Emmanuel students may apply for the Federal Direct Loan, a low-interest student loan from the federal government. The amount you are eligible to borrow appears on your financial aid award letter.

These loans are awarded to students with financial need. A "subsidized" loan means the federal government pays the interest while the student is in school. The maximum amount that may be borrowed is based on dependency status and grade level according to the annual and aggregate loan limits established by Congress.

This loan is not based on financial need and is available to all eligible students, regardless of income, but a FAFSA application is required to be eligible. The loan is "unsubsidized" because the student is responsible for paying all interest due.

Accepting the Federal Direct Loan(s)

To complete the application process for a Federal Direct Loan, all first time borrowers at Emmanuel College must complete both the:

  1. Master Promissory Note (MPN) at studentaid.gov/mpn and
  2. Entrance Counseling at studentaid.gov/entrance-counseling

You will need your FSA ID (formerly FAFSA PIN) to complete both the Entrance Counseling and MPN. To obtain a FSA ID, please visit fsaid.ed.gov

Declining or reducing the Federal Direct Loan(s)

To decline the loan(s) or reduce the amount you wish to borrow, please login to Financial Aid via EC Online Services and select the "My Awards" page. Scroll down to the Loans section, then click "Change loan amount".

Fixed Interest Rate

Subsidized Loan

4.99% (for new loans disbursed on or after July 1, 2022 and before July 1, 2023).

Unsubsidized Loan

4.99% (for new loans disbursed on or after July 1, 2022 and before July 1, 2023).

Interest accrues immediately upon disbursement of the loan to the student. Borrowers may elect to pay accrued interest on a monthly or quarterly basis, but most students elect to have it added back to the principal balance in a process called capitalization. The interest is then added into the total amount borrowed and is not paid until the loan repayment period begins, six months after graduation or withdrawal from the College.

Origination Fee
(Deducted from the amount of the loan prior to disbursement.)

Subsidized Loan

1.057% (for new loans disbursed on or after October 1, 2020 and before October 1, 2023.)

Unsubsidized Loan

1.057% (for new loans disbursed on or after October 1, 2020 and before October 1, 2023.)

Maximum Undergraduate Annual Loan Amount

See chart below.

Year
Dependent Students (except students whose parents are unable to obtain PLUS Loans)
Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
First-Year
$5,500-No more than $3,500 of this amount may be in subsidized loans.
$9,500-No more than $3,500 of this amount may be in subsidized loans.
Second-Year
$6,500-No more than $4,500 of this amount may be in subsidized loans.
$10,500-No more than $4,500 of this amount may be in subsidized loans.
Third Year and Beyond
$7,500 per year-No more than $5,500 of this amount may be in subsidized loans.
$12,500-No more than $5,500 of this amount may be in subsidized loans.
Maximum Undergraduate Aggregate Amount Dependent students: $31,000-No more than $23,000 of this amount may be in subsidized loans. Independent students: $57,500-No more than $23,000 of this amount may be in subsidized loans.
Repayment 10 years; begins 6 months after no longer enrolled at least half-time. Minimum monthly repayment of $50 begins six months after graduation or withdrawal from the University. You can monitor the total amount you borrow and the repayment requirements that you will have when you finish your education through studentloans.gov. Sample Direct Loan repayment schedules are available on the U.S. Department of Education Direct Loan website. You can choose from a variety of repayment plans to fit your financial circumstances and modify plans if circumstances change.
Deferment You can defer your loan under various circumstances, which will postpone your loan payments. For example, while you are enrolled as a half-time student (including graduate school) in a degree granting program or while you are unemployed, you can request loan deferment. Learn more about deferment provisions and repayment options at studentloans.gov and the Direct Loan website. Provisions for loan deferment or cancellation can be found on the loan promissory note and at studentloans.gov.
Interest Charged While Enrolled at Least Half-time in a degree granting program

Subsidized Loan 

No

Unsubsidized Loan

Yes

Servicer Visit studentaid.ed.gov for information regarding your servicer.

Students who are graduating or who will no longer be enrolled at least half-time are required to complete Exit Counseling at studentaid.gov/exit-counseling. Information regarding the following may also be found at studentloans.gov:

  • Making payments
  • Avoiding default
  • Loan servicers
  • Repayment plans
  • Loan consolidation
  • Deferment and forbearance
  • Forgiveness, cancellation and discharge
  • Understanding default
  • Resolving disputes

Loans will be submitted to the National Student Loan Data System and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system. 

The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on a borrower’s federal student loans after 120 payments and 10 years of working full-time for federal, state, Tribal, or local government; military; or a qualifying non-profit. As part of the Student Loan Debt Relief Plan that was released today, there is increased temporary flexibility regarding what payments can be counted towards the 120 payments.

The deadline to apply to participate in the PSLF program under the temporary flexible repayment guidelines is October 31, 2022. Borrowers should apply to participate in the program October 31st even if they will not meet all of the criteria to receive the loan forgiveness by that date.

The Biden Administration and the Department of Education announced a three-part Student Debt Relief Plan on August 24, 2022.

Part I of the plan extends the pause on repayment of federally held loans through December 31, 2022.

To find out if your loans are federally held, follow these steps:

  1. Visit your federal student aid dashboard.
  2. Go to the “My Loan Servicers” section.
  3. If you see a servicer name that starts with “DEPT OF ED,” the related loan is federally held.

Part II of the plan provides debt relief through two programs:

Loan Cancellation

The U.S. Department of Education will provide up to $20,000 in debt cancellation to Federal Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households. The eligibility for borrowers who were dependent students during the 2021-2022 academic year would be based on their parental income. Click here for more information including how to apply for debt cancellation.

Which loans are included in the loan cancellation plan?

  • Federally-held undergraduate, graduate, and Parent PLUS loans that have been fully disbursed by June 30, 2022.
  • To find out if your loans are federally held, follow these steps:

How do I know if I received a Federal Pell Grant?

  • Visit your federal student aid dashboard
  • Your dashboard will show a visual breakdown of your federal student aid account
  • Click on “View Details” in the “Grants” section to see if any of your grants was a Federal Pell Grant

Public Loan Forgiveness Program

The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on a borrower’s federal student loans after 120 payments and 10 years of working full-time for federal, state, Tribal, or local government; military; or a qualifying non-profit. As part of the Student Loan Debt Relief Plan that was released today, there is increased temporary flexibility regarding what payments can be counted towards the 120 payments.

The deadline to apply to participate in the PSLF program under the temporary flexible repayment guidelines is October 31, 2022. Borrowers should apply to participate in the program October 31st even if they will not meet all of the criteria to receive the loan forgiveness by that date.

Part III of the plan proposes a new rule that changes the percent of discretionary income included when determining the monthly payment amounts for borrowers on an income-driven repayment plan (from 10% to 5%) and reduces the number of payments borrowers need to make before their remaining loan balance can be forgiven from 20 years of payments to 10 years of payments. Click here for more information about the proposal.

The Emmanuel Investment

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Internship opportunities in Boston at leading organizations in healthcare, technology, finance, media & more.

For Your Present

Innovative academics, academic and career mentoring, and a slate of cocurriculars to foster teamwork and leadership.

For Your Future

Students graduate with skills, experience and habits of mind that provide the foundation for a lifetime of employability.

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