Loans for Undergraduates

Students who seek financial aid should be willing to accept educational loans to meet a portion of their educational costs. Student loans are a valuable resource available to assist you in meeting the cost of education and allow you to defray tuition costs over a longer period of time — typically 10 years.

The first step in determining your eligibility for a federal student loan is to file the FAFSA. The programs outlined in this section have proven to be excellent resources for our families. Loans, however, are optional and may be declined.

The University of Dayton adheres to the U.S. Department of Education's Student Loan Code of Conduct.

For this program, we will review the results of your FAFSA and determine the amount and type of loan you can borrow based on your grade level, enrollment pattern and need. The following types of loans are available:

Direct Subsidized — Direct Subsidized Loans are for students with financial need. You are not charged interest on the subsidized portion of your loan while you're enrolled at least half-time and during periods of deferment.

Direct Unsubsidized — Although you must file the FAFSA to be eligible, you are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Interest accrues on an unsubsidized loan from the time it's first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.

Federal Direct Loan handout (.pdf)
These campus-based funds are made available by the U.S. Department of Education and awarded by the University of Dayton to students who demonstrate the highest financial need. Eligibility is determined after careful review of the FAFSA and only on-time applicants are considered. Funds are limited and priority is given to dependent, upperclass, undergraduate students.

Eligibility for this program is based on the availability of federal funding and is determined as follows:
  • Must have borrowed through the loan program before the 2015-2016 academic year at the University of Dayton.
  • Must be enrolled in the same academic program as when the loan was last disbursed.

The University of Dayton serves as the lender and the student is the borrower (a co-signer is required only if the borrower is under 18 years of age). The fixed interest rate of 5 percent is subsidized (paid) by the government until repayment begins nine months after you graduate, leave school or drop below half-time status. The amount of each payment depends on the size of your debt and on the length of your repayment period (usually 10 years).

In order for your loan to be originated, you must first officially accept your loan offer by logging on to Porches or calling the office. We recommend you do this before the end of June so the loan appears on your first billing statement as anticipated aid. You may also choose to reduce or decline your loan. Only those loans which have been accepted will be originated, beginning in early August, for the new academic year.

First-time borrowers of this program are required to complete an entrance interview and a Master Promissory Note and will be notified via e-mail once the loan has been certified. Please keep in mind that this loan is optional and may be declined with no penalty if you do not need these funds.

The Federal Direct PLUS Loan is a program from which a parent or guardian of a dependent student can borrow annually as much as their student's cost of attendance minus any other financial aid received. A student whose parent is applying for a PLUS Loan must complete a FAFSA before we can certify the loan.

Eligibility for the PLUS loan is based upon a credit review of the borrower. Dependent students whose parents are denied the chance to borrow a PLUS loan will be eligible to receive additional Unsubsidized Direct Loan assistance and should contact the Office of Financial Aid.

Review the PLUS Loan handout (.pdf) for more information.

PLUS Loan handout (.pdf).

Eligibility for most of these programs is based on the creditworthiness of the borrower, and we recommend students apply with a creditworthy cosigner in order to receive the most favorable loan terms. Some private lenders also offer a parent loan option, which allows parents, family members or friends to help students cover education-related expenses so they can focus on their studies without having to worry about financing their education. As with any loan, be sure to review all information carefully and contact the lender directly with any questions related to specific terms and conditions.

Please be aware that the processing timeline - from application to disbursement - can take up to four weeks, so plan accordingly. During the application process, the lender will send you three separate disclosure statements, as well as a 'self-certification form'. The information you need to complete this form can be found on your award notification letter or via the 'Award Overview' tab of your financial aid information on Porches.

If you would like help determining the amount needed to cover your expenses, feel free to contact a financial aid counselor. Please review the information provided by the lender carefully and contact the lender directly with any questions related to a loan program's specific terms and conditions and how they apply to you.

To assist you in the search for additional financial resources, we provide you with a historical list of lenders our students have used over the last three academic years. This information is updated on an annual basis.

Historical Lender List
Lender  Application Disclosure Statement
Addison Avenue FCU No longer offering student loans
Alliant CU N/A
Anheuser-Busch ECU N/A
Baxter CU N/A
CEFCU Application Disclosure
Cincinnati Ohio Police FCU Application Disclosure
Citizens Bank Application Disclosure
Clearview FCU N/A
CODE CU Application Disclosure
College Avenue Application Disclosure
Commerce Bank Application Disclosure
Day Air CU N/A
Digital N/A
Directions CU N/A
Discover  Application Disclosure
Elements Credit Union N/A
Erie FCU N/A
FedEx N/A
Fifth Third No longer offering student loans
First Capital FCU N/A
iHelp N/A
KHESLC - Kentucky High ED Student Loan Corp Application Disclosure
Kinecta Application Disclosure
LandMark CU N/A
LendKey N/A
Liberty Bank No longer offering student loans
Michigan First CU Application Disclosure
Education First CU N/A
Motorola CU N/A
Novation N/A
Ohio Catholic FCU N/A
PNC Bank Application Disclosure
Sallie Mae Application Disclosure
SLMA Lake Michigan CU N/A
Star No longer offering student loans
Suntrust Application Disclosure
Three Rivers CU N/A
Thrivent Fixed Rate Loan Disclosure
Variable Rate Loan Disclosure
TLC Community CU N/A
Union Federal Student Loan Application Disclosure
Vacation CU N/A
Wells Fargo Application Disclosure
West CCU Application Disclosure
Wright Patt CU Application Disclosure


N/A = Private lender does not provide Application and Solicitation Disclosure information

This is a historical list of lenders used by students and other borrowers at University of Dayton within the last three academic years. The university does not endorse any lender, nor do any of the lenders compensate University of Dayton to be on this list.

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St. Marys Hall
300 College Park
Dayton, Ohio 45469 - 1601