Loans can be a valuable tool to help bridge the gap between financial aid and the cost of attending Nova Southeastern University. While they offer financial flexibility, it’s important to understand the terms and conditions carefully. Federal student loans often provide more favorable repayment options compared to private loans.
Explore the loan options available to you and your family to find the best fit for your financial situation.
Federal Loan Programs
Eligibility
- Complete FAFSA
- Demonstrate financial need
- Awarded to undergraduate students
- Must enroll at least halftime
- Must complete a Direct Loan Master Promissory Note and Entrance Interview prior to first disbursement.
- Exit Interview must be completed if student drops below half time or ceases enrollment.
Interest Rates
- Fixed interest rate of 6.39 percent for loans first disbursed on or after July 1, 2025, and before July 1, 2026
Loan Fees
|
First Disbursement Date |
Loan Fee |
|---|---|
|
On or after Oct. 1, 2023, and before Oct. 1, 2024 |
1.057 percent |
|
On or after Oct. 1, 2022, and before Oct. 1, 2023 |
1.057 percent |
Master Promissory Note
Once the Direct loan has been awarded and guaranteed, the Department of Education will send you a notification to complete a Master Promissory Note (MPN). Loan funds will not be disbursed until the borrower completes the MPN.
You are only required to complete an MPN one time as it can be used for up to 10 years of borrowing for educational expenses. A new MPN must be signed if you cease enrollment for one full academic year or if your MPN has expired after 10 years. Each academic year, all students using the MPN will be notified of their loan eligibility.
Annual Loan Limits
|
Annual Loan Limits - Direct Loan |
|||
|---|---|---|---|
|
Dependent Students (whose parents were not denied a PLUS loan) |
Combined Base Limit for Subsidized and Unsubsidized Loans |
Additional Limit for Unsubsidized Loans |
Total Limit for Unsubsidized Loans (minus subsidized amounts) |
|
First-Year Undergraduate (Freshman) |
$3,500 |
$2,000 |
$5,500 |
|
Second-Year Undergraduate (Sophomore) |
$4,500 |
$2,000 |
$6,500 |
|
Third-Year and Beyond Undergraduate (Junior, Senior) |
$5,500 |
$2,000 |
$7,500 |
|
Preparatory Coursework (for enrollment in an undergraduate program) |
$2,625 |
$0 |
$2,625 |
|
Preparatory Coursework (for enrollment in a graduate or professional program) |
$5,500 |
$0 |
$5,500 |
|
Teacher Certification Coursework |
$5,500 |
$0 |
$5,500 |
|
Independent Students (and dependent students whose parents were denied a PLUS loan) |
Combined Base Limit for Subsidized and Unsubsidized Loans |
Additional Limit for Unsubsidized Loans |
Total Limit for Unsubsidized Loans (minus subsidized amounts) |
|
First-Year Undergraduate (Freshman) |
$3,500 |
$6,000 |
$9,500 |
|
Second-Year Undergraduate (Sophomore) |
$4,500 |
$6,000 |
$10,500 |
|
Third-Year and Beyond Undergraduate (Junior, Senior) |
$5,500 |
$7,000 |
$12,500 |
|
Teacher Certification Coursework |
$5,500 |
$7,000 |
$12,500 |
Aggregate Loan Limits
|
Aggregate Loan Limits - Direct Loan |
|||
|---|---|---|---|
|
Student Type |
Combined Base Limit for Subsidized and Unsubsidized Loans |
Additional Limit for Unsubsidized Loans |
Total Limit for Unsubsidized Loans (minus subsidized amounts) |
|
Dependent Undergraduate Students (whose parents were not denied a PLUS loan) |
$23,000 |
$8,000 |
$31,000 |
|
Independent Undergraduate Students (and dependent students whose parents were denied a PLUS loan) |
$23,000 |
$34,500 |
$57,500 |
Repayment
When you receive your first Federal Direct Loan, you will be contacted by your loan servicer. Your loan servicer will provide regular updates on the status of your Federal Direct Loan(s). After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment. During this period, you'll receive repayment information from your loan servicer, and you'll be notified of your first payment due date. Payments are usually due monthly.
Eligibility
- Complete FAFSA
- Financial need is not a requirement
- Must be enrolled for at least half-time.
- Must complete a Direct Loan Master Promissory Note and Entrance Interview prior to first disbursement.
- Exit Interview must be completed if student drops below half time or ceases enrollment.
Interest Rates
- Fixed interest rate of 6.39 percent for loans first disbursed on or after July 1, 2025, and before July 1, 2026
Loan Fees
|
First Disbursement Date |
Loan Fee |
|---|---|
|
On or after Oct. 1, 2023, and before Oct. 1, 2024 |
1.057 percent |
|
On or after Oct. 1, 2022, and before Oct. 1, 2023 |
1.057 percent |
Master Promissory Note
Once the Direct loan has been awarded and guaranteed, the Department of Education will send you a notification to complete the MPN. Loan funds will not be disbursed until the borrower completes the MPN.
You are only required to complete an MPN one time as it can be used for up to 10 years of borrowing for educational expenses. A new MPN must be signed if you cease enrollment for one full academic year or if your MPN has expired after 10 years. Each academic year, all students using the MPN will be notified of their loan eligibility.
Annual Loan Limits
|
Annual Loan Limits - Direct Loan |
|||
|---|---|---|---|
|
Dependent Students (whose parents were not denied a PLUS loan) |
Combined Base Limit for Subsidized and Unsubsidized Loans |
Additional Limit for Unsubsidized Loans |
Total Limit for Unsubsidized Loans (minus subsidized amounts) |
|
First-Year Undergraduate (Freshman) |
$3,500 |
$2,000 |
$5,500 |
|
Second-Year Undergraduate (Sophomore) |
$4,500 |
$2,000 |
$6,500 |
|
Third-Year and Beyond Undergraduate (Junior, Senior) |
$5,500 |
$2,000 |
$7,500 |
|
Preparatory Coursework (for enrollment in an undergraduate program) |
$2,625 |
$0 |
$2,625 |
|
Preparatory Coursework (for enrollment in a graduate or professional program) |
$5,500 |
$0 |
$5,500 |
|
Teacher Certification Coursework |
$5,500 |
$0 |
$5,500 |
|
Independent Students (and dependent students whose parents were denied a PLUS loan) |
Combined Base Limit for Subsidized and Unsubsidized Loans |
Additional Limit for Unsubsidized Loans |
Total Limit for Unsubsidized Loans (minus subsidized amounts) |
|
First-Year Undergraduate (Freshman) |
$3,500 |
$6,000 |
$9,500 |
|
Second-Year Undergraduate (Sophomore) |
$4,500 |
$6,000 |
$10,500 |
|
Third-Year and Beyond Undergraduate (Junior, Senior) |
$5,500 |
$7,000 |
$12,500 |
|
Preparatory Coursework (for enrollment in an undergraduate program) |
$2,625 |
$6,000 |
$8,625 |
|
Preparatory Coursework (for enrollment in a graduate or professional program) |
$5,500 |
$7,000 |
$12,500 |
|
Teacher Certification Coursework |
$5,500 |
$7,000 |
$12,500 |
Aggregate Loan Limits
|
Aggregate Loan Limits - Direct Loan |
|||
|---|---|---|---|
|
Student Type |
Combined Base Limit for Subsidized and Unsubsidized Loans |
Additional Limit for Unsubsidized Loans |
Total Limit for Unsubsidized Loans (minus subsidized amounts) |
|
Dependent Undergraduate Students (whose parents were not denied a PLUS loan) |
$23,000 |
$8,000 |
$31,000 |
|
Independent Undergraduate Students (and dependent students whose parents were denied a PLUS loan) |
$23,000 |
$34,500 |
$57,500 |
Repayment
Student does not have to pay the principal while enrolled at least half-time, but will be charged interest. Student can defer interest but it will be capitalized (added to principal loan balance) later. For information on minimizing your student loan debt by making interest payments while in school, view Unsubsidized Direct Loan Scenarios.
Eligibility
- Student must complete FAFSA
- Dependent undergraduate students enrolled at least half time
- Contingent upon credit approval
- No annual or aggregate amounts, except parent may not borrow more than the difference between the student's Cost of Attendance (COA) and other financial aid the students expects to receive
- Must meet citizenship criteria
- Must complete a Master Promissory Note and Entrance Counseling for parent borrowers
- For more information, visit the Department of Education's website Federal Student Aid.
Interest Rates
- Fixed interest rate of 8.94 percent for loans first disbursed on or after July 1, 2025, and before July 1, 2026
- Interest accrues as soon as the first disbursement is made.
Loan Fees
|
First Disbursement Date |
Loan Fee |
|---|---|
|
On or after Oct. 1, 2023, and before Oct. 1, 2024 |
4.228 percent |
|
On or after Oct. 1, 2022, and before Oct. 1, 2023 |
4.228 percent |
Loan Limits
- Maximum amount is cost of attendance minus any other financial aid the student receives; no minimum award amount
Repayment
Please visit the Department of Education's website studentaid.gov for detailed information or contact the lender.
Apply for a Federal Direct Parent Loan for Undergraduate Students (PLUS)
- Online PLUS Request Process available through the Department of Education. Parents will need their FSA ID to log in to the Department of Education's secure site.
Learn More About Federal Direct Loan Eligibility for Preparatory Coursework
Alternative/Private Loans
Alternative (private) loans offer additional financing options for undergraduate students. These loans are provided by banks, credit unions, and other private lenders. While they can help cover educational costs, it's essential to explore federal loan options first due to potential benefits such as flexible repayment plans and income-driven repayment options.
- Credit History: Most lenders require a satisfactory credit history. Some loans may require a cosigner.
- Loan Certification: Your school must certify your loan before funds are disbursed.
- Interest Rates: Rates vary based on creditworthiness. Compare multiple lenders for the best options.
- Loan Limits: Not based on financial need, but cannot exceed the cost of attendance.
- Repayment: Length of repayment varies by lender.
You can find a private loan lender of your choice online.
NSU has also compiled a list of lenders previously used by our students. This list
is not all-inclusive and does not represent an endorsement of any specific lender.
NSU will certify private loans from any lender upon request, as long as the student
meets federal eligibility criteria and has remaining loan capacity under U.S. Department
of Education guidelines.
NSU encourages students to maximize their federal loan eligibility before utilizing
private student loans to fund their educational expenses.
NSU Payment Plans
Need help covering the full cost of tuition? NSU Payment Plans offer a flexible option to spread out your balance over several installments. This can provide much-needed relief while you focus on your studies.
Learn More About NSU Payment Plans
Maximize Your Future by Minimizing Your Debt
NSU has a dedicated debt management staff that assists students with understanding the long term implications of borrowing money and provides one-on-one and/or group counseling on strategic borrowing, loan repayment options, effective budgeting, and credit card smarts.
Contact Us
Horvitz Admin. Bldg
3300 S. University Drive
Fort Lauderdale, FL 33328-2004
Monday - Friday
8:30 a.m. to 6:00 p.m.
(954) 262-3380
800-806-3680