The Unsubsidized Loan is not based on financial need and interest is charged throughout the life of the loan. Students can choose to make monthly interest payments or allow interest to capitalize. If interest is capitalized, it is added to the principal balance of the loan and the Department of Education will charge interest on the new principal amount. This option will increase the total amount repaid over the life of the loan. The U.S. Department of Education is the lender and will assign your loan servicer.
| Graduate Students | |
|---|---|
| Annual | $20,500 |
| Aggregate (Undergraduate + Graduate) | $138,500 |
The total amount of loans may not exceed the cost of attendance minus all other financial aid.
Federal law sets the maximum interest rates and fees that may be charged for Direct Loans. Interest rates are set based on the date the first disbursement is made to your student account, at Southeast.
| First Disbursement Date | Interest Rate |
|---|---|
| July 1, 2018 - June 30, 2019 | 6.6% |
Additionally, each loan has an origination fee that is withheld from the amount borrowed, slightly reducing the amount paid to your student account. For example, if you borrow $1,000 and the origination fee is 1%, you will only receive a payment toward your student bill of $990.00 ($1,000 - 1% ($10) = $990.00).
| First Disbursement Date | Origination Fee |
|---|---|
| October 1, 2017 - September 30, 2018 | 1.066% |
| October 1, 2018 - September 30, 2019 | 1.062% |
Exit counseling is required of student loan borrowers when the student drops below half-time enrollment, graduates or withdraws from the university. Exit counseling offers information and tools needed to manage student loan debt. It also helps students understand their rights, responsibilities, and obligations of paying off their debt. Click here to complete exit counseling.
Regardless of educational outcome and subsequent employability, repayment is required. The National Student Loan Data System will provide a complete listing of each borrower's federal loans along with the contact information for your lender/servicer.
Students are eligible for a 6-month grace period (if not previously used) that begins the day they either stop attending school (graduate) or drop to less than half time enrollment. Payment is not required during this grace period; however, interest will begin accruing on any previous subsidized loans. Payments can be made at any time while in school or prior to the end of the grace period.
There are several repayment plans designed to meet the many needs of individual borrowers. Your monthly payment will vary depending on the repayment plan you choose and the length of time set forth by the plan. For a detailed description of each repayment plan, visit the Repayment Plans and Calculators page.
Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily postpone or reduce your federal student loan payments. Postponing or reducing your payments may help you avoid default. For a detailed description visit the Deferment and Forbearance page.
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