Types of Loans

Federal Loans

These are loans offered by the federal government. The lender is the U.S. Department of Education rather than a bank or credit union. Learn more about federal loans on the Federal Student Aid website or see loan descriptions below. Recipients of federal loans must meet the following criteria:

Submit the FAFSA
Be a U.S. citizen or eligible non-citizen
Be admitted to a degree-seeking program or an eligible certificate program
Be enrolled at least half time (undergraduates = 6+ credits; graduates = 5+ credits; law = 6+ credits) when loan proceeds are received
Not be in default on a previous student loan or owe a repayment on a previous federal aid award received at any institution
Applicant cannot have an adverse credit history (for Parent and Graduate Plus loans only)
Maintain Satisfactory Academic Progress

Note: Federal Perkins Loans are no longer available. If you are a Perkins Loan recipient, see Repaying Loans for more information.

Federal Direct Loans
Federal loans are available to students and/or their parents at low interest rates with the option to defer repayment until after graduation or after the student drops below half-time enrollment. Federal loans are available to students to help meet the cost of education after grant/scholarship options are exhausted. Loans are considered a form of financial aid. However, if a student drops below half-time enrollment, repayment is not deferred.
Learn more about Federal Direct Loans
Loan Types:
- Subsidized - The subsidized loans are awarded to only undergraduate students demonstrating a financial need as determined by the federal processor as a result of your FAFSA. Your loan eligibility is also based on your academic level (see chart). Interest on this loan is subsidized (you are not charged interest) by the federal government while you are in school or during authorized periods of deferments. You begin repayment six months after you graduate or stop attending at least half-time.
- Unsubsidized - A student does not have to demonstrate financial need to receive this loan. You may borrow the cost of attendance minus all financial aid awarded and based on your academic level (see chart). Interest on this loan is not subsidized by the government. You can choose to pay the interest while you are enrolled, or it will accrue and be added to the principal of the loan that you owe. You begin repayment six months after you graduate or stop attending at least half-time.
Before the Federal Direct Loan(s) will disburse to your student account, you must do the following:
1. Accept Aid & Disbursements for your loan on MyFIU
2. If you are a first-time Federal Direct Loan borrower, complete Entrance Counseling and a Master Promissory Note (MPN) on Studentaid.gov. Learn more about Receiving Loans.
Parent PLUS (Parent Loan for Undergraduate Students)
In addition to the Federal Direct Loans available to student borrowers, parents of dependent students may borrow additional funds through the Federal Direct PLUS Loan program. The borrower must be a natural parent, adoptive parent or stepparent (if his/her income and assets are considered in the Expected Family Contribution) of the dependent student. Parents may borrow any amount up to the cost of education minus any other financial aid their son or daughter may receive. Eligibility will be based upon a satisfactory credit check. Loans are not automatically renewed. Parents must reapply annually.
Application Process
- Submit the FAFSA with the student
- Complete a Direct PLUS Loan Application at Studentaid.gov
- Complete an PLUS Master Promissory Note (MPN) for Parents at Studentaid.gov
- If your PLUS Loan is approved, you will receive notification from the U.S. Department of Education. The university will disburse the funds to the student account. The FIU Student Financials will remit any credit remaining to the borrower at the address provided on the PLUS Loan Application.
- If your PLUS Loan is denied, you will receive notification from the U.S. Department of Education. You will be given the option at that time to obtain an endorser (co-signer) or to appeal the credit decision to continue the loan process. If you do not select one of these options, the student will automatically be offered an additional unsubsidized loan.
- If your PLUS loan is approved with an endorser or appeal, you must complete the PLUS Credit Counseling at Studentaid.gov.
Federal PLUS for Graduate + Professional Students
Graduate students are now eligible to borrow under the PLUS loan program up to their cost of attendance minus other estimated financial assistance. Graduate PLUS Loans are awarded to all graduate students who meet the eligibility requirement upon receipt of your financial aid award letter for each academic year.
The loan final approval is based on the borrower credit-worthiness and it will require a credit history approval. Interest payments on this loan are not subsidized by the government. You can choose to pay the interest while you are enrolled at least half time, or it will accrue and be added to the principal of the loan that you owe. You begin repayment six months after you graduate or stop attending at least half-time.
If your PLUS Loan is denied, you will receive notification from the U.S. Department of Education. You will be given the option, at that time, to obtain an endorser (co-signer) or to appeal the credit decision to continue the loan process.
If your PLUS loan is approved with an endorser or appeal, you must complete a PLUS Loan counseling at Studentaid.gov.

Private/Alternative Loans

Alternative loans are non-federal educational loans available from a variety of national lending institutions. Alternative loans help bridge the gap between the actual cost of your education and the amount you may borrow in the federal student loan program. Since federal student loans may be less expensive and/or offer better terms than private student loans, you should consider exhausting your eligibility for federal student loans before applying for private student loans.

An alternative or private loan is a loan in the student’s name; however, these loans generally require the signature of a credit worthy co-signer. Minimum and maximum loan amounts vary depending on the lender you choose.

Lender List

This list is comprised of lenders from whom our students have borrowed in the last five years and is in no way exclusive or exhaustive of all existing lenders. OneStop will honor requests to certify alternative educational loans from any lender, even those that do not appear on the list. Students are encouraged to shop around to find the lender offering the rates, terms, and service that are right for them.

ELM Select is an external website that allows students to review the Lender List, compare products, and apply for private loans.

How to Apply

The following sections of the form must be completed with your financial aid information available by in your MyFIU:

Select "Financial Aid"
Select the correct "Aid Year" in the table
The loan period is composed of the academic year, the first day of class in the fall term and the last day of classes in the spring term (August to April). The summer term has a separate loan period and its composed of the start and end date of the summer term (May-August).
Sign the form and send it to your lender. Always check with your lender for the possibility of signing your application and Self-Certification Form electronically (E-sign) on your lender’s web site.

Institutional Loans

Short Term Tuition Loan
This institutional tuition-only loan is available to degree-seeking students who are enrolled for a minimum of half-time approximately two weeks before the beginning of the tuition payment deadline for each semester (see the Academic Calendar). Short Term Tuition loans are available to students who qualify up until the tuition payment deadline for each semester.
The Short Term Tuition loan is used only for tuition and is meant to assist in meeting the deadline for fee payment by providing a portion of the cost of tuition based on enrollment. The loan amount is prorated based on the student's enrollment status and grade level and must be repaid within 45 calendar days of the first day of classes. A $25.00 service fee is added. Students who qualify will have a Short Term Tuition Loan link to accept the conditions of the Short Term Tuition Loan when they Accept Aid & Disbursements on MyFIU.
Once a Short Term Tuition Loan Promissory Note has been completed and posted on your account as a charge, it cannot be canceled or revised.