Federal Direct Unsubsidized Loan
Unsubsidized Loans are available to undergraduates, graduates and professional degree students. An Unsubsidized loan is non-need-based and is offered after cost of attendance minus other financial aid (such as grants, scholarships, waivers, etc.). The federal government does not pay the interest on the loan.
How to Apply
To apply for the Unsubsidized loan, the student must complete the FAFSA. To receive the Unsubsidized loan, the student must be enrolled at least half-time (Credit Hour Requirement for Financial Aid), maintain Satisfactory Academic Progress, and be enrolled in a program that leads to a degree or an eligible certificate awarded by the school. If the student is eligible for an Unsubsidized loan, the award amount will be posted on the student’s aid offer on CougarNet. The student must accept the loan on CougarNet in order for the loan to be applied to the student account.
Note: All first-time borrowers must complete Entrance Counseling and a Master Promissory Note (MPN) at StudentAid.gov. Master Promissory Notes are valid for 10 years. If the student is a transfer student and previously received loans, please contact our office.
Loan Fees
There is a loan fee on Unsubsidized loans. The loan fee is a percentage of the loan amount and is deducted from each loan disbursement.
Current Interest Rates
View current Direct Loan interest rates and learn how interest is calculated.
How Will I Receive My Loan?
SIUE will first apply the loan funds to the student's school account to pay for tuition, fees, housing, meal plans, and other school charges. If any additional loan funds remain, they will be returned to the student. All loan funds must be used for the student's educational expenses. All refunds are disbursed by the Office of the Bursar.
When Will Loan Repayment begin?
Federal student loan repayment begins after the student's six month grace period expires. See Loan Repayment for more information.
