Loan Options
Borrowing for College
Loans are a form of financial assistance that must be repaid, usually with interest and generally after you graduate. They can help fund tuition and fees, room and board, books and supplies, and transportation. Because loans are borrowed money, we encourage you to exhaust scholarships and grants first, and to borrow only what you need.
Federal Direct Loans
Funded by the federal government and available directly to students, Federal Direct Loans supplement your personal and family resources, scholarships, grants, and work-study. Depending on your financial needs, they may be subsidized or unsubsidized.
Subsidized: If you qualify based on financial need, the government pays the interest while you are in school, for the first six months after you leave, and during any approved deferment.
Unsubsidized: If you do not demonstrate sufficient need, you are responsible for the interest from the time the loan is disbursed until it is paid in full.
Annual Borrowing Limits
- Up to $5,500 for first-year students
- Up to $6,500 for sophomores
- Up to $7,500 for juniors and seniors
What You Will Need To Do
Before receiving the loan, complete a brief online entrance counseling and sign a Master Promissory Note (MPN). When you leave Florida Southern (by transfer, graduation, or otherwise), you will complete an exit interview. Repayment is deferred until six months after graduation, or three months after you drop below full-time enrollment.
Federal Parent PLUS Loans
The Federal Parent Loan for Undergraduate Students (PLUS) allows parents to borrow to cover costs not covered by other aid, up to the full cost of attendance. Parents apply online through their lender's website. Maximum loans are $20,000 per year and $65,000 lifetime.
How It Works
If you are credit-approved and have not previously completed a Master Promissory Note (MPN), you will be asked to do so. One MPN can cover multiple loans for up to 10 years. Parents who have borrowed through Federal PLUS before will already have an MPN on file and can simply indicate the amount to certify on the signed award letter.
Repayment begins 60 days after the final disbursement, and interest accrues from the first disbursement. The maximum repayment term is 10 years.
If a PLUS Loan Is Denied
A denial of the Federal PLUS Loan qualifies the student for additional Federal Direct funds: $4,000 for first- and second-year students, and $5,000 for third- through fifth-year students. The denial must be applied for and received each year, along with a request for the additional funds, before that portion is certified.
Track Your Loans
Your federal FSA ID gives you access to the National Student Loan Data System (NSLDS), where you can check the status of your federal grants and loans at any time.
Private Loans
Private (alternative) educational loans can help cover the gap between your other aid and the total cost of attendance. Consider all other forms of aid first, and borrow only what you need. You can always decline an awarded loan or request a lower amount.
Because private loans are subject to credit approval, you may need a credit-worthy cosigner. Contact lenders directly for details.
Borrowing Smartly
We know student loans can feel intimidating, but responsible borrowing is a normal part of paying for college, and Florida Southern students tend to graduate well-positioned to manage them. Thanks to FSC's strong outcomes, our graduates are prepared to enter the workforce and pay down what they borrowed.
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$25,000 Median Debt
FSC graduates who borrow finish with a median federal loan debt of about $25,000, below the cost of a single year at many private colleges.
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$265 a Month
On a standard 10-year repayment plan, the typical FSC graduate's federal loan payment is around $265 a month.
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54% Borrow
Half of FSC students use student loans to help fund their education, and they tend to borrow only what they need.
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10-Year Terms
Parent PLUS Loans let families spread the balance over up to 10 years, keeping monthly payments manageable.
Questions?
Have questions about borrowing or which loans you qualify for? Your admissions counselor can walk you through your options and help you borrow responsibly.
