Financial Aid Loans
Types of Financial Aid Loans
Direct Stafford Loans
Direct Stafford Loans, provided through the U.S. Department of Education, are low-interest loans that help eligible students manage the cost of attending Morris College. Two types are available: Subsidized and Unsubsidized.
Parent PLUS Loan
Parents of dependent students can apply for a Direct PLUS Loan to assist with covering their child’s Morris College educational expenses.
Student Freedom Initiative
The Student Freedom Initiative partners with Minority Serving Institutions like Morris College to support students in achieving academic, professional, and financial success.
Private Education Loan
Morris College uses FastChoice, an online tool that helps students and families compare private lenders, customize loan options, and understand important details before borrowing.
How Financial Aid Loans Work
DIRECT STAFFORD LOANS
Direct Subsidized and Unsubsidized Loans are federal student loans from the U.S. Department of Education designed to help eligible students pay for college at Morris. (You may hear them called Stafford Loans, but their official names are Direct Subsidized Loans and Direct Unsubsidized Loans.)
Differences Between Direct Subsidized Loans and Direct Unsubsidized Loans
QUICK OVERVIEW OF DIRECT SUBSIDIZED LOANS
Who can get them?
Available to undergraduate students who demonstrate financial need.
How much can you borrow?
Morris College determines the loan amount based on your eligibility and demonstrated need.
Who pays the interest?
The Department of Education pays the interest while you’re enrolled at least half-time, during your six-month grace period after leaving school, and during approved deferment.
QUICK OVERVIEW OF DIRECT UNSUBSIDIZED LOANS
Available to undergraduate and graduate students, regardless of financial need.
How much can you borrow?
Morris College determines the amount, factoring in your cost of attendance and other aid received.
Who pays the interest?
You are responsible for all interest on an Unsubsidized Loan, even while enrolled.
Steps to Accept Your Loan
Check your Financial Aid Award in BannerWeb to see if you’ve been offered Federal Direct Loans. If awarded, you can accept them online. Next, you’ll need to:
- Complete entrance counseling to confirm you understand repayment obligations.
- Sign a Master Promissory Note, your official loan agreement.
Morris College will receive electronic confirmation once these steps are complete.
Loan Amount Limits
Loan eligibility depends on your year in school, dependency status, and other factors. Federal limits apply to how much you may borrow annually (annual loan limits) and over your lifetime (aggregate loan limits).
Dependent students whose parents are denied a PLUS Loan may qualify for additional Unsubsidized Loan funds.
Parents PLUS
How to Apply
Submit the Direct PLUS Loan Application for Parents online.
Confirm School Requirements: While most colleges use the online process, some have additional steps. Check the Direct Loan Program site or contact the Morris College Financial Aid Office for details.
Important: A completed FAFSA form is required before applying.
Interest Rates & Fees
- Interest Rate: 9.08% (fixed) for loans issued between July 1, 2024, and July 1, 2025.
- Loan Fee: 4.228% of the loan amount, deducted proportionately at disbursement.
Loan Limits
Borrow up to the full cost of attendance (set by Morris College) minus other aid received
Repayment Options
- Deferment: Request to postpone payments while your student is enrolled at least half-time and for six months afterward. Interest accrues during this period.
- Immediate Repayment: If no deferment is chosen, repayment begins once the loan is fully disbursed.
Adverse Credit Solutions:
- Apply with an eligible endorser (co-signer) who has no adverse credit history.
- Provide documentation of extenuating circumstances to the Department of Education.
STUDENT FREEDOM INITIATIVE
Morris College students seeking flexible alternatives to traditional loan programs may benefit from the Student Freedom Initiative. This nonprofit organization supports students attending Minority Serving Institutions by helping them pursue academic and professional goals with reduced financial strain.
The initiative offers low-interest loans for sophomore, junior, and senior STEM majors at Historically Black Colleges and Universities (HBCUs). Launched in fall 2021, it focuses on giving students career-building resources alongside financial support.
The Student Freedom Initiative helps students reduce long-term debt while expanding opportunities in higher education and the workforce. Key program benefits include:
- Income-contingent funding alternatives
- Tutoring, mentoring, and academic support
- Paid internship opportunities
- Institutional capacity-building resources
This program empowers Morris College students to thrive in STEM fields, pursue greater career freedom, and avoid the weight of unmanageable student debt.