Grants

A grant is a financial aid award that does not need to be repaid. Grants are a form of need-based aid; they are distributed based on need as determined by the Free Application for Federal Student Aid. 

• Federal PELL Grant
  • Awarded to students with exceptional financial need
  • Up to $5,775
• Federal Supplemental Educational Opportunity Grant (SEOG)
  • Awarded to students with exceptional financial need
  • Up to $1,000
• Nebraska Opportunity Grant
  • Awarded to residents of Nebraska that are attending school in Nebraska
  • Up to $500
• Federal TEACH Grant
  • Awarded to Education majors going into high-needs fields.  
  • Up to $4,000

Types of Loans for Undergraduate Students

Subsidized Direct Loans: Awarded on the basis of financial need, as determined by the FAFSA. No interest accumulates while you maintain an enrollment statues of at least part-time, or during periods of deferment. 
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Unsubsidized Direct Loans: Awarded based on the cost of attendance, minus all other aid awarded. Interest accumulates from the time the loan is disbursed until it is paid in full. 


Federal Parent PLUS Loan: Federally backed loan taken in parent's name for the student. Parent can borrow up to the cost of attendance, minus other financial aid. A credit check is required. 

Fees and Interest Rates
Interest rates are set by federal regulation, effective July 1st of the academic year. Origination fees may be assessed. Amounts listed on the award letters do not have the origination fees deducted.

Direct loans disbursed prior to July 1st, 2006 have variable interest rates and are subject to change annually. Check with your lender for the most current interest rate information. 

Academic Year	Effective	Interest Rate for Undergraduate Subsidized Loans	Interest Rate for Undergraduate Unsubsidized Loans & Graduate Subsidized and Unsubsidized Loans
2007-2008	July 1st, 2007	6.8%	6.8%
2008-2009	​July 1st, 2008	6.0%	6.8%
2009-2010	​July 1st, 2009	5.6%	​6.8%
2010-2011	​July 1st, 2010	4.5%	​6.8%
2011-2012	​July 1st, 2011	3.4%	6.8%
2012-2013	​July 1st, 2012	3.4%	​6.8%
2013-2014	​July 1st, 2013
2014-2015	​July 1st, 2014	4.6%	4.6%
2015-2016	​July 1st, 2015

  

Loan Limits

Direct Loan Limits for Dependent Undergraduates

	Base Subsidized Stafford	Additional Unsubsidized	Supplemental Unsubsidized	Annual Maximum
0-27 Hours	$3,500	$2,000	-	$5,500
28-59 Hours	$4,500	$2,000	-	$6,500
60+ Hours	$5,500	$2,000	-	$7,500

 

Direct Loan Limits for Independent Undergraduates Or Dependents Unable to Borrow Under the PLUS Program

	Base Subsidized Stafford	Additional Unsubsidized	Supplemental Unsubsidized	Annual Maximum
0-27 Hours	$3,500	$2,000	$4,000	$9,500
28-59 Hours	$4,500	$2,000	$4,000	$10,500
60+ Hours	$5,500	$2,000	$4,000	$12,500

 

Aggregate Loan Limits for Direct Loans

	Combined Base Limit for Subsidized &Unsubsidized Loans	Additional Limit for Unsubsidized Loans	Total Limit for Unsubsidized Loans (Minus subsidized amounts)
Dependent Undergraduate Students (Parents were not denied a PLUS loan)	$23,000	$8,000	$31,000
Independent Undergraduate Students & Dependent Students (Parents were denied a PLUS loan)	$23,000	$34,000	$57,500

   

Types of Loans for Graduate Students

Unsubsidized Direct Loans: Awarded based on the Cost of Attendance minus all other aid awarded. Interest accumulates from the time the loan is disbursed until it is paid in full. 

Annual Loan Limits for Graduate Students

	Subsidized Based Amount	Unsubsidized Loan Maximum	Total Amounts
Graduate Student	$0	$20,500	$20,500

 

Aggregate Loan Limits for Direct Loans

	Combined Base Limit for Subsidized & Unsubsidized Loans	Additional Limit for Unsubsidized Loans	Total Limit for Unsubsidized Loans (Minus subsidized amounts)
Graduate & Professional Students (Including undergraduate direct loans)	$65,500	$73,000	$138,500

 

Helpful Links

• Department of Education Direct Lending 
• National Student Loan Data System (NLDS) 
• Direct Loan Consolidation 
• Mapping Your Future
• Federal Student Aid PIN Website
• StudentLoans.gov
• Consumer Information