Types Of Financial Aid
Loans must be repaid.
Direct Loans (subsidized and unsubsidized) and Direct Parent Loan for Undergraduate Students (PLUS) are available at Dickinson State University.
[NOTE: Prior to the release of the first Direct Stafford Loan disbursement, students must complete entrance loan counseling, accept the loan and complete a Master Promissory Note (MPN). The promissory note must be completed before loan funds will be disbursed. Please complete the Master Promissory Note at www.studentloans.gov.]
Forbearance, Deferment and Cancellation of Loan information can be found on the Master Promissory Note.
Loan funds that are received electronically are credited directly to the student’s account. Loan funds that arrive in the form of a check must be endorsed by the student and then will be credited to the student’s account. Any funds in excess of the amount owed the University at the time of disbursement are considered “excess aid” and may be disbursed to the student in the form of a check or direct deposit transaction. Disbursement could be delayed if students have not completed Entrance Loan Counseling, are not enrolled at least half-time, or have a “hold” on their file.
Direct Subsidized Loans may be awarded to students who are enrolled at least half-time and have need. Direct subsidized loans disbursed on or after 07/01/13 and before 07/01/14 will have a 3.86% fixed rate of interest. If eligible, a freshman may borrow up to $3,500, a sophomore (or a student in a two-year program) may borrow up to $4,500, and a junior or senior may borrow up to $5,500. The maximum amount that can be borrowed is $23,000. Repayment begins six months after graduation or if the student ceases to be enrolled at least half-time. Students receiving a subsidized loan after July 1, 2012 and before July 1, 2014 will be responsible for the interest that accrues on the loan during the grace period. If a student does not pay the interest accrued, the interest will be added to the principal amount of their loan when the grace period ends.
Direct Unsubsidized Loan is a non-need based program for those ineligible for (any or all of) the Direct Subsidized Stafford Loan. Direct unsubsidized loans disbursed on or after 07/01/13 and before 07/01/14 will have a 3.86% fixed rate of interest. The student is responsible for the interest payment while enrolled. The additional annual loan limit for dependent undergraduate students is $2,000. The additional annual loan limit for independent undergraduate students (or students whose parents are unable to obtain Federal Parent Loans for Undergraduate Students) is $6,000 a year for the first and second years of study and $7,000 for the third and fourth years of study. Repayment begins six months after graduation or if the student ceases to be enrolled at least half-time.
The aggregate unsubsidized (minus subsidized) loan amounts for dependent students is $31,000; the aggregate unsubsidized (minus subsidized) loan amounts for independent students is $57,500.
[NOTE: An exit interview is required at the time a student graduates, drops below half-time status or terminates enrollment at Dickinson State University.]
Direct Parent Loans for Undergraduate Students (PLUS) enable parents to borrow money to help pay for their children’s education. Parents may borrow on behalf of a dependent student. The maximum loan amount that a parent may borrow for each dependent student is the difference between the cost of attendance and any other financial assistance. The PLUS loan requires a separate application. If the period of enrollment is more than one semester, there will be multiple disbursements. Generally, the loan enters repayment within 60 days of the final disbursement. To apply, go to www.studentloans.gov, complete a Direct PLUS Loan Application and MPN. The loan origination fee is four percent.
Federal Perkins Loan may be awarded according to availability of revolving funds. Federal Perkins is a campus-based loan; therefore, priority is given to students whose FAFSAs are received by the Central Processor by March 15. It is a 5% interest loan with a $5,500 per year limit (maximum $27,500). If eligible for this loan at Dickinson State University, the minimum amount is $400. Students need to complete entrance loan counseling and a Federal Perkins Loan Master Promissory Note. Repayment (to Student Loan Service Center, P.O. Box 6050, Fargo ND 58108-6050) begins nine months after the borrower ceases to be enrolled at least half-time.
[NOTE: Students may be granted loan forgiveness if they meet certain criteria. Examples include the Public Service Loan Forgiveness program (for borrowers who make 120 payments on a qualified loan while employed full-time in a public service job) or the Stafford Loan Forgiveness Program for Teachers. To find out more about the eligibility requirements for teacher loan forgiveness and about deferment provisions for teaching for the Stafford Loan Program as well as for the Perkins Loan Program, visit the Cancellation/Deferment Option for Teachers at www.FederalStudentAid.ed.gov/tc. For information about the Teacher Shortage Loan Forgiveness Program or the Technology Occupations Student Loan Forgiveness Program in the state of North Dakota, visit http://www.ndus.edu/students/paying-for-college/grants-scholarships/#TSLPF]
Nursing Student Loan (NSL) may be awarded according to availability of revolving funds. It is a 5% interest loan with a $3,300 per year limit for the first two years and a $5,200 per year limit for subsequent years (maximum $17,000). If eligible for this loan at Dickinson State University, the minimum amount is $400. Students need to complete a Nursing Student Loan Master Promissory Note. Entrance loan counseling must be completed every year and a statement of disclosure regarding the financial charges on NSLS must be made and signed by the borrower each time a loan award is made and at the time a repayment schedule is signed. A self certification form must be collected before funds can be disbursed. Repayment (to Student Loan Service Center, P.O. Box 6050, Fargo ND 58108-6050) begins nine months after the borrower ceases to be enrolled at least half-time in a nursing program.
Nursing Education Loan is awarded by the North Dakota Board of Nursing. Applicants must be accepted or enrolled in a nursing program approved by the North Dakota Board of Nursing. The loan amounts are up to $2,000 for the Associate in Science in Practical Nursing program and up to $3,000 for baccalaureate completion programs. Repayment is by nursing employment in North Dakota after graduation and/or by monetary repayments. The application is available at www.ndbon.org; the deadline is July 1.
Short Term Emergency Loans may be obtained under certain circumstances. Short term advances, up to $600, for educational related expenses will only be granted to those awaiting Financial Aid. The aid must be sufficient to repay the loan. A second emergency loan will not be granted to a student who has an unpaid Short Term Emergency Loan. There is a $10 service charge. Applications for short-term emergency loans can be obtained from the Office of Financial Aid.