BORROWER-BASED ACADEMIC YEAR
ÄÌÌÇÖ±²¥ University uses a Borrower-Based Academic Year for the 2nd Degree Accelerated Nursing Program so that students can maximize their Federal Direct Loan borrowing. Students who start the 2024-2025 academic year in the Summer 2024 semester can use a Borrower-Based Academic Year to award an initial annual federal loan limit between Summer 2024/Fall 2025, and a second annual federal loan limit between Spring 2025/Summer 2025. The student has the option, as shown on the next page, of receiving 100% of their annual federal loan limit in Spring 2025, or splitting the federal loan limit in Spring 2025 and Summer 2025. Students who choose to split the federal loan will need to complete a new FAFSA for the 2025-2026 academic year. Students are contacted in November regarding Spring eligibility, after spring registration has commenced.
Federal Direct Loan eligibility per semester for Dependent Students
Option 1:
|
Summer 2024 |
Fall 2024 |
Spring 2025 |
Summer 2025 |
Subsidized |
2750 |
2750 |
5500 |
0 |
Unsubsidized |
1000 |
1000 |
2000 |
0 |
OR
Option 2*:
|
Summer 2024 |
Fall 2024 |
Spring 2025 |
Summer 2025 |
Subsidized |
2750 |
2750 |
2750 |
2750 |
Unsubsidized |
1000 |
1000 |
1000 |
1000 |
Federal Direct Loan eligibility per semester for Independent Students
Options 1:
|
Summer 2024 |
Fall 2024 |
Spring 2025 |
Summer 2025 |
Subsidized |
2750 |
2750 |
5500 |
0 |
Unsubsidized |
3500 |
3500 |
7000 |
0 |
OR
Option 2:*
|
Summer 2024 |
Fall 2024 |
Spring 2025 |
Summer 2025 |
Subsidized |
2750 |
2750 |
2750 |
2750 |
Unsubsidized |
3500 |
3500 |
3500 |
3500 |
Amounts listed assume that students have not reached their aggregate Federal Direct Loan borrowing limits of $31,000 for Dependent students and $57,500 for Independent students.
*Students using Option 2 will be required to complete the 2025-2026 FAFSA application to receive their loan funding for the summer 2025 semester, as these loans are a part of the 2025-2026 academic year.
An origination fee is applied to Federal Direct Loans by the Federal Loan Servicer prior to disbursement. Fees are subject to change every year. Currently, the origination fee for the Federal Direct Loans is 1.057%.