Cares Act

Federal Direct Loans

Loan Information

The Federal Direct Student Loan Program (FDSLP): Is a low interest loan to help you pay for educational expenses. Loans provide borrowed money that must be repaid plus interest. The interest rate is fixed and has been set by the Federal government. Loan eligibility is determined by your year of study, federal limits, financial need, and other types of aid awarded. There are several types of student loans, which may or may not be need-based:

Subsidized Loan (FDSL): the government pays the interest while you are in school. To be awarded this loan you must be enrolled at least half-time (6 credits) in an eligible program and demonstrate financial need.
Unsubsidized Loan (FDUL): interest will accrue while you are in school. To be awarded this loan you must be enrolled at least half-time (6 credits) in an eligible program.

Responsible Borrowing

Additional Unsubsidized Loan may be available to students whose parent cannot qualify for Parent Plus Loan or for independent students requesting an additional loan.

Parent Plus Loan (PLUS): parents of dependent undergraduates enrolled at least half-time (6 credits), may receive a Parent PLUS Loan for undergraduate students. Eligibility is not based on financial need, but approval is dependent on the parent's credit history. The loans are made regardless of income level and are offered through the Direct Loan program. PLUS Loans through the Direct Loan program have a fixed interest rate set by the U.S. Government. Interest will accrue while the student is in school.

How much can I borrow?

The Financial Aid Office will determine your loan eligibility based on the Free Application for Federal Student Aid (FAFSA) each academic year. There are limits on the amount in subsidized and unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits).

Depending on your year of study, your eligibility, and whether you are dependent or independent student, the federal government limits the amount you can borrow. Your amount may vary depending on financial need and other types of aid awarded.

Year	Dependent Students (except students whose parents are unable to obtain PLUS Loans)	Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
First-Year Undergraduate Annual Loan Limit	$5,500—No more than $3,500 of this amount may be in subsidized loans.	$9,500—No more than $3,500 of this amount may be in subsidized loans.
Second-Year Undergraduate Annual Loan Limit	$6,500—No more than $4,500 of this amount may be in subsidized loans.	$10,500—No more than $4,500 of this amount may be in subsidized loans.
Third-Year and Beyond Undergraduate Annual Loan Limit	$7,500—No more than $5,500 of this amount may be in subsidized loans.	$12,500—No more than $5,500 of this amount may be in subsidized loans.
Subsidized and Unsubsidized Aggregate Loan Limit	$31,000—No more than $23,000 of this amount may be in subsidized loans.	$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.

What is a loan fee?

A Loan Origination Fee is deducted from the gross amount of the loan you accept. Any balance remaining will be disbursed to the student from CEI Business Office. You can see this fee on your Student Self-Service under the Student Finance Account Activity.

What steps must I take to receive my loan?

As a first-time loan borrower or a new student at College of Eastern Idaho receiving Federal Direct Loans, you must complete all: Loan Requirements

A student interested in receiving student loans must visit the CEI website, and log on to Student Self-Service to view and accept their loan offer. You can reduce the amount offered here or you can contact the Financial Aid Office for assistance.
A student must also be enrolled in 6 credits or more
You must sign a Master Promissory Note
You must complete Loan Entrance Counseling.
First-time borrowers who are first-time CEI students will have to wait 30 days from the beginning of the semester before their loan funds will be disbursed.
Loans must be disbursed in two disbursements (Fall-Spring). If attending only one semester, loans will be disbursed in two disbursements within that semester. The first disbursement will be at the beginning of the semester and the second at mid-terms.

Please go to Managing My Direct Loans for more details.