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Welcome back to Clarke University! Together, we will cultivate new ways of delivering the Clarke experience — supporting each other and our community. We stand as One Clarke, One Community.

Fall 2020 Return to Campus Information
COVID-19 Communication

Federal Direct Loan Information

Clarke participates in the Federal Direct student loan program. This program allows students to borrow funds to assist them to meet costs for tuition, fees, room, board and books. To be eligible for a Direct loan, the student must file a Free Application for Federal Student Aid (FAFSA) (www.fafsa.ed.gov) to have a federal need analysis completed. Once the FAFSA results are received, students will be advised of their eligibility for a student loan via their award letter.

 

Federal Direct Loans

 

Federal Subsidized Direct Loan

Available to undergraduate students. Eligibility for this need-based loan is determined from the student’s FAFSA. The federal government will pay the interest on this loan while the student is enrolled at least half-time. The repayment period begins six months after the student is no longer enrolled at least half-time in a degree-seeking major. This six month grace period begins once the student graduates, withdraws from college, or ceases to be enrolled on a half-time basis.

Federal Unsubsidized Direct Loan

Available to undergraduate and graduate students. This loan is not need-based. The student is responsible for the interest accrued while enrolled. The repayment period begins six months after the student is no longer enrolled at least half-time in a degree-seeking major. This six month grace period begins once the student graduates, withdraws from college, or ceases to be enrolled on a half-time basis.

First time Direct loan borrowers must complete a Loan Agreement (MPN) and Entrance Counseling to obtain these loans. To complete the Loan Agreement (MPN) and Entrance Counseling visit the following website: www.studentloans.gov. Direct loans will not be processed until the Loan Agreement (MPN) and Entrance Counseling are completed.  Clarke will receive a confirmation once the Loan Agreement (MPN)  and Entrance Counseling are completed.

ACADEMIC YEAR BORROWING LIMITS

Dependent Students

Credit Level
(time frame)
Subsidized
Amount Limit
Unsubsidized
Amount
Total Annual Maximum
(subsidized + unsubsidized)
Freshman (1-29 credits)$3,500$2,000$5,500
Sophomore (30-59 credits)$4,500$2,000$6,500
Junior/Senior (60+ credits)$5,500$2,000$7,500
Aggregate Borrowing Limit$31,000 (no more than $23,000 can be subsidized)

** In the event a student changes grade levels (increases credits) mid-year. The student is advised to contact the Office of Financial Aid to request the additional loan amount.

Independent Students

Credit Level
(time frame)
Subsidized
Amount Limit
Unsubsidized
Amount
Total Annual Maximum
(subsidized + unsubsidized)
Freshman (1-29 credits)$3,500$6,000$9,500
Sophomore (30-59 credits)$4,500$6,000$10,500
Junior/Senior (60+ credits)$5,500$7,000$12,500
Aggregate Borrowing Limit$57,500 (no more than $23,000 can be subsidized)

** In the event a student changes grade levels (increases credits) mid-year. The student is advised to contact the Office of Financial Aid to request the additional loan amount.

Graduate Students

Credit Level
(time frame)
Subsidized
Amount Limit
Unsubsidized
Amount
Total Annual Maximum
(subsidized + unsubsidized)
Every YearN/A$20,500$20,500
Aggregate Borrowing Limit$138,500 (no more than $65,500 can be subsidized)

Please click here for current loan interest rates and loan origination fees.

Loan Exit Counseling

All students with Federal Direct loans, subsidized or unsubsidized, must complete exit loan counseling when they graduate or leave Clarke. We recommend that this counseling be completed on-line at: www.studentloans.gov. It is important that students understand their rights and responsibilities related to their Direct loans as they leave Clarke.

Debt Management

For a list of your federal loans, servicer information, and repayment options, please visit:  www.nslds.ed.gov.