Student Loans

Parent Plus Loans

Parent PLUS Loans provide federal loans to qualified parents of dependent students. Parents may borrow up to the cost of attendance minus financial aid. Once your Parent Plus Loan has been accepted and originated a Master Promissory Note (MPN) will be required.

If the parent is denied a Parent PLUS Loan based on credit the student is eligible for additional Unsubsidized Loan.

Undergraduate Student Loans

To apply for the loans indicated below, the Free Application for Federal Student Aid (FAFSA) is required.

Nursing Student Loan

These loans are a low interest (5%) loan from the federal government and Fitchburg State. Interest charges and repayment begins nine months after the student graduates, withdraws or drops below half-time status. Repayment can be extended for as long as ten years.

Federal Direct Stafford Loan

Federally guaranteed student loan administered by the University. Subsidized Direct Loans are need-based loans whose interest is paid by the government while the student is enrolled at least half-time. Students are responsible for the interest on an Unsubsidized Direct Loan for the life of the loan. Repayment of principal begins six months after the student graduates, withdraws or drops below half-time status.

Annual Direct Stafford Loan Limits

Grade Level Dependent Independent
Freshman $5,500 $9,500
Sophomore $6,500 $10,500
Juniors/Seniors $7,500 $12,500
Graduate Students   $20,500

These loan limits include both subsidized and unsubsidized amounts and cannot exceed your cost of attendance minus other financial aid. You are required to complete a Master Promissory Note (MPN) and Entrance Counseling online. For more information, visit the Federal Student Aid website.

Graduate Student Loans

Federal Direct Stafford Loan

The Federal Direct Stafford Loan is a federally guaranteed student loan administered by the University. Students are responsible for the interest on an Unsubsidized Direct Loan for the life of the loan. Repayment of principal begins six months after the student graduates, withdraws or drops below half-time status.

Annual Direct Stafford Loan Limits

Grade Level Dependent Independent
Graduate Students   $20,500

This loan limit cannot exceed your cost of attendance minus other financial aid. To apply, please complete the Free Application for Federal Student Aid (FAFSA).

All new borrowers are required to complete a MPN (Master Promissory Note) and Entrance Counseling online.

Direct Loan Deferments for Volunteer Services

If you have volunteered in either the Peace Corps or Action Programs, you may be eligible for a deferment of your federal direct student loan(s). For more information about the Public Service Loan Forgiveness (PSLF) or to download a deferment request form go to the Federal Student Aid Website.

Alternative Student Loans

The loans listed on Elm Select were in response to a request by the Financial Aid Office to the education lending community to provide information about their loan programs. The Financial Aid Office has listed the programs based on competitive interest rates, borrower benefits, and customer service history. You are not obligated to choose your loan only from those lenders listed. This tool allows students to compare the current terms and benefits of selected lenders' loan products and provides links to the necessary disclosure statements and applications. To view and apply for an Alternative Loan click Elm Select. Under school search enter Fitchburg State University and select either Undergraduate or Graduate for your program.

We strongly suggest that students and parents exhaust their loan options through FAFSA prior to taking private student loans.

Federal student loans can be a better option for you with their fixed interest rates, future payment postponement possibilities, loan forgiveness options, and various repayment plans. Subsidized direct loans are not charged interest while you are enrolled in school.

Lender Code of Conduct

The following code of conduct is part of the Higher Education Opportunity Act enacted on August 14, 2008. Section 487(a) (25) of the Higher Education Act requires that an institutions that lists lenders for students to review, the institution must develop, publish, administer, and enforce a code of conduct. The code of conduct applies to the officers, employees, and agents of the institution. 

  • May not enter into revenue-sharing arrangements with any lender. The HEOA defines “revenue-sharing arrangement” as any arrangement between an institution and a lender under which the lender makes Title IV loans to students attending the institution (or to the families of those students), the institution recommends the lender or the loan products of the lender and, in exchange, the lender pays a fee or provides other material benefits, including revenue or profit-sharing, to the institution or to its officers, employees, or agents;
  • May not accept gifts from a lender, guaranty agency or loan servicer. No officer or employee of an institution’s financial aid office (or an employee or agent who otherwise has responsibilities with respect to educational loans) may solicit or accept any gift from a lender, guarantor, or servicer of education loans. A “gift” is defined as any gratuity, favor, discount, entertainment, hospitality, loan, or other item having monetary value of more than a de minimums amount. However, a gift does not include (1) a brochure, workshop, or training using standard materials relating to a loan, default aversion, or financial literacy, such as a brochure, workshop or training; (2) food, training, or informational material provided as part of a training session designed to improve the service of a lender, guarantor, or servicer if the training contributes to the professional development of the institution’s officer, employee or agent; (3) favorable terms and benefits on an education loan provided to a student employed by the institution if those terms and benefits are comparable to those provided to all students at the institution; (4) entrance and exit counseling as long as the institution’s staff are in control of the counseling and the counseling does not promote the services of a specific lender; (5) philanthropic contributions from a lender, guarantor, or servicer that are unrelated to education loans or any contribution that is not made in exchange for advantage related to education loans, and; (6) State education grants, scholarships, or financial aid funds administered by or on behalf of a State;
  • May not enter into any contracting arrangements with a lender relating to education loans. No officer or employee of an institution’s financial aid office (or employee or agent who otherwise has responsibilities with respect to education loans) may accept from a lender, or an affiliate of any lender, any fee, payment, or other financial benefit as compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans;
  • May not direct borrowers to particular lenders or delay loan certifications. For any first-time borrower, an institution may not assign, through the award packaging or other methods, the borrower’s loan to a particular lender. In addition, the institution may not refuse to certify, or delay the certification, of any loan based on the borrower’s selection of a particular lender or guaranty agency;
  • May not accept offers of funds for private loans. An institution may not request or accept from any lender any offer of funds for private loans, including funds for an opportunity pool loan, to students in exchange for providing concessions or promises to the lender for a specific number of Title IV loans made, insured, or guaranteed, a specified loan volume, or a preferred lender arrangement. An “opportunity pool loan” is defined as a private education loan made by a lender to a student (or the student’s family) that involves a payment by the institution to the lender for extending credit to the student;
  • May not accept staffing assistance. An institution may not request or accept from any lender any assistance with call center staffing or financial aid office staffing, except that a lender may provide professional development training, educational counseling materials (as long as the materials identify the lender that assisted in preparing the materials), or staffing services on a short-term, nonrecurring basis during emergencies or disasters; and
  • May not receive advisory board compensation. An employee of an institution’s financial aid office (or employee who otherwise has responsibilities with respect to education loans or financial aid) who serves on an advisory board, commission, or group established by a lender or guarantor (or a group of lenders or guarantors) is prohibited from receiving anything of value from the lender, guarantor, or group, except for reimbursement for reasonable expenses incurred by the employee for serving on the board.