As a Hastings College student, there are several types of loans available to help cover your costs while in school. Some are subsidized until after graduation, while others are not. Your eligibility for different school loans depends on your Free Application for Federal Student Aid (FAFSA).

We recognize the student loan process can be confusing, so please feel free to contact our Financial Aid Office at 402.461.7391 for assistance.

Federal Loans

If you decide to take out federal loans to finance your education, you’ll be required to complete Loan Entrance Counseling and the Master Promissory Note (MPN).

Federal Direct Subsidized Loans
Available from the U.S. Department of Education, Direct Subsidized Loans are low interest, long-term loans made to students with financial need. No interest or principal payments are required until six months after you graduate, withdraw or drop below half-time status. Your Direct Subsidized Loan, when combined with your other financial assistance, may not exceed your need.

Federal Direct Unsubsidized Loans
This program does not take into account your financial need when determining how much money you may borrow. No interest or principal payments are required until six months after you graduate, withdraw or drop below half-time status. However, you are required to pay or capitalize the interest accruing on the loan while you are in school and a deferment period.

Federal Direct Parent PLUS Loans
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 cost of your education fees less your financial aid. Repayment of Parent PLUS Loans begins 60 days after the loan is fully disbursed, although in some financial circumstances, payments may be deferred.

Private Loans
After filing the FAFSA and exhausting all other possibilities for federal loans and grants for you and your parents, you might still need additional financing through private or alternative loan programs offered by banks. Through FASTChoice, you can find more information.

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 the your education.

This loan is in your name only, and 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.

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.

Dependent StudentsMaximum LoanSubsidized LoanUnsubsidized Loan
First Year$5,500$3,500$2,000
Sophomore$6,500$4,500$2,000
Junior or Senior$7,500$5,500$2,000

Direct Parent PLUS Loan

Parents can borrow the cost of education minus other financial aid you may receive. The parent is responsible for paying the interest on PLUS loans, starting from the date the loan is first disbursed. Principal payments begin 60 days after the final disbursement; however, principal payments can be deferred while you are in school. Parents have up to 10 years to repay PLUS loans.

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 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 Direct Loan Entrance Counseling and the Master Promissory Note. Once you finish, you will receive confirmation.

For the Parent PLUS Loan, parents can apply after May 1.

  1. To do so, parents log into www.studentloans.gov with their own FSA ID. If you (parents) don’t yet have an FSA ID, follow instructions on the page to create one.
  2. Once you have signed in, select the link Request a Direct PLUS Loan.
  3. On the next page, choose Parent PLUS as the loan type.
  4. Complete the application.
    Caution: Do not select the maximum amount or amount determined by school. Instead, it’s best to enter an actual dollar amount. If you are uncertain how much to request, refer to your student’s award letter, a billing statement or contact the Financial Aid Office at 402.461.7391.

    • The current origination fee is 4.236%. This rate is subject to change annually.
    • The loan period for the entire school year is Aug. 14, 2019 to May 14, 2020.
    • The loan period for fall only is August 14, 2019 to Dec. 13, 2020.

    Once submitted, you will receive confirmation that the loan has been approved or denied.

  5. Parent completes the Master Promissory Note.