Marist participates in the William D. Ford Direct Loan Program through the U.S. Department of Education. These loans have a fixed interest rate set annually, and repayment begins 6 months after graduation when a student drops below half-time enrollment. Please visit studentaid.gov for the most current interest rates. To be considered for federal loans, students must complete the Free Application for Federal Student Aid (FAFSA).  

Direct Subsidized Loan

• Based on financial need (as determined by the FAFSA) 
• Interest is paid by the federal government while you are enrolled at least half-time.

Direct Unsubsidized Loan

• Not based on financial need
• You are responsible for interest during all periods (payment may be deferred while in school)

Loan Details

• Must be enrolled at least half-time (6 credits) 
• Loan origination fees apply and are deducted before disbursement. 
• Funds are sent directly to your Marist student account (scheduled for two disbursements per academic year) 
• First-time borrowers must complete Entrance Counseling at Studentaid.gov
• All borrowers must complete Exit Counseling when leaving school
• Federal Direct Loan amounts have annual and aggregate limits. For loan details, visit StudentAid.gov
• Additional details may be found at StudentAid.gov 

How to Apply - StudentAid.gov 

1. Complete the Master Promissory Note (MPN) – your loan agreement with the federal government. It’s a legal document where you promise to repay the loan and agree to the terms, including interest rates, fees, and repayment responsibilities. The MPN allows you to receive Direct Loans for up to 10 years without reapplying each year.
2. Entrance Counseling – First-time borrowers must complete Entrance Counseling at Studentaid.gov
3. Accept a portion or all of your offered federal student loans by logging into https://my.marist.edu/

Borrowing Amounts/Limits

• Federal Direct Loan amounts have annual and aggregate limits. For loan details, visit StudentAid.gov

Loan Schedule of Reduction - Less than full-time Enrollment

• Federal Subsidized/Unsubsidized annual loan eligibility for part-time students will be adjusted based on enrollment status. Students enrolled less than full-time will have their loans prorated in direct proportion to the percent of full-time status the student is enrolled.

Important Reminders

• Federal loans are not grants, they must be repaid with interest and fees. 
• If you withdraw or take a leave of absence, your financial aid/loans may be adjusted, and a federal recalculation may apply. 
• Always notify the appropriate offices if your enrollment changes.
   

Marist participates in the William D. Ford Direct Loan Program, administered by the U.S. Department of Education. Parent PLUS Loans are unsubsidized federal loans that help cover education expenses for dependent undergraduate students.

Eligibility

• Must be the biological/adoptive parent or stepparent of a dependent undergraduate student (under 24, unmarried, with no legal dependents or unusual circumstances). 
• Student must be enrolled at least half-time in an undergraduate program. 
• Parent must pass a credit check.
• The FAFSA must be completed for the school year before the loan can be processed.

How to Apply - StudentAid.gov 

1. Submit the PLUS Loan Application - completes a credit check and provides the school with the information needed to process the loan. 
2. Complete the Master Promissory Note (MPN) – a legal agreement to repay the loan, interest, and fees. 
3. PLUS Counseling – required only if the parent has an adverse credit history but can be completed voluntarily at any time. 

 Loan Details

• Borrowing limit: Up to the student’s Cost of Attendance minus any other aid for legacy students only. New borrowers will have additional loan limits.
• Interest rate: Fixed for the life of the loan (set annually in June) 
• Fees: Loan fees are deducted from proceeds before disbursement 
• Disbursements: Funds are sent directly to the student’s Marist account (scheduled for two disbursements per year) 
• Repayment: Begins 60 days after the second disbursement, with up to 10 years to repay. Visit here for Repayment Plan information. 
• Deferment: Parents may defer payments until after the student graduates or falls below half-time enrollment
• Loan Forgiveness: Available in cases of death or permanent disability of the borrower or student.
• Additional details found at StudentAid.gov

Loan Increases

• If the original credit check is still valid (<180 days), parents can request an increase via email to LoanCenter@marist.edu  
• If the credit check has expired, a new PLUS Loan application must be submitted at StudentAid.gov 
• Contact Student Financial Services with questions or for guidance.
   

Marist participates in the William D. Ford Direct Loan Program through the U.S. Department of Education. A completed FAFSA is required.

Direct Unsubsidized Loan (Graduate)

Overview

• Available to eligible students enrolled at least half-time (6 credits) 
• Interest accrues while in school (payments may be deferred) 
• Fixed interest rate (set annually) 
• Repayment begins 6 months after leaving school or dropping below half-time enrollment
• Federal Direct Loan amounts have annual and aggregate limits. For loan amounts, visit StudentAid.gov.

Requirements

• First-time borrowers: Complete Entrance Counseling and Master Promissory Note (MPN) at StudentAid.gov. The MPN is your loan agreement with the federal government. It’s a legal document where you promise to repay the loan and agree to the terms, including interest rates, fees, and repayment responsibilities. The MPN allows you to receive Direct Loans for up to 10 years without reapplying each year.
• All borrowers also will complete Exit Counseling when leaving school or dropping below half time enrollment.

Graduate PLUS Loan – Available to Legacy Students Only

Available to graduate/professional students to cover remaining costs after other aid.

Key Details

• Credit check required 
• Borrowing limit: Cost of Attendance minus other aid 
• Interest: Fixed rate (set annually); accrues immediately 
• Repayment: Can be deferred while enrolled
• For annual and aggerate lifetime limits, visit StudentAid.gov

How to Apply - StudentAid.gov

1. Submit the PLUS Loan Application - completes a credit check and provides the school the information needed to process the loan. 
2. Complete the Master Promissory Note (MPN) – a legal agreement to repay the loan, interest, and fees. 
3. Grad PLUS Counseling – Entrance counseling for graduate or professional students is required if you have not previously received a Direct Unsubsidized Loan or Direct Grad PLUS Loan.

Loan Increases

• If the original credit check is still valid (<180 days), students can request an increase via email to LoanCenter@Marist.edu  
• If the credit check has expired, a new PLUS Loan application must be submitted at StudentAid.gov

Important Information (All Direct Loans)

• Loan fees are deducted before disbursement. 
• Funds are sent directly to the student’s Marist account (scheduled for two disbursements per standard year) 
• Must be enrolled at least half-time and meet academic requirements. 
• Loans are automatically applied based on your accepted offer on your myMarist portal. 
• If you withdraw or take a leave of absence, your loan may be adjusted based on federal regulations.
• Additional loan details and Servicer information are available at StudentAid.gov. 
   

Marist provides access to ELM Select, a tool that allows students and families to compare private education loan lenders, interest rates, and borrower benefits. A preferred lender list is available for convenience and includes lenders selected for their commitment to the industry, low or no origination and borrower fees, competitive rates and terms, high-quality customer service and loan servicing, and valuable borrower benefits.

Students and families are not limited to this list and may choose any lender without penalty. In addition to private loans, many states offer education loan programs designed to help residents finance their education. We encourage you to review available options in your state to determine what best meets your needs.

To apply, visit ELM Select, select your program, and click “View Loans” to compare options. Once you have chosen a lender, complete the application and documentation through the lender’s site.

Private Loan Lender List/Application

Eligibility & Borrowing Limits

Private loans may be used to help cover educational costs at Marist. Students may borrow up to the cost of attendance minus other financial aid received. Most lenders require the student to be at least 18 years old, and applications typically include a credit check. A cosigner and income verification may also be required.

Federal regulations require all private loan borrowers to complete the Private Education Loan Applicant Self-Certification form. This form is part of the application process with the lender and must be submitted to the lender before the loan can be approved or disbursed. 

Lenders

Loan disclosures and borrower benefits can be viewed below.

Marist does not endorse or recommend any specific lender.

Private Loan Lender List/Application

The One Big Beautiful Bill Act (OBBBA), a federal budget reconciliation package signed into law on July 4, 2025, includes several significant changes to federal student aid that will take effect on July 1, 2026.

Information contained on this page is provided to assist students and families in understanding the shifting regulatory environment of federal financial aid. More information is available at studentaid.gov.

Learn More: https://studentaid.gov/announcements-events/big-updates 

Undergraduate Students

Loan Schedule of Reduction - Less than full-time Enrollment

• Federal Subsidized/Unsubsidized annual loan eligibility for part-time students (enrolled in less than 12 credits) will be adjusted based on enrollment status. Students enrolled less than full-time will have their loans prorated in direct proportion to the percent of full-time status the student is enrolled.

Federal Parent PLUS Loans

• All parents (combined) may borrow up to $20,000 per year, per dependent student and the aggregate limit will be capped at $65,000 per dependent student (without regard to the amount forgiven, repaid, canceled, or discharged).

• Legacy Provision: Students with a loan disbursed before July 1, 2026 for the student’s current degree program (either a student loan or a parent loan) may continue to borrow under the current loan limits for 3 academic years or until the difference between the total length of the program the borrower is enrolled in and the period of the borrower has already completed.
  • Once legacy provision is broken, student or parent is subject to new limits

Graduate Students

Unsubsidized Federal Direct Loan:

Loan Schedule of Reduction - Less than full-time Enrollment

• Federal Unsubsidized/Grad PLUS annual loan eligibility for part-time students will be adjusted based on enrollment status. Students enrolled less than full-time will have their loans prorated in direct proportion to the percent of full-time status the student is enrolled.

Loan Limits

• Graduate student borrowing is capped at $20,500 per year and the aggregate limit will be $100,000. This does not include amounts borrowed as an undergraduate.
• Professional student borrowing is capped at $50,000 per year and the aggregate limit will be $200,000. This does not include amounts borrowed as an undergraduate. 
• Borrowers who are both graduate and professional students at some point in their educational careers may only borrow up to $200,000 in total for graduate and professional school.
• The lifetime limit for student borrowers will be $257,500 across undergraduate, graduate, and professional educational careers (does not include Parent PLUS Loan borrowed on behalf of a student).

Graduate PLUS Loan

• Graduate PLUS Loans will no longer be available to new borrowers starting July 1, 2026.
• Legacy Provision: Students with a federal loan disbursed before July 1, 2026, for the student’s current degree program may continue to borrow under the current loan limits for 3 academic years or until the difference between the total length of the program the borrower is enrolled in and the period of the borrower has already completed.
  • Once provision is broken, student is subject to new limits

Student Loan Repayment

New and Current Borrowers with new loans made on or after July 1, 2026

• There will be only two repayment plans, a new standard repayment plan, and the new income-based repayment plan (RAP). 
• All loans must be paid under the same repayment plan.
• If a borrower does not select a plan, they will be assigned to the new standard repayment plan. 
• New Parent PLUS Loans are not eligible for RAP.

Current Borrowers with no new loans made on or after July 1, 2026

• These borrowers will be eligible to enroll in the current Standard, Graduated, Extended, or current Income Based (IBR) repayment plans, or may opt into the new (RAP).
• These borrowers may switch between, enter, or remain on existing income-driven repayment plans until July 1, 2028.

Additional Information    

• Federal Student Aid changes OBBB
• PLUS Changes, Current Borrowers
• PLUS Changes, NEW Borrowers
• OB3 Repayment Plan Chart
• StudentAid.gov 
   

Responsible Borrowing Video by Federal StudentAid

Financial Literacy:

• https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized 

Repayment Video:
What to Expect by Federal StudentAid 

  Repayment Video:
  How to Manage Your Student Loans by Federal StudentAid

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Federal Direct Loan Exit Counseling and Repayment Information:

•  Federal Direct Loan Exit Counseling
•  Completion of the Federal Direct Loan Exit Counseling is a federal regulation. Exit Counseling must be completed if you withdraw, graduate, drop below half-time attendance, or if you transfer to another school.  It will assist you in understanding your rights and responsibilities as a student loan borrower and provides useful tips and information to help you manage your loans.

•  Exit Counseling Guide 

Loan Forgiveness Information:

•  Teacher Loan Forgiveness Program 

•  Teacher Loan Forgiveness Application