Federal Direct Loans
Students must complete and submit a FAFSA application every year if they want to be considered for a Federal Direct Loan (or student loan). There are two types of loans that are available to students known as the Federal Subsidized Direct Loan and the Federal Direct Unsubsidized Loan.
Federal Direct Loan Requirements
Students receiving a subsidized or unsubsidized Federal Direct Loan will be required to complete an online entrance counseling session and a master promissory note. Students will also be required to complete an annual Student Loan Acknowledgment before loan funds can be issued to the student.
An exit counseling requirement must also be met once a student loan recipient graduates or withdraws from the school. Failure to complete this requirement may result in a delay in receiving a transcript or diploma. Repayment of a Federal Direct Loan begins six months after graduation or six months after enrollment drops below 6 credits or less than time for undergraduate students.
Student loan requirements can be met by going to Please note that electronic notices will be sent to the school upon completion of each requirement.
Federal Direct Loan Repayment
After you graduate, leave school, or drop below half-time enrollment, your federal student loans will enter repayment. Most federal student loans, including Direct Subsidized and Direct Unsubsidized Loans, have a six-month grace period before repayment begins.
Once your loan enters repayment, you will be assigned a loan servicer who will manage your account and assist you with repayment. Unless you select a different option, you will automatically be placed on a standard repayment plan. Students are responsible for understanding their repayment obligations and selecting a repayment plan that best fits their financial situation. Multiple repayment plans are available, including income-driven options.
To explore repayment plans, estimate monthly payments, and manage your loans, visit the U.S. Department of Education website:
For additional assistance, students are encouraged to contact their loan servicer directly or the Financial Aid Office.
Work-Study Programs
The Federal and State Work-Study Programs provide funds for part-time employment opportunities for eligible students and allows students the ability to work no more than 20 hours per week earning at least a minimum wage. It is possible that you may earn more depending on the type of work you do and the skills required for the position. Work-study awards are based on early FAFSA submission, financial need as determined by FAFSA, and available funding. Students may contact the Financial Aid Office if they have questions or need additional information by contacting us at 575-234-9225 or email financialaid@senmc.edu