| Credit Hours in Fall | Subsidized Loan Amount | Unsubsidized Loan Amount |
| 0 to 5 | $0 | $0 |
| 6 | $1,375 | $500 |
| 7 | $1,604 | $583 |
| 8 | $1,833 | $667 |
| 9 | $2,063 | $750 |
| 10 | $2,292 | $833 |
| 11 | $2,521 | $917 |
| 12 | $2,750 | $1,000 |
| 13 | $2,979 | $1,083 |
| 14 | $3,208 | $1,167 |
| 15 | $3,438 | $1,250 |
| 16 | $3,667 | $1,333 |
| 17 | $3,896 | $1,417 |
| 18 | $4,125 | $1,500 |
| 19 | $4,354 | $1,583 |
| 20 | $4,583 | $1,667 |
Federal Student Loans
Federal Student Loans
To apply for a federal loan, a student must submit a FAFSA (Free Application for Federal Student Aid https://fafsa.gov/). Based on a student’s FAFSA, SAI (Student Aid Index), grade level, and enrollment status, the Financial Aid Office will determine the maximum amounts and types of loans for which the student and his or her parents are eligible.
Loan funds cannot be disbursed until all necessary requirements are met (ie, Loan Entrance Counseling, Master Promissory Note (MPN), Verification, etc.). If all requirements have not been completed, loan amounts will not be applied to the student’s Fisk bill. You must notify the Financial Aid Office if any changes need to be made to your loans after they have been accepted in the Fisk Colleague Self-Service student portal.
Federal Direct Loans
The Federal Direct Student Loan Program consists of subsidized and unsubsidized loans. Repayment of Federal Direct Student Loans may be deferred while a student attends the university on a half-time or full-time basis. The student must begin repayment of the loan six months after leaving school or dropping below half-time.
The Federal Direct Subsidized Loan is awarded according to demonstrated financial need. Interest is paid by the federal government as long as a student is enrolled at least half-time at the university. Interest will begin accruing when the student enters repayment six months after leaving school.
The Federal Direct Unsubsidized Loan is awarded regardless of a student’s demonstrated need. Interest begins accruing from the date of disbursement. Students may make interest payments while in school to avoid capitalization of the interest. When interest is capitalized, it is added to the principal amount of the loan upon which further interest charges are based. Making interest payments while enrolled in at least 6 credit hours is not required as the loans do not go into repayment until the student graduates, falls below six hours enrolled, or ceases attendance.
To view the current interest rates and fees, visit https://studentaid.gov/understand-aid/types/loans/interest-rates)
Loan proration impacts undergraduate students applying for graduation who are receiving Federal Direct Subsidized and Unsubsidized Loans.
Federal regulations require schools to prorate the Federal Direct Loan amounts for graduating undergraduate students when their final enrollment period is less than a full academic year. The loan limit proration determines the maximum loan amount that a student may borrow for the final term of study based on the degree they are earning.
Graduating undergraduate students who are only attending one semester of the academic year will have their Federal Direct Loans prorated based on the number of credit hours they are enrolled.
Note: Graduate and professional students are excluded from the loan proration requirement.
Loan Proration Amount Chart
The chart below provides an estimate of the proration amount of the loan with consideration of the hours enrolled, degree type, and dependency status as defined by the student’s FAFSA. Other factors considered are annual loan limits, lifetime amounts used, the Student Aid Index (SAI) from the FAFSA, and other aid awarded. Proration will occur prior to the first scheduled disbursement date for the graduating semester.