Federal Student Loans

Federal Direct Loans

A Federal Direct Loan is a low-interest loan for both undergraduate and graduate students. Loans require a minimum of six credits for undergraduate and five credits for graduate students.

Direct Subsidized Loans

A Direct Subsidized loan is a need-based loan that is offered to undergraduate students who demonstrate financial need.
Interest on subsidized loans does not accrue while the student is enrolled in at least 6 registered credits.

Direct Unsubsidized Loans

A Direct Unsubsidized loan is a loan that is available to undergraduate and graduate students who do not need to demonstrate financial need.  Interest on unsubsidized loans will begin accruing as soon as the loan funds are disbursed to the student.  It will continue to accrue until the loan is paid in full.

 

Applying for Federal Direct Loans

To apply, please complete the Free Application for Federal Student Aid at FAFSA.gov

FAFSA applications become available October 1st for the following school year.  Awarding financial aid starts in late April.

Am I eligible?

Accepting Your Federal Direct Loans

Once you have completed your FAFSA application, we will notify you of the loans you have been awarded.  In order to apply those loans to your student account, please follow these steps:

  1. Log into my.usu.edu
  2. Click on the Banner button
  3. Click on the "Financial Aid (FAFSA) Menu" tab
  4. Click on "Accept (Decline) Your Aid"
  5. Select the Award Year you wish to accept your aid
  6. Click on "Accept Award Offer" tab
  7. Follow the instructions to accept or decline your loans

Please be aware: you must accpet all of the offered subsidized loan before you can accept any portion of the unsubsidized loan. Any amount of a loan you accept will automatically split in half for the fall and spring semesters. 

If you wish to cancel your loan or make adjustments to what you have already accepted, please contact our office.
 

Satisfying Federal Direct Loan Requirements

If you are a first time federal loan borrower, there are additional requirements before we can disburse or pay you your loans.  You must complete an Annual Student Loan Acknowledgment, Loan Entrance Counseling and a Master Promissory Note to receive a loan payment. Please be aware, to receive either type of federal loan you must be enrolled at least half-time (6 registered credits for undergraduates and 5 credits for graduates).

Annual Student Loan Acknowledgment Requirement:

  • To complete, go to the Annual Student Loan Acknowledgment Portal and log in with your FSA ID.
  • The portal will walk you through the rest of the steps.
  • This is a new requirement for 2021-2022 and must be completed annually. Our goal is to help you understand how your loans affect your financial future.

Entrance Counseling Requirement:

  • To complete Federal Direct Loan Entrance Counseling, go to the Entrance Counseling Portal and log in with your FSA ID.
  • The portal will walk you through the rest of the steps.
  • You generally only have to complete loan counseling one time per school unless you switch from undergraduate to graduate loans.

Master Promissory Note Requirement:

  • To complete the Master Promissory Note, go to the Promissory Note Portal and log in with your FSA ID.
  • The portal will walk you through the rest of the steps.
  • You generally only need to submit a Federal Direct Loan Promissory Note one-time for a 10 year period.

Exit Counseling Requirement:

  • To complete the Exit Counseling go to the Exit Counseling Portal and log in with your FSA ID.
  • The portal will walk you through the rest of the steps.
  • You must complete exit counseling when you leave school or drop below half-time enrollment. 

Additional Loan Options

Private Loans

If federal do not cover all of your school-related expenses and you need additional help in paying for those left over costs, private loans may be an option for you.

More about Private Loans

 

Parent PLUS Loans

The federal Parent PLUS loans enables parents to borrow funds to help pay for the educational expenses of their dependent, undergraduate children who are enrolled at least half-time.  In order to acquire a parent PLUS loan, students must submist a FAFSA, and parents must submit a separate PLUS loan application.  Please note that parent PLUS loans are taken out in the parent's name and having an adverse credit score may affect your eligibility to receive a PLUS loan.

Apply for Parent PLUS

 

Graduate PLUS Loans

The federal Graduate PLUS loans enable graduate and professional students to borrown funds beyond Federal Direct loans to pay for educational expenses if they are enrolled at least half-time.  In order to acquire a graduate PLUS loan, students must submist a current FAFSA as well as a separate application for the PLUS loan.  Please note that an adverse credit score may affect your eligibility to receive a PLUS loan.

Apply for Graduate PLUS

 

Emergency Loans

An emergency loan is a low interest, short term loan for USU students as a means of temporary financial assistance.  This loan cannot be used for tuition and is not available if the student is still using the TouchNet payment plan.  Students may borrow a maximum of $400.  Only one emergency loan is available during a semester; this loan is not available between semesters.

Eligibility

Undergraduate students:      enrolled in 6 credits, minimum 2.0 GPA

Graduate students:               enrolled in 5 credits, minimum 3.0 GPA

Must not have any other outstanding USU debts or payment plans

How To Apply

If you a USU student attending the Logan campus: stop by the Financial Aid office to fill out an application
Other USU campuses: please contact our office to help you get started on the application