Loans

By completing a FAFSA, you will be automatically considered for a Federal Direct Loan. Your FAFSA determines your Student Aid Index (SAI). Using your SAI, Clark University will determine your eligibility for Federal Direct Loans, including your loan amount and type.

Your Federal Direct Loan amount (determined by your FAFSA):

• First-year students: up to $5,500
  • Subsidized Loan Maximum: $3,500
• Sophomores: up to $6,500
  • Subsidized Loan Maximum: $4,500
• Juniors and seniors: up to $7,500
  • Subsidized Loan Maximum: $5,500

The type of Federal Direct Loan you will receive (subsidized or unsubsidized):

Subsidized:

• Interest is subsidized by the federal government, meaning it is paid for you while you are in school.
• You will assume repayment of your loan six months after you cease to be enrolled at least half-time.

Unsubsidized:

• The federal government does not pay interest on the unsubsidized portion of the loan while you are in school.
• You will be responsible for interest payments.
• You can choose either to (1) make the interest payments while you are in school or (2) allow the interest to accrue and be capitalized prior to repayment.
• Principal repayment does not begin until six months after you leave school or drop to less than half-time enrollment.

You will be notified over the summer regarding these requirements.

The Federal Direct PLUS Loan is a Parent Loan for U.S. Undergraduate Students reserved for the parent of a dependent, undergraduate student. The lender is the federal government. The interest rate and origination fee is reset each July 1 for the upcoming academic year.

The loan limit is $20,000 per dependent student, per year (annual limit) and $65,000 per dependent student, in total (aggregate limit). The aggregate limit of $65,000 means that borrowing the annual maximum for a four-year undergraduate program will cause the parent to reach the aggregate limit before the students completes their degree. Please plan appropriately offsetting the PLUS with alternative payment arrangements such as payment plans or private loans.

Apply for PLUS Loan

• Offered by the Commonwealth of Massachusetts through Clark University.
• Undergraduate students who are residents of Massachusetts are eligible.
• Due to limited funding, this loan generally is awarded to upper class students with high financial need of an SAI less than 20,000.
• Your need is determined by your FAFSA and state funding. You must meet all eligibility criteria established by the Commonwealth.
• Your loan amount, which can range from $1,000 to $4,000, depends on your need and Clark University’s allocation from the state.
• No interest accrues.
• Students must complete Exit Counseling each year they receive the loan.
• Repayment begins six months after you graduate or drop below half-time enrollment.