The university participates in the William D. Ford Federal Direct Loan Program, which is administered by the U.S. Department of Education and which enables students enrolled at least half-time to borrow directly from the federal government.
Direct subsidized loan limits are $3,500 per year for freshmen, $4,500 for sophomores and $5,500 for other undergraduates. For a Direct subsidized loan, repayment of principal and interest is deferred until after the borrower graduates or enrolls less than half-time. Students are eligible for an additional $2,000 in the Direct unsubsidized loan. Extensive information regarding the Direct Loans Program can be found at studentloans.gov.
Students must complete an entrance counseling session and electronically sign a Master Promissory Note prior to obtaining a Direct student loan. To complete the entrance counseling session and electronically sign the Master Promissory Note, visit the Direct Loans website studentloans.gov. Birth date, social security number and FAFSA pin are needed to access the website. After signing into the website, follow the instructions for Entrance Counseling and signing a Master Promissory Note.
Additional Direct unsubsidized loan funds are available to independent undergraduate students. Loan limits vary depending on academic year.
Federal Parent PLUS Loans
Federal Direct Parent Loans for Undergraduate Students (PLUS) are available to parents of undergraduate students who do not qualify for financial aid or who need to supplement other sources of financial aid. The interest rate is 6.41%. Repayment begins 60 days after the loan is disbursed, but may be deferred while the student is enrolled. Parents apply for the Federal Direct PLUS Loan on the Direct Loans website studentloans.gov and must also complete Dominican University's Parent PLUS Application. Dependent students whose parents have applied for, but were unable to get a Federal Direct PLUS Loan are eligible to receive additional Direct unsubsidized loan funds and should contact the Financial Aid Office at 708-524-6809, or at firstname.lastname@example.org for further instructions.