Loans
Simpson University participates in the Federal Direct Loan Program.
Direct Subsidized Loan
- Principal is deferred and the interest is paid by the federal government
- Degree seeking undergraduate students and Teacher Credential students
- Must be enrolled in at least 6 credits
- Must complete a Master Promissory Note (MPN) and loan entrance counseling prior to disbursement
- Eligibility is based on financial need as well as annual aggregate loan limits
- Repayment begins 6 months after graduation or is no longer enrolled at least half-time – 6 credits
Direct Unsubsidized Loan
- Available to students pursuing an undergraduate degree as well as graduate students*
- Interest on loan accrues at the time of disbursement
- Repayment begins 6 months after graduation or when the student is no longer enrolled at least half-time
- Must complete the Master Promissory Note (MPN) and Loan entrance counseling online at studentaid.gov
* Students in the P.A.S.C program are not eligible for federal loans.
** 6 credits for undergraduates / 5 credits for graduates
Parent Plus Loan
- Parent of dependent student
- Dependent student must be enrolled at least half-time (6 credits)
- Maximum amount is cost of attendance (COA) minus any other aid (scholarships, grants, loans)
- Must complete Parent Plus Loan application and sign a Master Promissory Note (MPN) and Loan entrance counseling at studentaid.gov
- Subject to credit approval
- Loan amount must be evenly divided among each term within the academic year
- Payment options and information can be discussed with representatives at 1.800.557.7394
Please note: Students are required to e-sign both the Master Promissory Note and Loan Entrance Counseling before funds can be disbursed.
Federal Stafford Loan Eligibility / Limits
| Dependent Students | Annual Loan Limits |
|---|---|
| First Year (0 - 29 credits) | $5,500 ($3,500 subsidized / $2,000 unsubsidized) |
| Second Year (30 - 61 credits) | $6,500 ($4,500 subsidized / $2,000 unsubsidized) |
| Third year and beyond (62+ credits) | $7,500 ($5,500 subsidized / $2,000 unsubsidized) |
| Independent Students | Annual Loan Limits |
|---|---|
| First Year (0 - 29 credits) | $9,500 ($3,500 subsidized / $6,000 unsubsidized) |
| Second Year (30 - 61 credits) | $10,500 ($4,500 subsidized / $6,000 unsubsidized) |
| Third year and beyond (62+ credits) | $12,500 ($5,500 subsidized / $7,000 unsubsidized) |
| Graduate or Professional | $20,500 (unsubsidized only) |
Lifetime Limits
| Student Type | Loan Limits |
|---|---|
| Undergraduate Dependent | $31,000 (up to $23,000 may be subsidized) |
| Undergraduate Independent | $57,500 (up to $23,000 may be subsidized) |
| Graduate or Professional | $20,500 (unsubsidized only) |
