If you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. A loan is money you borrow and must pay back with interest.
Federal Direct Student Loans
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
- Select the Financial Aid Services link
- Select the Award link
- Select the Award for Aid Year link
- Select the appropriate aid year, then hit the Submit button
- Select the Accept Award Offer link
- 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.
Additional 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, 2015 will be fixed at 4.29%. The interest rate for new Unsubsidized loans originated after July 1, 2014 will be fixed at 4.66%. Student borrowers are charged 1.068% 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.
Federal Direct Parent Loan for Undergraduate Students (PLUS)
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.
Applying for a PLUS loan
- A FAFSA must be filed by the student for whom the PLUS loan is being borrowed.
- 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
Additional information about Federal Direct (PLUS) Parent Loan for Undergraduate Students
Repayment may be deferred until after the student graduates and has a ten year term.
PLUS loans will have a fixed interest rate of 6.84%. Parent borrowers are charged a 4.272% 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.
Alternative Student Loans
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.