Union University

Student Financial Planning

Student Financial Planning

Student Financial Planning > Adult Studies Students > Loans

Adult Studies Student Loans

Educational Loans Overview

Many students find they must supplement the resources they have to meet the expenses associated with a quality college education through taking advantage of low interest educational loans. These loans differ from a personal loan or home equity loan in that the funds are to be used exclusively for college expenses. Students may borrow in funds under the Federal Stafford Loan Program, even if they have not established a credit record. Repayment on the Federal Stafford Loan is deferred as long as the student is enrolled in college at least ½ time . If additional funds are needed, Alternative Educational loans are available from certain lenders.

Any questions you have regarding Educational Loans may be directed to Kathie Tracy, Veterans Certifying Official and Staff Assistant, at 731-661-6582 or ktracy@uu.edu.


To apply for any of the following, all students follow the appropriate steps in How to Apply for Financial Assistance. Filing the FAFSA is also required for the Federal Stafford Loan.

The Federal Direct Stafford Loan

The Federal Direct Stafford Loan enables students who are enrolled at least half-time and degree seeking to borrow low interest loans. Payment on these loans begins 6 months after graduation or after a student is no longer enrolled at least half-time.

Dependent Students: Independent Students:
Freshman $5,500* Freshman $9,500*
Sophomore $6,500* Sophomore $10,500*
Junior and Senior $7,500 Junior and Senior $12,500

Maximum Direct Stafford Loan amounts for Non-Traditional Programs will vary. The Office of Student Financial Planning will award the maximum amount you are eligible to receive for your Program of Study.

Students must file the Free Application for Federal Student Aid (FAFSA) each academic year to be eligible to apply for the Direct Stafford Loan.

There are two types of Direct Stafford Loans: (The type is determined by the FAFSA results)

In 2013, the interest rates on Stafford loans (subsidized and unsubsidized) are 3.86%. An origination fee, up to 1.051%, will be deducted by the Department of Education prior to disbursement of the Stafford loan.

A Federal Direct Stafford Loan Master Promissory Note (MPN) and entrance counseling must be completed the first time you apply for a loan at Union. The MPN is valid for up to 10 years. You are able to E-Sign the MPN at www.studentloans.gov and complete entrance counseling at www.studentloans.gov.

Loan funds are normally disbursed in equal installments. If the student has met all federal requirements, loan funds are credited to their account within 3 days after the funds are received. If a student is due a credit refund, it will be direct deposited to the bank account the student set up via Web Advisor. See our Schedule of Loan Refund Dates.

Alternative Loans

This is a non-federal educational loan available through private lenders. The loan is borrowed by the student but generally requires a co-signer. The interest rate is variable and is set by the individual lender. Information regarding lenders that offer alternative loans is available online using Union's Online Lender List.

Priority Deadlines

Priority deadline means the following documents have been submitted to the Office of Student Financial Planning by the appropriate date listed below.

Students must also be accepted to Union University by the priority deadline before any financial aid can be awarded.

Cohort or Regular Term Start Date Priority Deadline Date
January, February, or March November 15
April or May February 1
June, July, or August April 15
September or October July 15
November or December September 1

Data submitted by students after the priority deadline associated with their program of study will be processed as time allows. Funds may not be available at the start of the program.

If a student’s aid is not processed at the time of registration, the institution may require that payment be made or alternate payment arrangements be made in order to register for classes.

Loan FAQs