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Give us a call: 877-MERCY-GO

Hours:

Monday - Thursday: 9:00 AM - 7:00 PM

Friday: 9:00 AM - 5:00 PM

Saturday*: 9:00 AM - 2:00 PM

*Office is open only the 2nd and 4th Saturdays of the month.

Direct Loan Program

Direct loans can help offset the cost of tuition and course-related expenses, but they must be re-paid. Direct Loans are backed by the Department of Education.

  • Direct Subsidized Stafford Loans: These are subsidized student loans. The government pays the interest on the loan while you are in school. Eligibility is based on financial need.
  • Direct Unsubsidized Stafford Loans: Available regardless of financial need. However, unlike a subsidized loan, interest accumulates from the first day of disbursement. Students have the choice to pay interest charges while in school or defer payments until graduation.
    • The maximum amount of combined subsidized and unsubsidized loans that students may borrow for the academic year is as follows:
       
        Dependent Students Independent Students
      Freshmen

      $5,500
      (maximum $3,500 Subsidized)

      $9,500
      (maximum $3,500 Subsidized)

      Sophomore $6,500
      (maximum $4,500 Subsidized)
      $10,500
      (maximum $4,500 Subsidized)
      Junior $7,500
      (maximum $5,500 Subsidized)
      $12,500
      (maximum $5,500 Subsidized)
      Senior $7,500
      (maximum $5,500 Subsidized)
      $12,500
      (maximum $5,500 Subsidized)

       

  • Direct Parent PLUS Loans: Available to the parents of undergraduate dependent students. The maximum amount that can be borrowed is up to the cost of attendance less other aid.
  • Direct Graduate PLUS Loans: Available to graduate students. The maximum amount that can be borrowed is up to the cost of attendance less other aid.

PDF iconStudent Loan Disclosure Statement

PDF iconStudent Loan Code of Conduct