Student Loans

In order to complete the Federal Direct Loan process a valid FAFSA (Free Application for Federal Student Aid) is required.

To apply for a Federal Direct Loan, simply follow the directions below:

  1. Complete the required Federal Direct Loan Entrance Counseling.
  2. Complete the electronic Master Promissory Note: E-Sign using your FSA ID.

Your signed MPN is valid for a 10-year period and enables you to borrow subsequent loans under the same note without requiring you to complete a new loan application each year. If you previously have borrowed a student loan, your borrower rights and responsibilities remain unchanged and you are responsible for repaying your entire student loan obligation.

Federal Direct Loans

There are two types of Federal Direct Loans: subsidized and unsubsidized.

Direct Subsidized means that interest, which accrues on a loan, while a borrower is in school, grace, or authorized periods of deferment, is paid by the government. The borrower must meet certain financial need criteria in order to be eligible for Subsidized Loans.

Direct Unsubsidized means that the borrower is fully responsible for paying the interest that accrues on the loan. Interest on an Unsubsidized Loan accrues from the date of disbursement and continues throughout the life of the loan. If you do not meet the financial need criteria to qualify for a subsidized loan, you can still apply for an unsubsidized loan.

Repaying Your Federal Direct Loan

You are required to begin repaying your Federal Direct loan six months after you graduate, leave school or drop below half-time attendance. Borrowers generally have 10 years to repay these loans.
Students who received a Federal Direct Loan are required to complete Exit Counseling upon graduation or withdrawing from school.
For more information on Federal Direct Loan Consolidation go to

Requirements and Regulations for Federal Direct and Direct Parent PLUS Loans

  • All students applying for a Federal Direct Loan and parents applying for a Parent PLUS Loan must be U.S. citizens or eligible non-citizens.
  • All students must be enrolled in a degree-seeking program at least half-time (six hours) per semester to qualify for a Federal Direct Loan or to have their parents qualify for a Parent PLUS Loan.
  • Students must attend classes and maintain satisfactory academic progress to continue being eligible for their loans.
  • If students withdraw from classes before the end of the term, they must still repay their loans.
  • All single semester loans require two disbursement dates.


Loan Limits

Federal Annual Loan Limits

Class Level Dependent Limit Independent Limit
Freshmen (0-29 hrs) $5,500* $9,500*
Sophomores (30-59 hrs) $6,500* $10,500*
Juniors (60-89 hrs) $7,500* $12,500*
Seniors (90+ hrs) $7,500* $12,500*
Graduate Level   $20,500*  $20,500* 


Federal Aggregate Lifetime Loan Limits

Dependent undergraduates: $31,000

Independent undergraduates: $57,500

Graduate and professional students: $138,500

*Students can only borrow up to the cost of attendance for their program of study. Check with the Financial Aid Office to see the cost of attendance for your program. You can only borrow one loan per academic level.

Time limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers on or after July 1, 2013

Private Alternative Loan Lender List

Alternative Student Loans are non-federal education loans in the student’s name, offered through private lenders. UMobile recommends that students first explore all federal loan options before exploring the non-federal alternative loans.

You are able to apply for a loan from any lender that offers private education loans. Private lenders do check your credit history to see if you qualify for a loan. In many cases a co-borrower may be required to qualify for a loan and may help lower your cost of borrowing. Interest rates, fees, and qualifications vary so be sure to review the details of information provided by the lender.

UMobile does not maintain a recommended lender list. However, we do provide this comprehensive list of lenders that UMobile students have used for the past three to five years. For details on each lender’s loan program please contact them directly.

What you need to know:

  • This list is NOT ranked in any way.
  • We do not have preferred lender arrangements with any of the lenders listed below.
  • The Financial Aid office received no benefits for including these lenders on this list.
  • We cannot legally recommend a lender to you.
  • Under federal law, you have the right to borrow through the lender of your choice regardless if they appear on this list.
  • Every family’s needs are unique and no lender is perfect for every family.  We encourage you to shop around to find the best loan to meet YOUR needs.

Charter One

Discover Student Loans

Sallie Mae


Wells Fargo 

**This list is accurate as of January 2014 and includes lenders from 2008-2013