Attending college is an investment in yourself. A college degree will open the door for more and better job opportunites. In fact, according to the U.S. Bureau of Labor Statistics, a person with a college education can earn upwards of $1 million more over a lifetime than someone without a degree. To help aid you in funding your education UMHB participates in a variety of educational loan programs, with funding provided by federal, state, and private lenders.
Federal Direct Loans
Federal Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education.
The student must be enrolled at least half-time (6 credit hours) and meet general eligibility requirements for the Federal Student Aid programs. More information about these requirements is available through our link Student Guide to Financial Aid or by contacting the Financial Aid Office at firstname.lastname@example.org
The types of Direct Loans are Subsidized Direct Loans and Unsubsidized Direct Loans. Direct Subsidized Loans are for students with demonstrated financial need, as determined by federal regulations. No interest is charged while the student is enrolled at least half-time, during the student's grace period and during periods of deferment. Direct Unsubsidized Loans are not based on financial need and interest is charged during all periods.
Students must complete the Free Application for Federal Student Aid (FAFSA). First-time borrowers at UMHB will be required to complete Entrance Counseling and a Master Promissory Note (MPN). This is a one-time requirement. In subsequent years, students who request a loan will be awarded a loan through the Serial Loan process. Students will be required to confirm that they want to continue to receive a Direct Loan under the MPN.
Students are required to complete an Exit Interview when dropping below half-time or when enrollment ceases.
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution.
With Direct Loans, you
- Borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
- Have online access to your Direct Loan account information 24 hours a day, 7 days a week at Direct Loans on the Web at: studentloans.gov.
- Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.