Loans are classified as a “self-help” aid and the student will be required to repay loan balances when you become enrolled less than half time or you graduate.
The Direct Subsidized Loan is awarded based on your financial need. You will not be charged interest prior to repayment or during authorized periods of deferment. During deferment, the federal government pays your interest on the loan until the time of your repayment. Payment is automatically deferred until you are no longer enrolled at least half-time. When you are no longer enrolled at least half-time, a six (6) month grace period begins prior to entering repayment.
Disbursements made on or after July 1st, 2012, and before July 1st, 2014 are not eligible for an interest subsidy during the six month grace period prior to entering repayment, and interest will accrue during this time period. Disbursements on or after July 1st, 2014, are eligible for an interest subsidy during the six (6) month grace period, and interest will not accrue during this time period.
Loan interest rates may be found, here.
Origination fees may be found, here.
The Direct Unsubsidized Loan is awarded based on your financial need. You will not be charged interest prior to repayment or during authorized periods of deferment. During deferment, the federal government pays your interest on the loan until the time of your repayment. Payment is automatically deferred until you are no longer enrolled at least half-time. When you are no longer enrolled at least half-time, a six (6) month grace period begins prior to entering repayment.
Disbursements made on or after July 1st, 2012, and before July 1st, 2014 are not eligible for an interest subsidy during the six month grace period prior to entering repayment, and interest will accrue during this time period. Disbursements on or after July 1st, 2014, are eligible for an interest subsidy during the six (6) month grace period, and interest will not accrue during this time period.
Loan interest rates may be found, here.
Origination fees may be found, here.
| Grade Level | Maximum Direct Subsidized Eligibility | Annual Direct Loan Eligibility (Subsidized and Unsubsidized Loans combined) |
|---|---|---|
| 1st Year – Undergraduate | $3,500 | $5,500 |
| 2nd Year – Undergraduate | $4,500 | $6,500 |
| 3rd Year – Undergraduate (Bachelor’s students only) | $5,500 | $7,500 |
| Direct Subsidized | Direct Loans (Subsidized and Unsusidized Loans combined) |
|---|---|
| $23,000.00 | $31,000.00 |
* Except students whose parents are unable to obtain PLUS Loans
| Grade Level | Maximum Direct Subsidized Eligibility | Annual Direct Loan Eligibility (Subsidized and Unsubsidized Loans combined) |
|---|---|---|
| 1st Year – Undergraduate | $3,500 | $9,500 |
| 2nd Year – Undergraduate | $4,500 | $10,500 |
| 3rd Year – Undergraduate (Bachelor’s students only) | $5,500 | $12,500 |
| Direct Subsidized | Direct Loans (Subsidized and Unsusidized Loans combined) |
|---|---|
| $23,000.00 | $57,500.00 |
** Includes dependent students whose parents are unable to obtain PLUS Loans
The Direct Parent Loan (PLUS) is available to the parents of dependent, undergraduate students. The parent may borrow up to the Cost of Attendance (COA) (excluding any other federal student aid). All funds are received electronically and will be posted to the student’s account to pay for authorized tuition and fees. Completing the FAFSA is required.
Loan interest rates may be found, here.
Origination fees may be found, here.
The Federal Direct PLUS Loan Application is available here.
Federal Direct PLUS Loans are based on your credit. To apply:
If you are approved for the PLUS based on credit, please complete the PLUS MPN for Parents under the “Complete a Master Promissory Note” on the welcome page after logging into https://studentaid.gov/.
Required forms and applications to gain eligibility for student direct loans:
Required forms and applications to gain eligibility for parent PLUS loan:
If you are selected for verification, print and complete the appropriate verification worksheet. If you do not know which form you need to complete, talk to the financial aid office.
For more additional information regarding scholarships and grants available to Mid-America College of Funeral Service College students, please contact our Director of Financial Aid @ 812-288-8878.
Mid-America College of Funeral Service is a proud member of the Pierce Mortuary College family of institutions. See our other locations:
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