Loans

Student loan programs offer long-term, low-interest educational loans which require repayment. Students should carefully consider the amount of debt they incur and recognize their future financial obligations. Like any other debt, a student loan is a serious financial obligation.

Federal Perkins Loans
The Federal Perkins Loan program gives priority to students with exceptional need. These funds are awarded on a first-come basis to qualified applicants who have a completed financial aid file. UNL acts as the lender using funds provided by the federal government. Repayment is made to Campus Partners as the loan servicer for UNL.

  • Interest Payments while in school, grace period or deferment - The federal government does not charge interest on Federal Perkins Loans while you are enrolled at least half-time, during the 9 month grace period, or during deferments
  • Interest Rate while in repayment or forbearance - 5% fixed
  • Origination Fee - None
  • Up-front interest rebate (repayment incentive)- Not applicable
  • Borrower retains repayment incentive - Not applicable
  • Grace Period before repayment begins - 9 months
  • Repayment - Begins after you graduate, leave school, or drop below half-time enrollment. There is a 10 year repayment plan.
  • Exit Counseling - UNL must ensure that students who have borrowed Federal Perkins Loans receive exit counseling before they leave school. Information about how to satisfy this requirement will be sent to the borrower at that time.
  • Cancellation provisions - For information on Perkins Loan cancellation provisions, click here.

If you have been awarded a Federal Perkins Loan as part of your financial aid package, please click here for specific information about the Federal Perkins Loan.

Please be aware that the information provided below on Federal Direct Subsidized Stafford Loans, Federal Direct Unsubsidized Stafford Loans, and Federal Direct Grad PLUS Loans is only valid until July 1, 2012.  At that time, there will be two significant changes that the Budget Control Act of 2011 will have on your student loan funding.  First, for periods of enrollment after July 1, 2012 (for the 2012-13 academic year), the Budget Control Act eliminates the in-school interest subsidy for graduate and professional students.  No longer will there be a need-based Federal Direct Subsidized Stafford Loan, which has an annual loan limit of $8,500.  The total annual loan limit of $20,500, however, will remain the same (this will be in the form of a Federal Direct Unsubsidized Stafford Loan only).

Second, the Budget Control Act also eliminates the up-front interest rebate for all Federal Direct Stafford Loans disbursed on or after July 1, 2012.  For the Federal Direct Subsidized and Unsubsidized Stafford Loans, it eliminates the incentive of 0.5 percent of the loan amount applied toward the 1.0 percent origination fee.  For Federal Direct Grad PLUS Loan, it eliminates the up-front interest rebate of 1.5 percent applied toward the 4 percent origination fee.

Federal Direct Stafford Loans
The Federal Direct Stafford Loan program enables students to borrow money directly from the federal government. The U.S. Department of Education is the lender and delivers the loan money to you through UNL. Federal Direct Stafford Loans are made to students attending school at least half-time. Annual and aggregate loan limits vary depending on a student's grade level and dependency status. For more information on Federal Direct Stafford Loan annual and aggregate loan limits, click here.

There are two types of Federal Direct Stafford Loans - Subsidized and Unsubsidized. A student qualifies for a Federal Direct Subsidized Stafford Loan based on financial need, as determined under federal regulations. A student's need is not a factor in determining eligibility for a Federal Direct Unsubsidized Stafford Loan. It is possible for a student to have a Direct Subsidized and Direct Unsubsidized Stafford Loan for the same award year. A student can borrow a combination of loans based on the cost of education minus other financial aid up to maximum annual loan limits and/or cost of education. Important - Federal Direct Unsubsidized Stafford loans have many of the same terms and conditions as the Federal Direct Subsidized Stafford Loan (i.e., loan limits, origination/insurance fees, and deferments). However students are responsible for the interest during in-school, grace and deferment periods. Interest accruing during those periods may be paid or capitalized as agreed to by the borrower and the servicer.

Federal Direct Subsidized Stafford Loan

  • Interest Payments while in school, grace period or deferment - The federal government does not charge interest on subsidized loans while you are enrolled at least half-time, during the 6 month grace period, or during deferments
  • Interest Rate while in repayment or forbearance - For Subsidized Stafford Loans first disbursed on or after 7/1/06 the interest rate is 6.8% fixed. For a comparison chart of all Federal Direct Stafford Loan interest rates, click here.
  • Origination Fee - 1.0%
  • Up-front interest rebate (repayment incentive)- 0.5%
  • Borrower retains repayment incentive - by making first 12 payments on time
  • Grace Period before repayment begins - 6 months
  • Repayment - Begins after you graduate, leave school, or drop below half-time enrollment. Repayment plans are Standard, Extended, Graduated, Income Contingent and Income-Based.
  • Exit Counseling - UNL must ensure that students who have borrowed Direct Loans receive exit counseling before they leave school. To satisfy this requirement, you should visit the NSLDS website and complete Exit Counseling. Students should complete exit counseling shortly before graduating or ceasing at least half-time enrollment.
  • Cancellation/Forgiveness provisions - Under certain circumstances, the federal government will forgive all or a portion of a Stafford Loan for Teachers or Public Service Employees. For more information, visit studentaid.ed.gov.

If you have been awarded a Federal Direct Stafford Loan as part of your financial aid package, please click here for specific information about Federal Stafford Loans.

Federal Direct Unsubsidized Stafford Loan

  • Interest Payments while in school, grace period or deferment - The student is responsible for paying all interest on Unsubsidized Stafford Loans beginning the day the loan is disbursed. For Unsubsidized Stafford Loans first disbursed on or after 7/1/06 the interest rate is 6.8% fixed.
  • Interest Rate while in repayment or forbearance - For Unsubsidized Stafford Loans first disbursed on or after 7/1/06 the interest rate is 6.8% fixed. For a comparison chart of all Federal Direct Stafford Loan interest rates, click here.
  • Origination Fee - 1.0%
  • Up-front interest rebate (repayment incentive)- 0.5%
  • Borrower retains repayment incentive - by making first 12 payments on time
  • Grace Period before repayment begins - 6 months
  • Repayment - Begins after you graduate, leave school, or drop below half-time enrollment. Repayment plans are Standard, Extended, Graduated, Income Contingent and Income-Based.
  • Exit Counseling - UNL must ensure that students who have borrowed Direct Loans receive exit counseling before they leave school. To satisfy this requirement, you should visit the NSLDS website and complete Exit Counseling. Students should complete exit counseling shortly before graduating or ceasing at least half-time enrollment.
  • Cancellation/Forgiveness provisions - Under certain circumstances, the federal government will forgive all or a portion of a Stafford Loan for Teachers or Public Service Employees. For more information, visit studentaid.ed.gov.

If you have been awarded a Federal Direct Stafford Loan as part of your financial aid package, please click here for specific information about Federal Stafford Loans.

Federal Direct Grad PLUS Loan
The Federal Direct Grad PLUS Loan allows graduate and professional students to borrow up to their full cost of attendance, less other financial aid received. The U.S. Department of Education is the lender and delivers the loan money to you through UNL. Federal Direct Grad PLUS Loans are made to students attending school at least half-time.

  • Interest Payments while in school, grace period or deferment - Interest is charged on PLUS loans beginning the date the money is applied to the student's school account. For Direct PLUS Loans first disbursed on or after 7/1/06 the interest rate is 7.9% fixed. You may either pay the interest as it accrues, or you may allow the interest to be capitalized (added to your loan principal balance).
  • Interest Rate while in repayment or forbearance - For Direct PLUS Loans first disbursed on or after 7/1/06 the interest rate is 7.9% fixed. For a comparison chart of all Federal Direct Stafford Loan interest rates, click here.
  • Origination Fee - 4.0%
  • Up-front interest rebate (repayment incentive) - 1.5%
  • Borrower retains repayment incentive - by making first 12 payments on time
  • Grace Period before repayment begins - None
  • Repayment - The first payment on a Federal Direct Grad PLUS Loan is due within 60 days after the loan is fully disbursed. While you are enrolled in school on at least a half-time basis, you are eligible for an in-school deferment that allows you to postpone payments until you graduate or drop below half-time status. In most cases, an in-school deferment will automatically be granted based on enrollment data reported to the U.S. Department of Education. The first payment on a Grad PLUS loan will be due within 45 days after the deferment end date. Note: Students who receive an in-school deferment will be notified of the deferment and of their option to cancel the deferment and begin making loan payments. Repayment plans are Standard, Extended, and Graduated.
  • Exit Counseling - UNL must ensure that students who have borrowed Direct Loans receive exit counseling before they leave school. To satisfy this requirement, you should visit the NSLDS website and complete Exit Counseling. Students should complete exit counseling shortly before graduating or ceasing at least half-time enrollment.
  • Cancellation/Forgiveness provisions - Under certain circumstances, the federal government will forgive all or a portion of a Stafford Loan for Teachers or Public Service Employees. For more information, visit studentaid.ed.gov.
If you have been awarded a Federal Direct Grad PLUS Loan as part of your financial aid package, please click here for specific information about Federal Stafford Loans.

 

University Tuition Assistance Grants (UTAG)

University Tuition Assistance Grants are awarded to full-time graduate and law students based on financial need and academic criteria as defined by the Board of Regents. These grants do not require repayment.

 

Teacher Education Assistance for College and Higher Education Grant

(TEACH Grant)

The U.S. Department of Education's TEACH Grant Program provides funds to students who are completing or who plan to complete coursework that is required to begin a career in teaching (students enrolled in a post baccalaureate teacher certification program are not eligible), and who agree to teach full-time for at least four years as a highly qualified teacher; at a school servicing low-income students; and in a high-need field. Additional information can be found here.

Federal Work-Study

The Federal Work-Study Program (FWSP) provides part-time jobs during the academic year and full- or part-time jobs during the summer for students who have financial need and who must earn a part of their educational expenses. Jobs may be on- or off-campus with a public or private nonprofit agency including jobs in community service areas. Salary for FWSP students will be no less than the current minimum wage and will also be associated with the type of work performed and skills required. The FWSP award is a set earning limit that cannot be exceeded. Students employed full-time on the summer FWSP are expected to save between 50 and 100 percent of their earnings to be used as a resource for the next academic year. The Career Services Office helps students find part-time employment including, but not limited to, FWSP jobs. These funds are awarded on a first-come basis to qualified financial aid applicants.

 

Fellowships

Graduate students newly admitted to UNL degree programs are eligible for several fellowships. All of these fellowships are awarded by or through the academic departments, with no separate fellowship application forms for new students to complete. Because departments begin reviewing applications by January 15, it is important that your Application for Admission be completed as early as possible.

 

Assistantships

Over 1,700 assistantship appointments are made by departments during the academic year. Most assistantships include tuition remission during the semester of appointment and may include tuition remission for the summer. The assistantships are competitively awarded and typically require 13 to 20 hours of service per week. Graduate assistantships for summer may also be available.

Inquiries about teaching and research assistantships should be directed to the graduate chair of the department. To hold a graduate assistantship a student must be admitted to a department or area with a specific graduate degree objective and must be enrolled during the entire duration of appointment.

Related Links