Parent PLUS Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement.  PLUS Loans originated after  October 1st, 2018 will be charged a loan origination fee of 4.248%.

PLUS Loan for Graduate Students
A federal loan that can be used to cover the costs of graduate school. Students must first reach their Direct Unsubsidized Loan aggregate limit for eligibility. The amount of the loan is limited to the cost of education minus financial aid. The eligible amount of the loan may vary for each applicant/student. Students must be accepted into the Graduate program and be enrolled for at least 3 hours each semester.  Repayment begins after the school receives the last disbursement of the loan, but payments are deferred while the student is enrolled at least half time.  Students must log in to https://studentloans.gov to apply. Students will then need to sign the Loan Agreement for a PLUS Loan (MPN). This is a legal document indicating the student promises to repay the federal student loan(s) and any accrued interest and fees.

The current interest rate for Federal Direct Graduate PLUS Loans is 6.00%.

The government charges a loan fee of 4.264% on all Direct Graduate PLUS Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement.  PLUS Loans originated after  October 1st, 2018 will be charged a loan origination fee of 4.248%.

Need help with your loan documents? See our Completing Required Loan Documents page.

Alternative/Private Loan Options
Alternative loans, sometimes referred to as private loans, can supplement the other forms of aid a student generally receives. While we cannot suggest a specific lender to a student, we do maintain a historical list of loan companies that our students have used in recent years. Our lender list can be accessed through the following link: Alternative/Private Lenders