Salisbury University students on campus

Loans

If scholarships and grants do not cover the entire cost of your education, educational loans are generally available. The two primary sources of loans are through the federal government of from private lenders. Generally speaking, federal student loans include many benefits that are not typically offered with private loans, such as income-driven repayment plans. View federal loan interest rates. In contrast, private loans are generally more expensive than federal student loans. We generally recommend students pursue private educational loans only after exhausting all of their federal loan options.

Loan Programs

  • Federal Direct Subsidized & Unsubsidized Loans – These are the most popular loan programs that Salisbury University students use. To qualify for the subsidized loan, a FAFSA applicant must demonstrate financial need. The subsidized loan is also only available for undergraduate students. The unsubsidized loan only requires an official FAFSA for eligibility, given a student has not exceeded their aggregate limit. Unsubsidized loans are available to both undergraduate and graduate students.
  • Federal Parent PLUS Loans – This type of loan is available to eligible parents of undergraduate students to assist with educational expenses. Credit checks are required during the application process and an approval / denial decision is given immediately. Please visit this link to begin your application.
  • Federal Grad PLUS Loans – This type of loan is offered to graduate students if they need additional funding beyond what is offered to them in a direct unsubsidized loan.
  • Private Student Loans – These are available to students through private banks, credit unions, or lenders. Please note that students may be required to pass a credit check and/or secure a cosigner to be considered eligible. Our office is unable to recommend one lender over the next.

Important Dates for Federal Loans

  • 2023-2024 Academic Year Loan Period: May 14, 2024
  • 2023 Fall Only Loan Period: December 11, 2023
  • 2024 Spring Only Loan Period: May 14, 2024
  • 2024-2025 Academic Year Loan Period: May 13, 2025
  • 2024 Fall Only Loan Period: December 9, 2024
  • 2025 Spring Only Loan Period: May 13, 2025

Loan Counseling and Master Promissory Notes (MPN)

Loan counseling and master promissory notes (MPN) are required to be completed during the federal loan process. If you are a first-time federal student loan borrower, you will be required to complete loan entrance counseling and an MPN. When you stop attending school, the federal government strongly encourages students to complete exit counseling because it contains valuable information regarding the repayment process. More information about Loan Counseling and Master Promissory Notes (MPN).

Loan Repayment

In March 2020, federal student loan repayment was suspended due to the COVID-19 pandemic. This suspension stayed in place until the end of the national emergency a few years later and loan repayment resumed in October 2023. More information for navigating the restart of the student loan repayment process.