Loan Information
William D. Ford Direct Federal Subsidized Stafford Loan
Eligibility determined by grade level and need. Must submit a Free Application for Federal Student Aid. If approved, lifetime aggregate amount up to $23,000 for all undergraduate study. Interest is subsidized as long as the student is enrolled at least half-time. Repayment and interest accumulation begin six months after graduation on a monthly basis. Repayment extendable to 10 years with minimum monthly payments of $50. Students must complete a Master Promissory Note (MPN), Entrance Counseling, signed award letter, Annual Student Loan Acknowledgment, and the 2024-2025 Federal Direct Loan Request Form (PDF) or 2023-2024 Federal Direct Loan Request Form (PDF) before their loans can be processed. Please visit https://studentaid.gov/ to complete the MPN and Entrance Counseling requirements on-line. Students must log-in with their own FSA ID. Current interest rate can be found here and the current origination fee is 1.057% for loans with a first disbursement on or after 10/1/20 and 1.059% for loans with a first disbursement prior to 10/1/20.
William D. Ford Direct Federal Unsubsidized Stafford Loan
Same as subsidized Stafford, except not based on financial need. Students are responsible for quarterly interest on the loan while in attendance at college. Interest accumulates immediately at a fixed rate and the current interest rate can be found here. The current origination fee is 1.057% for loans with a first disbursement on or after 10/1/20 and 1.059% for loans with a first disbursement prior to 10/1/20. Students may or may not choose to pay interest on the loan while in attendance at college.
Federal Perkins Loan **not currently available for the 2018-2019 academic year and going forward**
Is available to students who demonstrate need and meet institutional criteria as long as funds are available. Interest is subsidized as long as the student is enrolled at least half-time. Interest is fixed at 5% and repayment starts nine months after the student leaves or is enrolled less than half-time. Click here for more information or refer to the Perkins Loan Master Promissory Note (PDF).
Direct Federal PARENT Loan for Undergraduate Students (PLUS)
This is a Parent loan for dependent students. Parents may borrow the difference between the student’s cost of education and all other financial assistance. The current origination fee is 4.228% for loans with a first disbursement on or after 10/1/20 and 4.236% for loans with a first disbursement prior to 10/1/20. Interest is fixed and the current interest rate can be found online. Repayment begins 60 days after the loan is fully disbursed and is not based on financial need. Interest accrues beginning on the date of the loan’s first disbursement. A parent may elect to defer payments until student graduates through forbearance options. Click here to begin the application process. Please keep in mind that the parent will apply under their own FSA ID.
Additional Private Student Loans
Several financial institutions provide low-interest loans for students who might need additional assistance after federal loan options are used. The various loans differ by interest rate, interest capitalization, guarantee fees, and co-signer options. Students may need a creditworthy cosigner in order to obtain a private loan. Many students have found that applying with a co-signer often results in a lower interest rate. Interest begins accruing at disbursement but in most cases no payment is required until six months after graduation or a student drops below half-time enrollment. We recommend that students compare several lenders before selecting a private loan.
Loan Regulations
Rockford University is required by federal regulations to comply with individual lender terms and cannot certify a loan for more than your eligibility as determined by the student cost of attendance minus any other available financial aid. If you have any questions regarding cost of attendance, please contact Student Administrative Services (SAS). Rockford University does not participate in revenue-sharing practices, referral fee arrangements, or private loan application fee payments. Schools are required to submit loan information to the National Student Loan Data System (NSLDS) and it will be accessible by guaranty agencies, lenders and other schools who are determined to be eligible, authorized users of NSLDS.
Borrow Responsibly
Please remember that borrowing a loan is a legal obligation and loans must be paid back with interest. To learn more about responsible borrowing, click here.
Entrance/Exit Counseling Federal Requirements
Entrance and Exit Counseling are required for all federal student loans. These counseling sessions provide a borrowing student with information on his/her rights and responsibilities as a borrower as well as repayment information and options. These sessions also explain the consequences for failing to repay a student loan. Exit Counseling also includes a review of debt management strategies and loan forgiveness options. Entrance counseling is required before a student can receive a Federal Direct Loan and Exit Counseling is required once a student drops below half-time enrollment and received a federal loan. Entrance and Exit Counseling can be completed online at: https://studentaid.gov/.
Perkins Loan Exit Counseling is completed at https://www.myloancounseling.com/
National Student Loan Data System
Students can also use this Web site to access information about federal loan amounts, outstanding loan balances, status, record of disbursements, and servicer contact information. This information is now housed at https://studentaid.gov/
2024-2025 Federal Direct Loan Request Form (PDF)
2023-2024 Federal Direct Loan Request Form (PDF)
