Student Loans
The University administers loan programs whereby students can borrow a substantial part of the expenses of pursuing university study. Repayment of loans begins six months after the recipient has ceased enrollment as at least a half-time student (six hours for undergraduate students and five hours for graduate students). Students who receive loans as part of their financial aid award must complete Entrance Loan Counseling prior to receiving the loan funds. Entrance Loan Counseling may be completed online at Federal Student Aid.
For the accelerated MBA program, due to the unique nature of the program, half-time status will be defined as 3-5 hours, and full-time status will be defined as 6+ hours.
Federal Direct Student Loans
Note: Students who are enrolled in a certificate program at TWU are not eligible for federal financial aid unless concurrently enrolled and taking classes in a degree-seeking program.
Federal Direct Subsidized Loan
This loan is available to undergraduate students only on the basis of documented financial need. Repayment and interest are deferred until six months after the student graduates or ceases to be enrolled for at least half-time. The interest rate is variable up to 8.25% and is adjusted each year on July 1. The borrower is notified of the actual interest rate on a disclosure statement provided by their federal loan servicer. The maximum annual and aggregate loan limits are determined based on the student’s classification and dependency status.
Federal Direct Unsubsidized Loan
This loan is available to undergraduate students or graduate/professional students and does not require documented financial need. Repayment is deferred until six months after the student graduates or ceases to be enrolled at least half-time. Interest accrues from the date of disbursement at a variable rate not to exceed 9% annually. The federal government sets the interest rate each year. The borrower is notified of the actual interest rate on a disclosure statement provided by their federal loan servicer. The maximum annual and aggregate loan limits are determined based on the student’s classification and dependency status.
Federal Nursing Student Loan Program
The University participates in the Nursing Student Loan Program, which was established by the Nursing Training Act of 1964. This loan is available to undergraduate and graduate nursing majors on the basis of financial need. The interest rate is currently 5% annually. Repayment and interest are deferred until nine months after a borrower graduates or ceases to be enrolled at least half-time in the College of Nursing.
Federal Nursing Student Loan Maximums
| Borrower's Academic Level | Annual Maximum |
|---|---|
| Freshman & Sophomore | $2,500 |
| Junior & Senior | $4,000 |
| Graduate | $4,000 |
| The aggregate/cumulative maximum is $13,000 including amounts borrowed for both undergraduate and graduate study. |
Federal Direct Graduate PLUS Loan
This loan is available to degree-seeking students, enrolled half-time or more, who have exhausted their annual eligibility for the Federal Direct Unsubsidized Loan. A credit check is required, and a FAFSA must be completed. Students may borrow up to the cost of attendance minus other aid received. Application can be made at Federal Student Aid. Repayment begins 60 days after the final disbursement of the loan, but may be deferred during continued half-time enrollment. Interest payments not made during periods of enrollment or deferment will be capitalized.
