Douglas Olsen
Students at the University of Florida (UF) have a variety of options for financial aid, including loans, scholarships, and employment opportunities. Federal Direct Loans are available to students who are US citizens, nationals, or permanent residents. These loans can be accepted, cancelled, or reduced using ONE.UF. First-time borrowers are required to complete Entrance Counselling and sign a Master Promissory Note (MPN) on StudentLoans.gov. UF also offers institutional loans, for which the university is the guarantor, and students are required to submit loan disclosure documentation to the SFA and University Bursar (UB) before receiving any funds. Additionally, students may be eligible for federal or state scholarships, tuition fee waivers, or fellowships.
| Characteristics | Values |
|---|---|
| Who provides the loans? | The University of Florida (UF) provides institutional loans, while the federal government provides direct subsidized and unsubsidized loans. |
| Who processes the loans? | The University of Florida's Office of Student Financial Aid and Scholarships (SFA) processes the loans. |
| Who disburses the loans? | The University Bursar (UB) disburses the loans to students. |
| Who provides counseling for first-time borrowers? | UB provides instructions for Perkins Loan Entrance Counseling, while Direct Loan first-time borrowers receive counseling from StudentLoans.gov. |
| What are the types of loans? | Federal Direct Subsidized and Unsubsidized Loans, Federal Direct PLUS Loans, and UF Institutional Loans. |
| Who is eligible for Federal Direct Subsidized Loans? | Students who are first-time borrowers between July 1, 2013, and July 1, 2021, and meet certain financial criteria are eligible. |
| What is the eligibility criterion for Federal Direct Subsidized Loans? | Eligibility is determined by the cost of attendance, financial need, and other financial aid received (grants, scholarships, etc.). |
| What is the interest payment policy for Federal Direct Subsidized and Unsubsidized Loans? | For Subsidized Loans, the government pays the interest during the in-school, deferment, and grace periods. For Unsubsidized Loans, students are responsible for interest during these periods, and they can choose to pay it or allow it to accrue and be capitalized. |
| Can I return my federal direct loan? | Yes, contact the SFA for processing instructions. However, repaying the loan directly to the federal servicer while still in deferment can cause issues with the University of Florida. |
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What You'll Learn
Federal Direct Subsidized and Unsubsidized Loans
Federal Direct Subsidized Loans
These loans are for undergraduate students with financial needs. The determination of financial need is based on your cost of attendance minus expected family contribution and other financial aid (grants or scholarships). Federal Direct Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods.
Federal Direct Unsubsidized Loans
These loans are for undergraduate and graduate students and are not based on financial need. Eligibility is determined by your cost of attendance minus other financial aid (grants or scholarships). Interest is charged during in-school, deferment, and grace periods. You are responsible for the interest from the time the Federal Direct Unsubsidized Loan is disbursed until it is paid in full. You can choose to pay the interest or allow it to accrue and be capitalized, which means it will be added to the principal amount of your loan.
The maximum amount you can borrow each academic year depends on your grade level and dependency status. If you are a first-time borrower between July 1, 2013, and July 1, 2021, there is a limit on the maximum period of time you can receive Federal Direct Subsidized Loans. This time limit does not apply to Federal Direct Unsubsidized Loans.
Receiving Your Aid
UF students generally receive their financial aid by direct deposit or by mail from the University Bursar (UB). Disbursement occurs after classes begin and as soon as aid is available. UB disburses aid only after verifying enrollment status and ensuring students have no financial or academic service indicators on their records. If your loan is a Direct Loan, you must complete Entrance Counselling and sign a Master Promissory Note (MPN) on StudentLoans.gov.
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Perkins Loan Entrance Counselling
The University of Florida (UF) Office of Student Financial Aid and Scholarships provides financial aid to students in the form of loans, which must be repaid. UF students must enroll at least half-time to receive most types of financial aid.
First-time Direct Loan borrowers must complete Entrance Counselling and a Master Promissory Note (MPN) at StudentLoans.gov. If your loan is a UF Institutional Loan, you will be required to read, sign, and return loan disclosure documentation to the SFA and the University Bursar (UB) before any money can be disbursed.
First-time Perkins Loan borrowers must complete Perkins Loan Entrance Counselling. The UB will mail you instructions on how to complete the online counselling session. Tuition and fees are due by the University's published payment deadline, which is usually the end of the second week of classes. However, qualifying students can postpone payment until the deferred fee payment deadline.
If you wish to return all or part of your disbursed federal direct loan, you should contact the UF financial aid office (SFA) for processing instructions. Payments made directly to the federal servicer while the student is in deferment status can result in repayment charge issues with the University of Florida.
Federal Direct Unsubsidized Loans are loans for both undergraduate and graduate students that are not based on financial need. Eligibility is determined by your cost of attendance minus other financial aid (grants or scholarships). Interest is charged during in-school, deferment, and grace periods. You are responsible for the interest from the time the Federal Direct Unsubsidized Loan is disbursed until it is paid in full.
Federal Direct Subsidized Loans are available to students who demonstrate financial need. If you were a first-time borrower between July 1, 2013, and July 1, 2021, there is a limit on the maximum period of time you can receive these loans. This time limit does not apply to Federal Direct Unsubsidized Loans or Federal Direct PLUS Loans.
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Direct Loan Entrance Counselling
Entrance counselling is a prerequisite for receiving a Direct Subsidized Loan, Direct Unsubsidized Loan, or Direct PLUS Loan for the first time. The entire counselling process must be completed in a single session. This can be done in person, through written materials, or online. If completed online, reasonable steps must be taken to ensure students finish the counselling, such as a test or evaluation of their understanding of the loan terms and conditions.
For students at the University of Florida (UF), there are specific requirements for receiving financial aid in the form of loans. First-time Direct Loan borrowers must complete Entrance Counselling and sign a Master Promissory Note (MPN) at StudentLoans.gov. If you have a UF Institutional Loan, you must return the loan disclosure documentation to the relevant offices before any money can be disbursed.
UF students who receive federal loans must accept them before the tuition and fee payment deadline to qualify for deferment. If you wish to return any part of your disbursed federal direct loan, you must contact the UF financial aid office (SFA) for instructions. It is important to note that payments made directly to the federal servicer while the student is in deferment can result in repayment issues with the university.
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Master Promissory Note (MPN)
Students at the University of Florida (UF) can receive their financial aid by direct deposit or by mail from the University Bursar (UB). UB disburses aid only after verifying enrollment status and ensuring students have no financial or academic service indicators, or holds, on their records.
If you are a first-time Direct Loan borrower, you must complete Entrance Counseling and a Master Promissory Note (MPN) at StudentLoans.gov. The MPN is your promise to repay the lender. You must complete the online MPN if this is your first time borrowing a Direct Loan. You may electronically sign and submit the MPN online from StudentAid.gov. To do so, you will need an FSA ID, which is comprised of a username and password and can be used to log in to certain Federal Student Aid websites, such as the Free Application for Federal Student Aid (FAFSA). You will also need to provide your full legal name, social security number, date of birth, and address. Your full legal name should match what you filed on the FAFSA and your record at UF.
If your loan is a UF Institutional Loan, you will be required to read, sign, and return loan disclosure documentation to the SFA and UB before any money can be disbursed. If you wish to return all or part of your disbursed federal direct loan, you should contact the UF financial aid office (SFA) for processing instructions. Payments made directly to the federal servicer while the student is in a deferment status can result in repayment charge issues with the University of Florida.
Federal Direct Unsubsidized Loans are loans for both undergraduate and graduate students that are not based on financial need. Eligibility is determined by your cost of attendance minus other financial aid (such as grants or scholarships). Interest is charged during in-school, deferment, and grace periods. Unlike a Federal Direct Subsidized Loan, you are responsible for the interest from the time the Federal Direct Unsubsidized Loan is disbursed until it’s paid in full. You can choose to pay the interest or allow it to accrue and be capitalized (that is, added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay.
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UF Institutional Loan
Students receiving UF Institutional Loans must read, sign, and submit loan disclosure documentation to the SFA and the University Bursar (UB) before any loan funds can be disbursed. The disclosure documentation can be found on the SFA's forms page. Borrowers will then receive a promissory note via email from the University Bursar, which must be signed and returned electronically before the loan can be disbursed. Each institutional loan has its own disclosure document.
The annual interest rate on the unpaid balance of long-term institutional loans varies from 3% to 9%, and this is stated on the borrower's promissory note. The "Grace Period" refers to the period of time before the borrower must begin or resume repaying a loan, which typically begins when a student is no longer enrolled in courses at least half-time. The grace period for long-term private institutional loans can vary from 3 months to a year, depending on the terms of the promissory note, and some long-term institutional loans do not have a grace period. Repayment of a long-term institutional loan begins when the grace period ends, and payments are typically due on the first day of each month. The repayment period may not exceed 10 years.
Students can accept, cancel, or reduce loans using ONE.UF. If a student wishes to return all or part of their disbursed federal direct loan, they should contact the UF financial aid office (SFA) for processing instructions. Payments made directly to the federal servicer while the student is in a deferment status can result in repayment charge issues with the University of Florida.
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Frequently asked questions
You can pay your student loans to the University of Florida's Office of Student Financial Aid and Scholarships (SFA).
UF offers Federal Direct Subsidized and Unsubsidized Loans, as well as UF Institutional Loans.
Students generally receive their financial aid by direct deposit or by mail from the University Bursar (UB) after classes begin and as soon as aid is available.
If you wish to return all or part of your disbursed federal direct loan, you must contact the UF financial aid office (SFA) for processing instructions.
