Request an Unsubsidized Loan
Unsubsidized Loans vs Subsidized Loans
Both Subsidized Stafford Loans and Unsubsidized Stafford loans are federally funded. You do not have to repay Subsidized Loans and/or Unsubsidized Loans until 6 months from the time you either drop below 6 credits or graduate. The current interest rate for loans first disbursed on or after July 1, 2012 is 6.8%. The difference between these two loans is that Unsubsidized Loans accrue interest while you're in school. Whereas the Federal Government pays the interest of Subsidized Loans while students actively attend 6 or more college credits.
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 repayment, and 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 DIRECT Unsubsidized Loan” document here. Once completed, please bring to the Financial Aid Office along with the following documents.
2. Project your 9-month (2013-2014 school year) budget using the “Budget Calculator” here. Once completed, please print a copy and attach with your “Request for Unsubsidized Award” document. To get your financial aid information for the budget form, see MyNIC, Financial Aid, and Award Letter. Select the 2013 school year. If you have no awards then input "0." Also, include any private scholarships.
3. Please complete the Financial Aid Awareness Counseling at www.studentloans.gov. (Sign in using the same PIN as your FAFSA.) Once you have completed this process, print up the summary page to the “Request for Unsubsidized Award” document.
After you have completed these steps and submitted your packet, the Financial Aid Office will make an award determination. Once you have been awarded, you will receive an email to your Cardinal Mail. At this point, you will need to login to your MyNIC to accept or reject the award. Additionally, you will need to complete Loan Entrance Counseling and a Master Promisorry Note at studentloans.gov if you haven't already.
What's included in a complete Request for an Unsubsidized Loan packet?
1. Complete Request for Unsubsidized Award
2. Financial Awareness Counseling Summary Page
3. Complete Budget Calculator