Loan Programs

We encourage you to explore studentaid.gov for valuable information and resources on borrowing federal student and parent loans. You can learn about responsible borrowing, interest rates, loan terms and loan repayment options. Loan repayment charts and online calculators can help you estimate future loan payments so you can plan ahead and borrow wisely. You can use Loan Simulator to get an early look at what repayment plans you may be eligible for and to receive a comparison of estimated monthly payment amounts for all federal student loan repayment plans. This comparison is important because the Standard Plan may not provide you with the lowest payment amount based on your individual circumstances. You may find that your payment will be lower under another repayment plan.

Annual Federal Direct Loan Limits
Note: In response to the COVID-19 emergency relief period, the interest rate on all Direct Loans has been temporarily set at 0% until at least September 30, 2021. Once the COVID-19 emergency relief period ends, the rates as described in below chart will be in effect for loans first disbursed on or after July 1, 2021.
Dependent Undergraduate Students Independent Undergraduate Students + Graduate/Professional Degree Students
Interest Rates* Subsidized & Unsubsidized
3.73%
Subsidized & Unsubsidized
3.73%
Unsubsidized
5.28%
1st-year
(0-29 college credits)
$5,500
(max. $3,500 subsidized)
$9,500
(max. $3,500 subsidized)
$20,500
unsubsidized loan only
2nd-year
(30-59 college credits)
$6,500
(max. $4,500 subsidized)
$10,500
(max. $4,500 subsidized)
$20,500
unsubsidized loan only
3rd-year
(60+ college credits)
$7,500
(max. $5,500 subsidized)
$12,500
(max. $5,500 subsidized)
$20,500
unsubsidized loan only
Aggregate Loan Amounts $31,000
(No more than $23,000 may be in subsidized loans)
$57,500
(No more than $23,000 may be in subsidized loans)
$138,500
(The graduate debt limit includes Direct Loans recieved for undergraduate study.)
NOTE: Students must be enrolled at least half time to borrow Direct Loans.

+ Includes dependent students whose parents are denied a PLUS loan

* Interest Rates apply to Direct Loans first disbursed on or after July 1, 2021 but before July 1, 2022. Interest rates are set by Congress each year, and updated information on interest rates will be made available each year after the rates are published by the U.S. Department of Education. For prior year interest rate information, please visit www.studentaid.gov or contact the Financial Aid Office.

Direct Loan Entrance Counseling

First time borrowers of Federal Direct Loans must complete entrance counseling for comprehensive information on terms, conditions, rights and responsibilities of borrowing Direct Loans before your loan funds will disburse to your student account.

Master Promissory Note

The promissory note is a binding agreement you sign promising to repay your loans in the future and to accept the terms, conditions, rights and responsibilities of your federal student loans. You must complete the promissory note before your loan funds will disburse to your student account.

Parent PLUS Loan

Parents of dependent undergraduate students without adverse credit may wish to explore federal funds to help pay for educational expenses not covered by other types of student aid. The interest rate for a parent plus loan first disbursed on or after July 1, 2021 but before July 1, 2022 is 6.28%. For prior year interest rate information please visit studentaid.gov.

Private Student Loan Options

We encourage you to maximize all federal and state financial aid options before considering private student loans. Keep in mind that federal loans usually offer borrowers better interest rates, benefits like fixed interest, and more flexible repayment options than loans from private sources. However, you may have unmet costs after all government sources are exhausted and may wish to research private loans.

Direct Loan Exit Counseling

Students graduating, withdrawing or dropping below half-time enrollment must complete exit counseling for comprehensive information on borrower rights and responsibilities, including various repayment options, debt management strategies and consequences of default.

Undergraduate Admissions

Sign up for an individualized campus visit to learn more about scholarships, admissions requirements, and more.

Online/Graduate Admissions

Learn more about our module format, payment options, and more during a personalized phone call or online meeting with an Admissions Counselor.

Admitted Students

Congratulations on your admission to Midway University! There are a few more steps you need to take to complete your registration as an Eagle.