Loans for Current Students
Information about Federal Direct Student Loans
Students must file the Free Application for Federal Student Aid (FAFSA) to be eligible for federal loans. To receive a Federal Direct Subsidized loan, the student must have demonstrated financial need as determined by the information submitted on the FAFSA. Interest is not charged while the student is in school at least half-time, or during deferment periods. A Federal Direct Unsubsidized loan has the same terms and conditions as the subsidized loan but does not require any demonstrated financial need. The interest on this loan begins to accrue when it is disbursed to the student's account, and continues to accrue until the loan is paid in full.
Repayment begins 6 months after a student graduates, leaves school, or drops below half-time enrollment in a degree-seeking program.
The interest rate for new Subsidized loans originated after July 1, 2013 will be fixed at 3.86%. The interest rate for new Unsubsidized loans originated after July 1, 2013 will be fixed at 3.86%. Student borrowers are charged 1.051% origination fee that is deducted from the gross loan amount. The net loan proceeds are credited to the student's account electronically 10 days prior to the beginning of the each semester in 2 equal disbursements.
Master Promissory Note (MPN) & Entrance Counseling
The MPN is a promissory note that can be used to borrow multiple loans for multiple academic years (up to 10 years). While attending Denison University, students will only need to complete one MPN and this requirement will be for all first-time borrowers of a Federal Direct Student Loan. First-Time Borrowers will also be required to complete Loan Entrance Counseling. Loan entrance counseling and the MPN can be completed online at www.studentloans.gov using your Department of Education issued PIN. If you do not have a PIN, you may request one from the official PIN website.
Sign in to www.studentloans.gov with your Federal PIN to complete your Electronic Master Promissory Note (eMPN) and Direct Loan Entrance Counseling.
Before Federal Direct Student Loans can be disbursed to your account, you must actively accept your loans and First-Time Borrowers must complete Entrance Counseling and a Master Promissory Note. Follow the instructions below to accept, modify or decline your Federal Direct Loans.
- Log in to Denison Self Service using your username and password
- Navigate to your current financial aid award
- Click Financial Aid Services
- Click Award
- Click Award for Aid Year
- Select the appropriate aid year, then click Submit
- Click Accept Award Offer
- Follow the additional instructions on to accept, modify or decline your Federal Direct Loan
- For First-Time Borrowers Only - Sign in to www.studentloans.gov with your Federal PIN to complete your Electronic Master Promissory Note (eMPN) and Direct Loan Entrance Counseling.
If you wish to reinstate a loan you have already declined or modify a loan you have already accepted please print, complete and return this Federal Direct Loan Update Form. If you wish to decline a Federal Perkins Loan or a Denison Scholar Loan, please contact the Office of Financial Aid.
Information about Federal Direct (PLUS) Parent Loan for Undergraduate Students
To receive a Federal Direct PLUS loan, a parent must be a biological or adoptive parent of the student for which the loan is being borrowed. The loan is based on the credit worthiness of the parent. The maximum a parent can borrow is Denison's cost of education minus all financial aid the student receives. The interest on this loan begins to accrue when it is disbursed to the student's account, and continues to accrue until the loan is paid in full.
Repayment may be deferred until after the student graduates and has a ten year term.
PLUS loans will have a fixed interest rate of 6.41%. Parent borrowers are charged a four percent (4%) origination fee that is deducted from the gross loan amount. The net loan proceeds are credited to the student's account electronically in two equal disbursements, 10 days prior to the beginning of the each semester .
Master Promissory Note (MPN) & Entrance Counseling
The MPN is a promissory note that can be used to borrow multiple loans for multiple academic years (up to 10 years). The MPN requirement will be for all first-time borrowers of a Federal Direct PLUS Loan who do not have any adverse credit issues. Parents will only need to complete one MPN while their student is attending Denison University.
- A FAFSA must be filed by the student for whom the PLUS loan is being borrowed.
- Parents apply online at www.studentloans.gov
- A federal PIN is required to sign into StudentLoans.gov. If you do not have a PIN, you may request one from the official PIN website.
- First-time borrowers may also complete an Electronic Master Promissory Note (eMPN) at www.studentloans.gov.
- Parents interested in a PLUS loan may now apply online at www.studentloans.gov
- A federal PIN is required to sign into StudentLoans.gov. If you did not use a PIN to electronically sign a FAFSA, or if you have forgotten your PIN, you may apply for one or request a duplicate here.
- First-time PLUS borrowers may also complete an Electronic Master Promissory Note (eMPN) at www.studentloans.gov
Denison University provides resources for students and families to help with understanding private educational loan options. We believe that students and families should see and compare as many choices as possible in a format that helps them better understanding the obligations and impact of borrowing to pay their educational expenses at Denison.
As always, students should fully exhaust their Federal loan options before turning to private educational loans and parents should consider the PLUS Loan option if it fits within their budget.
More information about Alternative Student Loans
Rather than designating a specific list of preferred lenders, Denison provides a link to Certified PrivateLoans.
Certified PrivateLoans is an online loan comparison tool designed to help you select the lender best suited to your particular needs. Certified PrivateLoans works with almost all of the known lenders in the marketplace and validates that these lenders work with students and families attending Denison. They provide a simple process to see more detail on a wide variety of loans which can then be compared on various points (APR, Total Cost of Borrowing, estimated monthly payments, etc.) Please keep in mind that Denison will work to ensure the prompt processing of private educational loans from any lender you select, including those not listed on Certified PrivateLoans.
Our office has reviewed the participating private educational loan lenders at Certified PrivateLoans to compare their loan offers and believes that the lenders all meet our high standards and that Certified PrivateLoans offers lenders that are selected based on criteria such as length of time the lender has been in business, company background, lender mission and focus, methods employed by the lender to protect borrowers against identify theft, information on borrower incentives and benefits, pricing and product innovation and most importantly how they comply with regulations stated in the Higher Education Act of 2008.
Denison has always acted in the best interest of our students and their families. In response to mandates outlined in the Higher Education Opportunity Act of 2008, we have adopted a Code of Conduct for Educational Loans to define our relationship with student private education loan providers.
Denison does not benefit in any way from your choice of lender. We are a member of the National Association of Student Financial Aid Administrators (NASFAA), and as such, conform and adhere to the NASFAA Statement of Ethical Principals and the Code of Conduct for Institutional Financial Aid Professionals, and Denison’s own institutional Code of Conduct.
The Higher Education Opportunity Act of 2008 added to disclosure requirements of the Truth in Lending Act (TILA) to require that applicants for private educational loans and institutional loans complete the Department of Education's Private Education Loan Applicant Self Certification Form [pdf].