Request an Unsubsidized Loan
The Difference between Unsubsidized and Subsidized Loans
Repayment for both the Subsidized and/or Unsubsidized Student Loans does not begin until 6 months from the time you drop below 6 credits. The current interest rate for loans first disbursed on or after July 1, 2013 is 3.86%. The difference between these two loans is that Unsubsidized Loans accrue interest while you're in school and the Subsidized does not.
Unsubsidized Award Policy
Since the unsubsidized loan accrues interest from the time it is disbursed, this type of loan generates an added burden for our students in terms of repayment, and adds a higher risk of defaulted loans for NIC. For these reasons, as well as the rising amount of national student loan debt, NIC is implementing a new award policy for all unsubsidized loans. Beginning in the Fall of 2013, students will no longer be offered unsubsidized loans in their initial award packages. This does not mean you are ineligible for the unsubsidized loan, but it does mean you will need to follow some additional steps to receive this award.
Request for an Unsubsidized Loan Packet
(Incomplete Packets will Not be Reviewed)
Please complete all of the steps below:
1. Complete the "Request for Additional Loans Form"
2. Project your 9-month (2013-2014 school year) budget using the “Budget Calculator”
3. Please complete the "Financial Aid Awareness Counseling"
After you have completed these steps and submitted your packet, the Financial Aid Office will make an award determination in approximately one week.
What's included in a complete Request for an Unsubsidized Loan packet?