Student Loans

Direct Loan limits vary by academic level (undergraduate and graduate), and type. Repayment begins 6 months after a student leaves school or drops below half-time enrollment. Within each "class" level, students are limited in the amount of the Direct Loan they can borrow. 

Federal Direct Subsidized Stafford Loans are available only to undergraduate students, are limited by the student's financial need and do not accrue interest if the student is enrolled at least half time (6 credits for undergraduate students). 

The amount of Federal Direct Unsubsidized Loan students may receive is limited by the student's cost of attendance less any other financial aid that has been awarded.  The unsubsidized loan begins to accrue interest after the first disbursement. Direct Loan benefits are discussed during the student's required entrance counseling session and may be reviewed on the federal entrance counseling website. 

For 2024-25, the interest rate for undergraduate subsidized and unsubsidized direct loans is 6.53%.  For graduate students, the unsubsidized direct loan interest rate is 8.08% 

A 1.057% origination fee is charged for each Direct Stafford Loan before it is disbursed to a student's account. For example, on a loan of $1,000, $989 will be disbursed to the student's account. 

More information about student loan interest rates and fees can be found at the Federal Student Aid website.  

Federal Direct Loan borrowers must complete both an Entrance Counseling session and a Master Promissory Note before these loans can be disbursed. You can find out if you are missing these items via mySeattleU from the Financial Aid Self Service Portal.  

Students must complete both documents online with the same Federal Student Aid ID and password they used to electronically sign the FAFSA. Students who have forgotten their FSA ID or password, can complete steps to retrieve or reset their information.  

When a student's financial aid file is complete and the appropriate documents have been completed, loan funds will automatically be disbursed to the student's Seattle University account each quarter, provided the student is registered at least half-time. For undergraduate students this means at least 6 credits each term. For graduate students, it means at least 3 credits each term. 

After a loan has been disbursed, the Federal Department of Education will assign it to one of their loan servicers.  That loan servicer will be responsible for answering questions about the loan accounts of the students assigned to them, for processing deferments and forbearances and for sending out bills and processing loan payments.  

It is the student's responsibility to ensure that their loan servicer always has their current billing address and phone number.  Students who have more than one loan may have more than one loan servicer.  

Students are able to see who is responsible for servicing their loans by going to http://www.studentaid.gov and log in to review your loan history or by calling the Federal Student Aid Information Center at 1-800-433-3243. 

Students who graduate, drop below half-time or stop attending and have borrowed from the Direct Loan Program are required to complete an Exit Counseling session. The exit process must be completed even if the student plans to return to Seattle University or has transferred to another school. The same FSA ID and password used on the FAFSA, will also be used when signing in to complete exit counseling. 

Bankruptcy Limitations 

Students who file for bankruptcy may still be required to pay back this loan. 

For 2024-25, the Federal Direct Graduate PLUS Loan is a non-need-based loan which has a fixed interest rate of 9.08%. A 4.228% origination fee is deducted from the awarded amount before the loan is disbursed to the student borrower's student account. For example, on a $10,000 Plus loan $9,557 will disburse to the student’s account.  

You don't have to start making payments until six months after you graduate, leave school, or drop below half-time enrollment. 

To apply for a Federal Direct Graduate PLUS Loan, students must complete a FAFSA which will determine initial eligibility for the PLUS Loan and also for Federal Stafford Unsubsidized Direct Loan funding. 

Students are encouraged to take advantage of their annual Federal Stafford Unsubsidized Direct Loan eligibility before applying for a Graduate PLUS Loan because the terms and conditions of the Stafford Loan are better than those for the Graduate PLUS Loan. 

To apply for a Graduate PLUS loan, student borrowers go online to www.studentaid.gov.   

After submitting the online PLUS request, the student borrower receives the results of the credit check for the loan. If the credit check is approved, first-time borrowers are required to go online to www.studentaid.gov to complete a loan entrance counseling session and sign the Graduate PLUS Master Promissory Note (MPN),  Studentaid.gov notifies the Student Financial Services Office that the loan has been approved and that office then processes the loan. 

Student borrowers who do not pass the credit check can pursue an endorser or a credit override by calling the Direct Loan Applicant Services Center at 1-800-557-7394. 

PLUS Loans are only processed once the student has registered for the first term indicated they will attend on the loan application. If a student applies before they are registered the loan will not be processed until they are registered. Students who apply before they register should notify Student Financial Services at financialservices@takechargesummit.com once they have registered to continue the processing of the loan. PLUS Loan credit checks are only valid for 6 months.  

Students who file for bankruptcy may still be required to pay back this loan. 

Loan Servicers 

Once disbursed, the Federal Department of Education assigns students' Graduate PLUS Loans to one of their loan servicers.  Those loan servicers are responsible for answering loan account questions, processing deferments and forbearances and sending out bills and processing loan payments.  Students with more than one loan may have more than one loan servicer.  

Students can go to studentaid.gov and log in to see which loan servicer(s) is responsible for their loan(s).  They can also call the Federal Student Aid Information Center at 1-800-433-3243 for this information. 

Student borrowers are responsible for ensuring that their loan servicer(s) always has their current billing address and phone number.  

For 2024-25, the interest rate for Parent PLUS Loans is fixed at 9.08%. A 4.228% origination fee is deducted from the awarded amount before the loan is disbursed. For example, on a $10,000 Plus loan $9,557 will disburse to the student’s account. 

If there is a Parent PLUS Loan on the student’s account, the portion of the credit balance on the account created by that loan must be mailed directly to the parent borrower unless, as part of the application process, the student’s parent consented to make the refund from their loan available to the student. Parent borrowers may request a change in the credit balance delivery by reaching out to Student Financial Services.  

Repayment begins 60 days after the loan is fully disbursed for the academic year. For instance, for an academic year loan for three quarters, repayment begins 60 days after the spring quarter disbursement in March.  However, the parent borrower may request that payments be deferred while their student is enrolled by calling the loan servicer. Parent borrowers can find the loan servicer contact information at studentaid.gov. 

Parent borrowers apply for this loan online at studentaid.gov. Once processed, the parent borrower will receive the results of the loan's credit check. 

If the credit check is approved, a first-time parent borrower will be required to sign the Federal Direct PLUS Master Promissory Note (MPN) at studentaid.gov using their own FSA ID username and password. Studentaid.gov will notify the Office of Student Financial Services that the loan is approved, and Student Financial Services will process the loan. 

Parent borrowers who do not pass the credit check, can pursue an endorser or a credit override by calling the Direct Loan Applicant Services Center at 1-800-557-7394. 

If an endorser or a credit appeal is not an option, students may contact Student Financial Services to request an additional Unsubsidized Stafford Loan which is available only to undergraduate students whose parents have been denied a Parent PLUS Loan. 

After a Parent PLUS Loan has been disbursed, the Federal Department of Education assigns it to one of their loan servicers. That loan servicer will be responsible for answering questions about the parent borrower's loan account, processing deferments and forbearances and for sending out bills and processing loan payments.  

Parent borrowers are responsible for ensuring that their loan servicers always have their current billing address and phone number. 

Parent borrowers can go to studentaid.gov and log in to find out which loan servicer is responsible for servicing their loans. They can also get this information by calling the Federal Student Aid Information Center at 1-800-433-3243. 

PLUS Loans are only processed once the student has registered for the first term indicated they will attend on the loan application. If a student applies before they are registered the loan will not be processed until they are registered. Students who apply before they register should notify Student Financial Services at financialservices@takechargesummit.com once they have registered to continue the processing of the loan. Plus Loan credit checks are only valid for 6 months.  

Bankruptcy Limitations 

Parents who file for bankruptcy may still be required to pay back this loan. 

These loans have a fixed interest rate of 5% and interest does not accrue until repayment begins nine months after the student leaves school or drops below half-time enrollment. Since Seattle University is the lender, no separate application is required. 

Each year, before these loans are disbursed, the Student Financial Services Office sends notifications to student borrowers' SU email addresses directing them view their Financial Aid Self Service Portal to complete required loan documents. Students are typically notified if they receive this award at the end of summer. 

The following loan costs are based on a typical Nursing loan award of $4,000.00 a year: 

Total Loan Amount: $4,000.00 
Interest Rate*: 5.0% Fixed 
Repayment Period: 120 months/10 years 
Monthly Payment Amount: $42.34 
Estimated Finance Charge: $1,080.80 

*Interest does not accrue, and payments are not due while the student is enrolled at least half-time in a Nursing degree program and during the 9-month grace period. 

Bankruptcy Limitations 

Students who file for bankruptcy may still be required to pay back this loan. 

Default Penalties 

If the borrower fails to make an installment payment when due or fails to comply with the terms of the promissory note, the loan will be considered in default. 

Nursing Loans are serviced by Heartland ECSI. You may contact them at 1-888-549-3274.  Student borrowers may view information about their disbursed loan online on the Heartland loan servicing website. SU's Heartland school code is WA3.   

Additional Information 

For more information about loan repayment terms and deferment options, borrowers should refer to their promissory notes. 

Eligibility for private educational loans is credit-based; it is not based on need. Interest rates are generally variable, and interest accrues while the student is in school. Generally, repayment of the loan can be deferred until the student leaves school or drops below half-time enrollment. 

Eligible students may annually borrow up to the total cost of attendance, less any financial aid received. Students who receive need-based financial aid may use private loans to replace some or all of their expected family contribution and/or unmet need. 

Most private educational loans require the borrower to be a degree-seeking student who is registered at least half-time (6 credits as an undergraduate; 3 credits as a graduate student). However, some private education loans, known as "Continuing Education Loans," are available for enrollment that is not degree-seeking and/or is less than half-time. Some lenders also require students to be meeting Satisfactory Academic Progress. Contact your lender for academic requirements. 

To ensure that the amount needed is available when it is needed: 

• Student borrowers who need assistance determining how much they are eligible to borrow (cost of attendance minus estimated financial assistance) should contact the Student Financial Services Office. 
• Unless students specifically instruct otherwise, Student Financial Services certifies loans to be evenly disbursed over the quarters students indicate on their loan applications. Students who know they will have uneven costs should tell Student Financial Services so their loans can be awarded and disbursed to their student accounts accordingly. 
• Regulations require student borrowers to complete a loan self-certification and submit it to their lender. Because this step adds to processing time, the Student Financial Services Office recommends that students apply for private loans a minimum of six weeks before the tuition payment deadline for their first term of enrollment each academic year. 
• It can take as long as four weeks following loan approval for students to receive their loan funds. Students who know they will need a loan for the entire year are encouraged to apply early and for the entire year rather than quarter-by-quarter. 
• Students must be registered for the term they are requesting for the Private Educational Loan. If you apply, and are approved for the loan before you register, please contact Student Financial Services at financialservices@takechargesummit.com once you have registered so that we can continue processing the loan.   

Most lenders participate in ELM, an automated web-based certification system. Students should ask their lenders if they participate using the ELM process. If they do, the student's loan certification will be posted electronically on ELM for certification by the Student Financial Services Office. If a lender doesn't participate through ELM, the student's application will be completed as a paper document that is submitted by the lender to the Student Financial Services Office for certification. For this reason, processing paper applications and certification generally takes longer. 

Credit balances on the student accounts of students who apply for loan amounts in excess of the total due to Seattle University will be refunded to those students. 

In some cases, a private lender will allow you to borrow a loan to pay a past due balance. Once approved, if you are borrowing to cover a past due balance, please contact Student Financial Services at financialservices@takechargesummit.com to let us know how much and what term you are using the loan to repay.  

Interested students can go to the Private Loan Lender List for more information including a comparison of interest rates, fees and other incentives lenders provide. 

For information about how lenders were selected for this list, please review the Private Educational Loan Policy. Please note that the Office of Student Financial Services does not recommend a specific lender or lenders. This list is offered as a way for students to compare their private lending options after they have fully investigated their federal student loan eligibility.  

The Student Financial Services Office will certify a private educational loan for any lender a student selects, regardless of whether or not that lender appears on this list and regardless of whether or not the student has chosen to apply for federal loans or other financial aid. 

Students are strongly encouraged to talk with the Student Financial Services Office before taking out one of these loans because they may find they are eligible for other financial aid, including additional federal loans or certified private educational loans with better repayment terms and conditions. If this is the case, it may then be possible to reduce the amount of, or altogether eliminate the need for a Direct-to-Consumer Loan. 

Students who choose to take out a Direct-to-Consumer Loan must report the amount of the loan to the Student Financial Services Office where it must be considered as a resource in combination with any other aid received. Students who have not coordinated with the Student Financial Services Office about their Direct-to-Consumer Loan may find that it results in a reduction in or required repayment of other aid. 

Alaska State Student Loans are available only to students or their family members who are residents of Alaska. Students may receive these funds in addition to, or in lieu of, Federal Direct Loans. 

Students or their family members who are residents of Alaska also have the opportunity to apply for an alternative education loan from the Alaska Advantage Program.  These loans are credit based and students or their family members may borrow up to the annual limit of the loan programs. 

More information is available at the Alaska Commission on Post Secondary Education's website. 

To be eligible, a student must: 

• Be a Minnesota resident enrolled in an eligible school (Seattle University is eligible),
• Be enrolled at least half-time in a program leading to a certificate, associate, baccalaureate or graduate degree,
• Be making satisfactory academic progress as defined by the school,
• Not be in default or delinquent on any student loans, and
• Have a credit-worthy co-signer. 

Go to the Minnesota Office of Higher Education for the SELF Loan application and more information.  

In addition to standards of behavior set out by the University, the Enrollment Services Division, and Student Financial Services, employees of Seattle University and, in particular, employees within Student Financial Services, are subject to the following restrictions. 

A ban on revenue-sharing arrangements with any lender. The HEOA defines “revenue-sharing arrangement” as any arrangement between an institution and a lender under which the lender makes Title IV loans to students attending the institution (or to the families of those students), the institution recommends the lender or the loan products of the lender and, in exchange, the lender pays a fee or provides other material benefits, including revenue or profit-sharing, to the institution or to its officers, employees, or agents. 

A ban on employees of the Student Financial Services receiving gifts from a lender, guaranty agency or loan servicer. No officer or employee of Seattle University’s Student Financial Services (or an employee or agent who otherwise has responsibilities with respect to educational loans) will solicit or accept any gift from a lender, guarantor, or servicer of education loans. A “gift” is defined as any gratuity, favor, discount, entertainment, hospitality, loan, or other item having monetary value of more than a de minimus amount. However, a gift does not include (1) a brochure, workshop, or training using standard materials relating to a loan, default aversion, or financial literacy, such as a brochure, workshop or training; (2) food, training, or informational material provided as part of a training session designed to improve the service of a lender, guarantor, or servicer if the training contributes to the professional development of Seattle University’s officer, employee or agent; (3) favorable terms and benefits on an education loan provided to a student employed by Seattle University if those terms and benefits are comparable to those provided to all students at Seattle University; (4) entrance and exit counseling as long as Seattle University’s staff is in control of the counseling and the counseling does not promote the services of a specific lender; (5) philanthropic contributions from a lender, guarantor, or servicer that are unrelated to education loans or any contribution that is not made in exchange for advantage related to education loans, and; (6) State education grants, scholarships, or financial aid funds administered by or on behalf of a State.

A ban on contracting arrangements. No officer or employee of Seattle University’s Student Financial Services (or employee or agent who otherwise has responsibilities with respect to education loans) will accept from a lender, or an affiliate of any lender, any fee, payment, or other financial benefit as compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans. 

A prohibition against steering borrowers to particular lenders or delaying loan certifications. For any first-time borrower, Seattle University will not assign, through the award packaging or other methods, the borrower’s loan to a particular lender. In addition, Seattle University will not refuse to certify, or delay the certification, of any loan based on the borrower’s selection of a particular lender or guaranty agency. 

A prohibition on offers of funds for private loans. Seattle University will not request or accept from any lender any offer of funds for private loans, including funds for an opportunity pool loan, to students in exchange for providing concessions or promises to the lender for a specific number of Title IV loans made, insured, or guaranteed, a specified loan volume, or a preferred lender arrangement. An “opportunity pool loan” is defined as a private education loan made by a lender to a student (or the student’s family) that involves a payment by the institution to the lender for extending credit to the student. 

A ban on staffing assistance. Seattle University will not request or accept from any lender any assistance with call center staffing or Student Financial Services staffing, except that a lender may provide professional development training, educational counseling materials (as long as the materials identify the lender that assisted in preparing the materials), or staffing services on a short-term, nonrecurring basis during emergencies or disasters. 

A ban on advisory board compensation. An employee of Seattle University’s Student Financial Services (or employee who otherwise has responsibilities with respect to education loans or financial aid) who serves on an advisory board, commission, or group established by a lender or guarantor (or a group of lenders or guarantors) is prohibited from receiving anything of value from the lender, guarantor, or group, except for reimbursement for reasonable expenses incurred by the employee for serving on the board.