Loans

Federal Loan Information and Loan Application Instructions

The U.S. Department of Education has a Direct Loan Program that provides you and your parents with affordable, low-interest loan options to help finance your education. Students must be at least half-time enrolled to receive federal student loans.

Subsidized Loan – This loan is in your name only, and you must have financial need to qualify, which is based on your FAFSA. The federal government pays the interest on this loan while you are enrolled at least half-time in school and during a grace period when you are out of school.

Unsubsidized Loan – This loan is in your name only, but you are not required to have financial need to qualify. The borrower is responsible for paying the interest on this loan. Maximum loan amounts are shown below.

Direct Loan Instructions (Subsidized or Unsubsidized)

1.  You (the student) logs into www.studentloans.gov with your FSA ID. If you do not yet have your FSA ID, follow instructions on the page to create one.
2. You will then complete the following required steps –  Direct Loan Entrance Counseling and the Master Promissory Note. Once you finish, you will receive confirmation.

Direct Parent PLUS Loan

The Federal Direct Parent PLUS Loan Program assists parents of dependent students in meeting expenses not covered by other financial aid sources. Parents are limited to borrowing an amount equal to the total cost of attendance, less your financial aid or $20,000 whichever is less. Repayment of Parent PLUS Loans begins 60 days after the loan is fully disbursed, although in some financial circumstances, payments may be deferred.

Please note the following federal regulations for borrowing limits:

Students who have NOT utilized a PLUS loan at Hastings College before July 1, 2026; will have the following loan limits for the PLUS Loan borrower

• PLUS Loan Undergraduate Annual Limit: $20,000
• PLUS Loan Undergraduate Aggregate Limit per student: $65,000

Students who have used a PLUS Loan at Hastings College before July 1, 2026; are exempt from the limits until one of the following is true, whichever comes first:

• Student completes their degree from Hastings College
• Student graduates from Hastings College
• Completion of the 2028-2029 academic year

After the 2028-2029 academic year, all undergraduate students are subject to the annual limit of $20,000 and lifetime PLUS borrowing aggregate of $65,000.

For more information, please visit: www.studentaid.gov.

If your parent applied and is denied the loan, you become eligible to receive an additional Direct Unsubsidized Loan: $4,000 for First Year/Sophomore and $5,000 when you are a Junior/Senior.

The federal government determines the loan interest rates and origination fees, which are subject to change annually. To find them you can check the Federal Student Aid site here. 

To calculate a sample repayment schedule, try this Education Quest calculator.

Direct PLUS Loan Instructions (apply after May 1. 2026 for the 2026-2027 academic year)

A FAFSA must be on-file for the academic year, in which the loan is being requested.

Both steps are required to receive the Parent PLUS Loan.

Step 1 – Application can be found at studentaid.gov

• Under  “Apply for aid” – choose “Apply for Parent PLUS Loan”
• Sign in with parent FSA ID (This is the ID used to complete the FAFSA)
• Select “Direct Plus Loan Application for Parents”
• Complete the application
  • Specify a loan amount – We advise not selecting “Maximum Amount” determined by your school. It is best to enter an actual amount. If you are uncertain how much to request, refer to your student’s award letter, a billing statement or contact the Hastings College Financial Aid Office to help estimate the loan amount needed. All first-time HC students cannot receive more than $20,000/annually in PLUS loan borrowed for them.
  • The Department of Education will charge a fee of 4.228% which is deducted from the requested amount. (You will want to add this onto your requesting amount.) For example: If you need $10,000; you will want to borrow at least $10,423.
  • The loan period for the entire year is August 19,2026 to May 5, 2027
  • The loan period for fall only is August 19, 2026 to December 16, 2026
  • The loan period for the spring only is January 5, 2027 to May 5, 2027

Once you submit the application, you will receive confirmation that the loan has been approved, denied or is pending. 

If your loan has been denied, your student becomes eligible to receive an additional Direct Unsubsidized Loan. Freshman/Sophomore – $4,000 & Junior/Senior – $5,000. This loan will accrue interest and have an origination fee. 

Step 2 – Complete Master Promissory Note (MPN) 

Under “Complete Aid Process/Complete Master Promissory Note” – Choose “MPN for Parents”.

If you have question please contact us at hcfinaid@hastings.edu or call the staff in the Financial Aid office.

What is included in calculating the Cost of Attendance (COA)?

Cost of Attendance includes direct institutional charges from Hastings College (tuition, general fees, HC housing and meal plans) as well as non-institutional charges which are charges the student may have that are NOT included on your bill from Hastings College (transportation, personal expenses, books/supplies, additional food, student and/or parent loan fees).

What does requesting the “Maximum Amount” on the Parent PLUS Loan mean? 

Cost of Attendance less all awards including scholarships, grants and other loans your student is already receiving on their award package, would leave the “Maximum Amount” a parent could borrow. Remember this includes non-billable items a student may need. Loans over the amount of direct charges from Hastings College may create a refund back to the student, providing money for the semester to cover out-of-pocket expenses.

Is the FAFSA required to borrow a Parent PLUS loan?

Yes, a dependent student must file a FAFSA in order for his or her parent to borrow a Parent PLUS loan. 

Can divorced parents each borrow a Parent PLUS loan for the same academic year? 

Yes, it is possible to have two parents apply for and receive a Parent PLUS loan for the same undergraduate student as long as the total amount awarded does not exceed the student’s cost of attendance (COA); or $20,000 whichever is less.

Is the parent borrowing the Parent PLUS loan the parent who is required to complete the FAFSA?

No, the parent borrowing the Parent PLUS loan is not always included in the FAFSA. According to the FAFSA instructions, parental information for the FAFSA should be from the parent who provided the most financial support during the prior 12 months. The “noncustodial parent” may also borrow a Parent PLUS loan for the student.

How do I change the amount I wish to request once I have submitted the initial loan application?

To change the amount you are requesting you need to start a new application. This will override the existing one. It will ask you if you would like to change or modify the loan amount to the existing application on file and you will select the reference number to the loan. You will then enter the loan amount you are requesting and resubmit the application. 

What if the initial amount did not cover my students balance when it was credited to their account? Can I request more then?

Yes, if you need to request an addition amount you can complete another application for the additional amount you are needing. 

Can I cancel the loan if I find we do not need or want to take it?

Yes, you would need to email the Financial Aid Office at hcfinaid@hastings.edu requesting that the loan be cancelled. All loan applicants are sent a notice of disbursement each semester, reminding them of the 14 day return period of loans; without consequence. This occurs after the loan is officially applied to the students account. Please contact the Financial Aid office immediately if you wish to cancel. Cancellation later in the semester may result in interest accrued by the federal government.