Loans

The FAFSA application is the application students must complete once every year in order to apply for federal Stafford and Perkins loans. Please note that all Title IV HEA loans applied for are submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. See the menu on the left for other "college specific" financial aid information.

Annual Limits

Table 1: Annual Limits
Program Type Subsidized Total (Subsidized & Unsubsidized) Perkins Loan
Undergraduate Programs $5,500 $12,500 $5,500
Graduate Level Programs $20,500 $8,000
College of Pharmacy 10 Month academic year: $34,389
11 Month Academic Year: $35,778
12 Month Academic Year: $37,167
$8,000
Colleges of Medicine and Dentistry 10 Month Academic Year: $42,722
11 Month Academic Year: $44,944
12 Month Academic Year: $47,167
$8,000
Interest rate 3.86% 5.41% 5%

Aggregate Limits for Sub/Unsub Direct Loans

Table 2: Aggregate Limits
Student Type Subsidized Total (Subsidized & Unsubsidized) Perkins Loan
Dependent Undergraduate $23,000 $31,000 $27,500
Independent Undergraduate & Dependent whose parents can't get PLUS $23,000 $57,500 $27,500
Graduate & Professional Students $138,500 $60,000
Doctor of Pharmacy
Allopathic Medicine
Doctor of Dentistry
$65,500 $224,000 $60,000

More information on Direct Stafford Loans

Master Promissory Note

First-time recipients of a Direct Loan must complete a Direct Loan Master Promissory Note (MPN) before they can receive Direct Loan funds. Visit the StudentLoans.gov Web site at https://studentloans.gov immediately to complete a Direct Loan MPN electronically and avoid delays in receiving your loan funds!

You must have a Federal Student Aid PIN to complete a Direct Loan MPN. If you do not already have a Federal Student Aid PIN, visit http://www.pin.ed.gov/PINWebApp/pinindex.jsp to apply for one.

If you prefer to complete a paper MPN, contact the Financial Aid Office for assistance.

Entrance Counseling

If you have not previously received a Direct Loan program loan, you must complete Entrance Counseling before receiving Direct Loan funds. Visit the StudentLoans.gov Web site at https://studentloans.gov immediately to complete Direct Loan Entrance Counseling and avoid delays in receiving your loan funds.

You must have a Federal Student Aid PIN to complete Direct Loan Entrance Counseling. If you do not already have a Federal Student Aid PIN, visit http://www.pin.ed.gov/PINWebApp/pinindex.jsp to apply for one.

If you prefer to complete a paper MPN, contact the Financial Aid Office for assistance.

Graduate PLUS Loan

The Graduate PLUS Loan allows graduate and professional students to borrow under the PLUS loan program up to their cost of attendance minus any other financial assistance. Please note that this loan, along with all Title IV HEA loans, are submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. To apply, please follow the following two step process:

  1. Complete the "Complete PLUS Request Process" at studentloans.gov external link and confirm the amount has been approved at the max or other amount.
  2. Complete the Additional Funds Request Form Link to Acrobat file and request the identical amount as you did on the online application (i.e. Max or other specific amount), and turn it into the UTHSC Financial Aid Office.

Once the UTHSC Financial Aid Office has received this form, you will be able to view your Graduate PLUS Loan award in Banner Self-Service.

More information on the Graduate PLUS Loan

Parent PLUS Loan

The Parent PLUS Loan allows parents of undergraduate students to borrow under the PLUS loan program up to their cost of attendance minus any other financial assistance. Please note that this loan, along with all Title IV HEA loans, will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. To apply, please follow the following two step process:

  1. Complete the "Complete PLUS Request Process" at studentloans.gov external link and confirm the amount has been approved at the max or other amount.
  2. Complete the Parent PLUS Request Form Link to Acrobat file and request the identical amount as you did on the online application (i.e. Max or other specific amount), and turn it into the UTHSC Financial Aid Office.

Once the UTHSC Financial Aid Office has received this form, you will be able to view your Graduate PLUS Loan award in Banner Self-Service.

See Federal Student Aid for more information on the Parent PLUS Loan.

National Student Loan Data System (NSLDS)

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. This website can be accessed at: nslds.ed.gov.

Consolidating FFEL Program Loans into the Direct Loan

If you already have FFEL Program loans and will now be receiving Direct Loans, consolidating your FFEL and Direct Loan program loans together into a Direct Consolidation loan may make loan repayment easier. If you consolidate, you will have just a single monthly payment. Consolidating your FFEL Program loans into a Direct Consolidation Loan may also allow you to take advantage of certain benefits that are offered only in the Direct Loan Program, such as Public Service Loan Forgiveness and the Income Contingent Repayment Plan.

To learn more about when you may consolidate, the pros and cons of doing so, and the application process, visit www.loanconsolidation.ed.gov or call 800/557-7392 (TDD/TTY: 800/557-7395).

Additional Information

For additional information about Direct Loans, visit www.direct.ed.gov/student.html or the Financial Aid office for more information.

Loan Forgiveness

Under certain circumstances, the Federal government will cancel all or part of an educational loan. This practice is called Loan Forgiveness. Students who are interested in gathering more information on loan forgiveness programs can start their search at Finaid.org's Loan Forgiveness web page.

Postponing Repayment/Deferment Options

If you have trouble making your education loan payments, immediately contact the organization that services your loan. You might qualify for a deferment, forbearance, or other form of payment relief. It's important to take action before you are charged late fees. For Federal Perkins Loans, contact your loan servicer or the school that made you the loan. For Direct and FFEL Stafford Loans, contact your loan servicer. If you do not know who your servicer is, you can look it up in the U.S. Department of Education's National Student Loan Data System (NSLDS).

Request for Perkins Deferment/Cancellation

Under certain conditions, a Perkins loan can have a portion of the debt (including interest) waived. If you qualify, use these forms to request deferment/cancellation of your loan. If you are not sure which deferment/cancellation to apply for, you can review a list of possible deferments/cancellations, including the conditions under which each can be granted.

Emergency Loans

Information and the application for Emergency Loans can be found on the Bursar's Office Loan Information website.