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Loans

A student or parent who accepts loans on their award notification will need  to complete additional steps in order to receive their loan disbursement(s).  The Federal Direct Loan application for students should be submitted on line as soon as you accept your loans.  

Federal Direct Subsidized Loan

Federal Unsubsidized Loan

  • Non-need based loan
  • Interest begins as soon as the loan is disbursed
  • The student may choose to make payments on the interest only while they are in school or choose to have the interest capitalized
  • Fixed interest rate of 6.8%
  • Origination 1.72% fee
  • Repayment on the principal begins six months after completing program of study or dropping below six credit hours 

Federal Direct PLUS or Graduate PLUS Loan Program

  • If a Parent Plus loan or an estimated Parent PLUS loan is included on the award letter, you will need to take additional steps to secure that loan. If you do not wish to borrow the loan, contact the financial aid office and we will revise the student award.
  • Repayment on the principal and interest begins as soon as the loan is disbursed.
  • Fixed interest rate of 7.9%
  • Origination 4.20% fee
  • The parent must pass a credit check to qualify for a PLUS Loan.
  • Maximum amount that may be borrowed is the student's cost of attendance less other estimated financial aid.

Annual and Aggregate Loan Limits

The following chart provides maximum annual and aggregate (total) loan limits for subsidized and unsubsidized Direct Stafford Loans. 

Year Dependent Undergraduate Student Independent Undergraduate Student (and dependent students whose parents are unable to obtain the parent plus)
First Year $5,500—No more than $3,500 of this amount may be in subsidized loans. $9,500—No more than $3,500 of this amount may be in subsidized loans.
Second Year $6,500—No more than $4,500 of this amount may be in subsidized loans. $10,500—No more than $4,500 of this amount may be in subsidized loans.
Third Year $7,500—No more than $5,500 of this amount may be in subsidized loans. $12,500—No more than $5,500 of this amount may be in subsidized loans.
Maximum Total Debt from
Stafford Loans When You Graduate (aggregate loan limits)
$31,000—No more than $23,000 of this amount may be in subsidized loans. $57,500—No more than $23,000 of this amount may be in subsidized loans.

 

Visit www.studentloans.gov to learn more about the Federal Direct Loan Programs.

The following steps must be completed to receive your Direct Loans

Federal Direct Loan

  • Complete the loan entrance counseling interview
  • Complete the master promissory note for direct loan

Federal Direct PLUS Loan Program for Parents and Graduate Students

  • Parents and graduate students complete the PLUS application for credit
  • Graduate students need to complete the Loan entrance counseling for the PLUS loan
  • Parents and graduate students with approved credit need to complete the master promissory note

Perkins Loan

This federal loan is designed especially for students who demonstrate financial need.  Eligible students are awarded on a first-come, first serve basis until funding is exhausted.  Repayment begins nine months after graduation, less than half-time enrollment, or withdrawal from school. During the repayment period, 5% interest will be charged on the unpaid balance of the loan principal. Interest does not begin to accrue until repayment begins.

Nursing Student Loans

The loan is designed for students who demonstrate financial need and are enrolled in eligible program.  Eligible students are awarded on a first-come, first serve basis until funding is exhausted.   No interest is charged while the student is in school. Five percent simple interest is charged after completion of the grace period.

Eligible students, who accept the Perkins or Nursing loan on your award letter, must sign and return it to the financial aid office.

You will receive email instructions from Educational Computer Systems Inc (ECSI) directing you to complete the following materials on their website www.ecsi.net.

  1. Entrance Interview
  2. Master Promissory Note

The above documentations cannot be completed until you receive the email from ECSI. 

Contact Information

Financial Aid Office
University of Charleston
2300 MacCorkle Avenue, SE
Charleston, WV 25304
304-357-4944
FAX 304-357-4769
ucfinancialaid@ucwv.edu 

Beckley Student Solutions Center
877-393-5014

www.pin.ed.gov.

FAFSA 

University of Charleston
School Code: 003818 

Satisfactory Academic Progress Policy