Johnson College participates in the Federal Direct Student Loan (DL) program which includes subsidized and unsubsidized loans for students and Parent PLUS loans for parents of dependent students. To be eligible for these loans, you must first complete the Free Application for Federal Student Aid (FAFSA).
After completing the FAFSA, and turning in all the necessary documents, you will receive an award letter indicating the DL type and amounts for which you are eligible. Direct loan eligibility is verified in the National Student Loan Data System (NSLDS)*. Before loans can be disbursed to the Bursar’s Office a Master Promissory Note (MPN)and Entrance Counseling must be completed.
The following chart shows the annual and aggregate limits for subsidized and unsubsidized loans.
|Year||Dependent Students (except students whose parents are unable to obtain PLUS Loans)||Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)|
|First-Year Undergraduate Annual Loan Limit||$5,500—No more than $3,500 of this amount may be in subsidized loans.||$9,500—No more than $3,500 of this amount may be in subsidized loans.|
|Second-Year Undergraduate Annual Loan Limit||$6,500—No more than $4,500 of this amount may be in subsidized loans.||$10,500—No more than $4,500 of this amount may be in subsidized loans.|
|Subsidized and Unsubsidized Aggregate Loan Limit||$31,000—No more than $23,000 of this amount may be in subsidized loans.||$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.|
Upon graduating, withdrawing, or dropping below half-time students are required to complete Exit Counseling which explains your loan responsibilities and when repayment begins.
To learn more about subsidized and unsubsidized student loans visit Federal StudentAid.
*All federal Direct loans obtained by a student or parent are reported to and tracked on NSLDS which is accessible to all authorized NSLDS users including schools, student loan guaranty agencies, lenders, federal agencies, and other authorized users. NSLDS is a beneficial tool for keeping track of your loan borrowing.
Parent PLUS Loans
Parent PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay educational expenses. In order to receive a Parent PLUS loan your child must first complete a Free Application for Federal Student Aid (FAFSA) and then you should apply at Student Loans. PLUS loan borrowers must complete a Master Promissory Note (MPN) and may have to complete Entrance Counseling depending on their credit history. Visit Federal Student Aid to learn more about Parent PLUS Loans.
**It should be noted that all loans Federal Direct or private education are expected to be repaid whether or not you complete your education. Please contact your lender for terms, conditions and repayment schedules.
Please use the following information to contact the FSA Student Loan Ombudsman Group.
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