Tuition and Aid

Loans For Students

Federal Direct Loan Program

This is one of the federal student aid programs of the US Department of Education. These loans are sometimes referred to as Stafford Loans. The loan is available when enrolled at least half-time and is the only source of federal aid for students pursuing a second bachelor’s degree. Since the loans are borrowed directly from the government, borrowers make loan payments to the Department of Education’s loan servicers when that time comes. Information about the interest rates and any origination fees can be found at www.studentaid.ed.gov/types/loans.

Prospective borrowers must first complete the Free Application for Federal Student Aid (FAFSA). Based on the information provided on the FAFSA, our office will determine the type and amount of direct loan for which you are eligible. There are two kinds of federal direct loans.

  • Direct Stafford Subsidized Loan: No interest accrues on the principal while you are attending college at least half-time. Eligibility is need-based.
  • Direct Stafford Unsubsidized Loan: Eligibility is not need-based. You are responsible for the interest that accrues while you are enrolled in school and during the grace period. Repayment of the loan and interest does not begin until you finish your degree or stop being enrolled at least half-time.
  • Electronic Master Promissory Note (MPN) And Entrance Counseling: Federal regulations require that first-time borrowers and students new to UE complete a Master Promissory Note and Entrance Counseling. Both are done at studentloans.gov. You will sign in using the same student PIN that is used when completing the FAFSA. Loan proceeds will not be disbursed until both the MPN and Entrance Counseling have been completed. Students complete these steps only as first-time borrowers.
  • Exit Counseling: Borrowers must attend an exit counseling session before they graduate or withdraw from the University. At UE, these sessions are conducted in person by a financial aid professional. Several group sessions are offered at the end of each semester.

Annual Loan Limits For Direct Loans

Grade Level Dependent Undergraduate Students Independent Students
Year 1
(0-29 hours)
$5,500
(maximum $3,500 subsidized)
$9,500
(maximum $3,500 subsidized)
Year 2
(30-59 hours)
$6,500
(maximum $4,500 subsidized)
$10,500
(maximum $4,500 subsidized)
Year 3, 4, 5
(60+ hours)
$7,500
(maximum $5,500 subsidized)
$12,500
(maximum $5,500 subsidized)
Graduate/Professional N/A $20,500
(unsubsidized)

Aggregate Loan Limits: Maximum Total Outstanding Loan Debt

Grade Level Dependent Undergraduate Students Independent Students
Undergraduate $31,000
(maximum $23,000 subsidized)
$57,500
(maximum $23,000 subsidized)
Graduate/Professional N/A $138,500
(maximum $65,000 subsidized)

Federal Perkins Loan

The Office of Financial Aid will award this federal loan to a limited number of our students whose FAFSAs indicate a large, unmet financial need. These loans are interest-free while the student is in school and have a grace period of nine months after graduation or withdrawal before repayment begins. Repayment is made monthly with an interest rate of five percent. The maximum loan is $5,500 per year, but UE rarely offers that much to one student because of limited funds. Students awarded a Federal Perkins Loan will receive an application form and detailed information enclosed with the Financial Aid Notification letter. First-time recipients of a Federal Perkins Loan must stop by the Office of Financial Aid when classes begin in their first semester at UE to sign the Master Promissory Note (MPN). Completion of the MPN is a one-time process and is good for all Federal Perkins Loan borrowing for up to 10 years. In subsequent years, students returning to UE who signed the MPN at UE in a previous year only need to complete the application form that is included annually with their UE Financial Aid Notification.

Federal Nursing Loan

Federally funded loans available to qualified full- and half-time nursing students. The interest rate is five percent. Repayment is made monthly and begins nine months after graduation or withdrawal from UE. Students may borrow $2,500 for each of the freshman and sophomore years and up to $4,000 for each of the junior and senior years. The cumulative borrowing limit is $13,000. Each student awarded a Federal Nursing Student Loan will receive an application form and detailed loan information enclosed with the Financial Aid Notification letter. First-time recipients of a Federal Nursing Student Loan must stop by the Office of Financial Aid when classes begin in their first semester at UE to sign the Master Promissory Note (MPN). Completion of the MPN is a one-time process and is good for all Federal Nursing Student Loan borrowing for up to 10 years. In subsequent years, students returning to UE who signed the MPN at UE in a previous year only need to complete the application form that is a part of the award letter and return it to the Office of Financial Aid.

Charles Edson Schell Foundation Loan

The University of Evansville has limited funds to loan out in $1,000 loans to UE students. Students must be from Indiana, Illinois, Ohio, Kentucky, West Virginia, Michigan, Missouri, Pennsylvania, or Tennessee. These are private funds and repayment begins no later than six months after the student graduates from UE. No interest is charged at any time. Since funds are limited, they are awarded on a first come, first served basis. Contact the Office of Financial Aid if interested.

Private Student Loans

Private educational loans (often called 'alternative' loans) are available on a credit-approval basis from private lenders and offer additional financial assistance if you have exhausted all other sources of funding for your education. Filing the FAFSA is not required for private loans; however, you should use all grants, scholarships and federal loans for which you are eligible before considering any private loan. Most lenders allow the loan to be in the student’s name; however, most require a creditworthy adult cosigner to qualify for a private loan. Each private lender has different eligibility requirements, loan rates, repayments terms, and conditions. Some will not require loan repayment until after college, but may require payment of interest while you are in school. Please use our Private Lender Comparison Tool via ElmSelect (link below) to compare private loan options. The lenders listed in the link below are the most widely used by UE students and are offered here for the convenience of comparing loan options. You may select any lender you wish for a private educational loan.

All private loan lenders are required to provide to student borrowers three disclosure statements and a Self-Certification Form prior to the school being able to certify the loan. The student will be required to complete and return the Self-Certification Form to the lender.

Other types of disclosures the student will receive include:

  1. Application Disclosure
  2. Loan Approval Disclosure
  3. Final Disclosure (prior to disbursement)

If you plan to apply for a private loan, you will need to be timely and proactive in acknowledging and providing any information requested. Delays in acknowledgement of the above disclosures or in completion of the Self-Certification Form will delay disbursements.

Costs of Attendance for Private Loan Self-Certification

The Cost of Attendance (COA) is the fall and spring total of tuition, fees, room, meals, books, personal, and transportation costs the University has built into your overall budget and is the maximum total financial aid you may have for this year. Various COA budgets for UE students can be found online.

All private lenders must require students applying for a private loan to complete a Self-Certification Form indicating the amount of the UE COA, the student's financial aid, and the difference between the two.

Questions about the Cost of Attendance can be answered by contacting the Office of Financial Aid.

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