Direct Loan Information
Quick Loan Links
All new Financial Aid Applicants applying for Federal Direct Loans are required to complete the Direct Loan Master Promissory Note prior to receipt of funds.
In order to complete the MPN you will need:
- Federal Student Aid PIN
- Permanent address
- Mailing address
- Telephone number
- E-mail address
- Reference information (name, address, telephone number) for 2 people you have known for at least 3 years.
- First reference should be a parent or legal guardian.
- Approximately 30 minutes to complete in a single session
About the Federal Direct Loan Program
Rowan University School of Osteopathic Medicine will participate in the William D. Ford Federal Direct Loan Program for all federal subsidized and unsubsidized student loans and federal PLUS loans.
Eligibility Requirements for students borrowing a Direct Loan:
- You must be a U.S. Citizen or a Permanent Resident.
- You must be enrolled at least half-time.
- You must maintain satisfactory academic progress.
- You cannot be in default on a federal student loan.
Federal Direct Unsubsidized Loans
Direct Unsubsidized Loans are not based on financial need and interest is charged during all periods. The interest rate is 6.8% for undergraduates and graduate/professional students. There is a 1.051% origination fee for loans originated after July 1, 2013.
Federal Direct Grad PLUS Loans
Direct PLUS Loans are low-interest loans for graduate/professional degree students. The interest rate is 7.9% and the origination fee is 4.204% for loans originated after July 1, 2013.
The eligibility requirements for a graduate student to borrow a Direct PLUS Loan are:
- You must be a U.S. citizen or eligible non-citizen, must not be in a default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid programs.
- A credit check that will be performed, excluding anyone with an adverse credit history.