Loans fall into two categories: federal loans and private loans. Federal loans should always be the first option to consider when borrowing to finance an education. You must complete a Free Application for Federal Student Aid (FAFSA) to be eligible for a federal loan.

Federal Student Loans

Federal Direct Subsidized and Unsubsidized Student Loans

Federal Direct Student Loans are offered to eligible students and are provided by the federal government acting as the lender. Direct Subsidized Student loan eligibility is based on financial need and if accepted, the U.S. Department of Education will pay the interest until the student graduates, leaves school, or drops below half time. Direct Unsubsidized loans are not based on financial need and interest will accrue the whole time that the student is enrolled in school. Both Subsidized and Unsubsidized Direct loans do not require repayment until 6 months after the student graduates, leaves school, or drops below half time.

The current interest rate for Federal Direct Undergraduate Student Loans is 6.39% and there is also an origination fee of 1.057%. Please review the most current information about interest rates and origination fees for Federal Direct loans.

Students may borrow up to the maximum amounts shown below:

Year in School Dependent Undergraduate Independent Undergraduate
First-Year (0-30 credits earned) $5,500-No more than $3,500 of this amount may be in subsidized loans. $9,500-No more than $3,500 of this amount may be in subsidized loans.
Sophomore (31-60 credits earned) $5,500-No more than $4,500 of this amount may be in subsidized loans. $10,500-No more than $4,500 of this amount may be in subsidized loans.
Junior & Senior (61+ credits earned) $7,500-No more than $5,500 of this amount may be in subsidized loans. $12,500-No more than $5,500 of this amount may be in subsidized loans.

Application Instructions:

  • In order to be eligible for Direct Stafford loans, students must complete the FAFSA.
  • After being awarded financial aid, all new borrowers must complete the Federal Direct Stafford Loan Entrance Counseling and the Master Promissory Note as part of the Federal Direct Stafford Loan process. Please see  Entrance Counseling and Master Promissory Note for more information.

Federal Direct Plus Loans for Parents of Dependent Undergraduate Students

Please note due to the recent passage of the One Big Beautiful Bill Act, there will be significant changes to the Federal Parent PLUS loan beginning with loans borrowed on or after July 1, 2026. The new rules are currently being reviewed as part of the Department of Education Negotiated Rule-Making process and final rules have not yet been issued. In the interest of clarity, this page will be updated as soon as final rules are released. The information below pertains to loans made before July 1, 2026.

Loan funds are available to credit-worthy parents of dependent students. These loans are not based upon financial need and parents may borrow up to the cost of attendance minus financial aid annually for each dependent student enrolled in an undergraduate school. The current interest rate for loans disbursed on or after July 1, 2025 and before July 1, 2026 is fixed at 8.94% and repayment for PLUS loans may be deferred until after the student ceases to be enrolled at least half time. There is also a 4.228% origination fee deducted from each loan disbursement.

Application Instructions:

  • To apply for a 2025–26 Federal Direct PLUS Loan please visit Federal Student Aid, and click "Learn More."
  • All new borrowers must also complete the Master Promissory Note as part of the Federal Direct Plus Loan process. Please visit Plus Loan Master Promissory Note for more information. 
  • All new borrowers must also complete the Master Promissory Note as part of the Federal Direct Plus Loan process. Please visit Federal Student Aid MPN for more information.

Note: We are required to inform the student or parent that the loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible to guaranty agencies, lenders, and schools determined to be authorized users of the data system.

Private Student Loans

An alternative to the federal student loan programs are private loans made by a lender such as a bank or credit union. If you are considering a private loan, be sure to examine the terms and conditions carefully to determine if it meets your needs.

Private loans are an option for students and families to assist them in paying for educational expenses that are not covered by other types of financial aid. It is strongly recommended that you apply for federal aid first, as federal loan programs often have more favorable terms than private loans. While we want to make information on loan borrowing available to all eligible participants, we by no means want to advocate unnecessary borrowing. We recommend a student borrow conservatively and only what they need.

Finding a Lender

To help our students and their parents navigate the increasingly complex private loan landscape, Endicott has partnered with a company called Elm Select. To review a list of commonly used private loan options that the College has evaluated and found to be reputable, please visit Elm Select. However, you are welcome to borrow from any lender you choose without penalty whether or not that lender is listed on the website. Students who borrow through a private loan will be required to complete an application and a Self-Certification Form. Both of these forms will be provided by the selected loan provider. You will need the College's Cost of Attendance to complete the Self-Certification Form.

We will be happy to answer questions or provide information as you identify the loan options that will best suit your family's needs.