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Educational Loans

If you apply for financial aid by filing the FAFSA, you may be offered loans as part of your financial aid award offer. A loan is money you borrow and must pay back with interest. Some loans are need-based; others are available to any enrolled student.  

Borrowing can be costly. We recommend you consider borrowing only if you have exhausted all other options and only borrow what you need. Make a budget for yourself to keep your debt within manageable limits.  

All Temple University students should read the Temple University Student Lending Code of Conduct (PDF).

All federal loans (Stafford, PLUS and Perkins) students receive are reported on the National Student Loan Data System. The information is accessible to guaranty agencies, lenders and authorized users at schools. Students can access their information using their Department of Education pin number at the NSLDS website.

federal LoanS

The William D. Ford Federal Direct Loan Program is the largest federal student loan program. Under this program, the U.S. Department of Education is your lender.

Loan Type

Origination Fees

 

Prior to July 1, 2013

First disbursed on/after Dec 1, 2013 and before October 1, 2014

On or after October 1, 2014 and before October 1, 2015

Direct Subsidized & Unsubsidized

1.00%

1.072%

1.073%

Graduate & Parent PLUS

4.00%

4.288%

4.292%

There are several types of Federal Direct Loans available:     

Direct Subsidized Loans
Loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education. The federal government pays the interest on the loan during certain periods of time.

Direct Unsubsidized Loans
These loans are made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan. You are responsible for paying all interest on the loan.

Direct PLUS Loans
Direct PLUS Loan is available to parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Parents should wait to apply for the upcoming academic year until mid-June.

Direct Graduate PLUS Loans
The Direct Graduate PLUS Loan is offered to qualified graduate or professional students with or without financial need who meet all financial aid eligibility requirements. Students should wait to apply for the upcoming academic year until mid-June.

Direct Consolidation Loans
Consolidation loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer. 

Federal Borrowing Levels

Undergraduate students

  • Up to $5,500 per year in Federal Perkins Loans depending on your financial need, enrollment, the amount of other aid you receive and the Temple University annual availability of funds.
  • $5,500 to $12,500 per year in Direct Subsidized Loans and Direct Unsubsidized Loans depending on certain factors, including total number of completed credits.

Graduate students

  • Up to $20,500 each year in Direct Unsubsidized Loans
  • Up to $8000 each year in Federal Perkins Loans depending on your financial need, enrollment, the amount of other aid you receive, and the Temple University annual availability of funds.
  • The remainder of your educational costs not covered by other financial aid in Direct PLUS Loans. NOTE: A credit check is required for a PLUS loan.

Parents of a dependent undergraduate student

  • The remainder of your child’s annual educational costs that are not covered by other financial aid sources. NOTE: A credit check is required for a parent PLUS loan.

federal School-Based Loans

Federal Perkins Loan Program
The Federal Perkins Loan Program is a school-based loan program for full-time undergraduates and graduate students with exceptional financial need. Loan funding is limited and under this program the school is lender. 

private Loans

Private Alternative Loans
Private alternative loans are managed through private lenders, issued in the student’s name, and require a credit-worthy co-signer. Eligibility, rates, terms, and conditions vary.