Student Financial Aid

Undergraduate students are eligible for the following types of Federal Direct Loans assuming they have enrolled in at least half-time credits (at least 6 credits):

• Subsidized (need based) — Eligibility for a Subsidized Direct Loan is based on the institutional Cost of Attendance, minus the Expected Family Contribution (EFC — from the FAFSA) and certain other types of financial aid offered, including grants and scholarships. Subsidized means the Federal government pays the interest on the loan while the student is enrolled at least half-time. Payment is deferred until 6 months after a student graduates or is no longer enrolled at least half time (6 or more credits).
• Unsubsidized (non-need based) — Eligibility for an Unsubsidized Direct Loan is based on the institutional Cost of Attendance, minus any other financial aid offered. An unsubsidized loan is available to students who do not qualify for a Subsidized Direct Loan, or to supplement a Subsidized Direct Loan (a student could receive both types of loans). The Federal government does not pay the interest. The student borrower is responsible for all interest that accrues from the time the loan is disbursed until the loan is paid in full. Payment is deferred until 6 months after a student graduates or is no longer enrolled at least half time (6 or more credits).
• Parent PLUS Loan — A parent of a dependent, undergraduate student could be eligible to borrow to assist with their student's educational costs under the Parent PLUS Loan program, up to Cost of Attendance minus any other offered student aid. The Parent PLUS Loan does require a parent to pass a basic credit check as part of the application process. Repayment on the Parent PLUS Loan begins 60 days after receiving a disbursement or can be deferred until the associated student graduates or drops below half-time enrollment (6 credit hours). The Parent PLUS Loan is a loan for a parent, and is solely the responsibility of the parent to repay — it does not become the student's loan upon graduation. Parents and students should make sure they understand the terms of the Parent PLUS Loan before applying. Applications for the Parent PLUS Loan, along with required MPN and Entrance Counseling can be completed here — studentaid.gov/plus-app/parent/landing. Parents who are not approved based on credit are presented the option to appeal the decision or seek an endorser (co-signer).
• Alternative Private Loans — This is a non-federal educational loan available through private lenders. The loan is borrowed by the student but generally requires a co-signer. The interest rates may be fixed or variable, dependent upon the individual lender. Although Union does not have a preferred arrangement with a private loan lender, information regarding lenders other students have selected in the last 3 years is available through Fast Choice. Students are not required to select a lender from this list, however, and may select any private loan lender they choose. Loan amounts are determined based on Cost of Attendance (COA) minus any financial aid the student may receive during the loan period. Loan disbursements are made to Union University and will be divided equally among all terms certified.

Graduate/Professional Degree students are eligible for the following types of Federal Direct Loans assuming they have enrolled in at least half-time credits (at least 3 credits):

• Unsubsidized — Eligibility for an Unsubsidized Direct Loan is based on the institutional Cost of Attendance, minus any other financial aid offered. The Federal government does not pay the interest. The student borrower is responsible for all interest that accrues from the time the loan is disbursed until the loan is paid in full. Payment is deferred until 6 months after a student graduates or is no longer enrolled at least half time (3 or more credits).
• Graduate PLUS Loan — Graduate/Professional Degree students could be eligible to borrow under the PLUS Loan Program up to their Cost of Attendance minus other estimated financial assistance. The Graduate PLUS loan does require a student to pass a basic credit check as part of the application process, unlike the unsubsidized loan. Repayment on the Graduate PLUS loan begins 60 days after receiving a disbursement, or can be deferred until graduation or dropping below half-time enrollment (3 credit hours). Students should maximize their unsubsidized loan eligibility before using the Graduate PLUS Loan as the interest rate and origination fees for the Graduate PLUS Loan are higher. Applications for the Graduate PLUS Loan, along with required MPN and Entrance Counseling can be completed here. Students who are not approved based on credit are presented the option to appeal the decision or seek an endorser (co-signer).
• Alternative Private Loans — This is a non-federal educational loan available through private lenders. The loan is borrowed by the student but generally requires a co-signer. The interest rates may be fixed or variable, dependent upon the individual lender. Although Union does not have a preferred arrangement with a private loan lender, information regarding lenders other students have selected in the last 3 years is available through Fast Choice. Students are not required to select a lender from this list, however, and may select any private loan lender they choose. Loan amounts are determined based on Cost of Attendance (COA) minus any financial aid the student may receive during the loan period. Loan disbursements are made to Union University and will be divided equally among all terms certified.

If you previously received a Subsidized, Unsubsidized, or Graduate PLUS Loan and are no longer enrolled at least half time (including withdrawing or graduating from Union University) you are required to complete Exit Counseling. Exit Counseling covers the available repayment options and connects you with information about when and who to repay.

Exit Counseling Repayment Plans