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Federal Unsubsidized Loan

Federal Unsubsidized Loan Process

Federal Direct Unsubsidized Loans are federal student loans offered by the Department of Education to help eligible students with the cost of higher education. These are low-interest, fixed rate loans available to graduate students and there is no requirement to demonstrate financial need.

In order to be considered for a Direct Unsubsidized Loan, a student must first submit a Free Application for Federal Student Aid (FAFSA). Once the FAFSA has been processed you will be notified of any Direct Unsubsidized Loan eligibility on your Financial Aid Notification. If you choose to borrow this loan, you will need to acknowledge acceptance under the Finances section of my.UChicago.edu.

Complete a Master Promissory Note (MPN) and Entrance Counseling

Borrowers must complete and sign a MPN and Entrance Counseling in order to receive federal loan funds. When completing these steps, The University of Chicago must be selected as the school to receive the completion information.

These requirements are an important part of understanding any federal student loans that you choose to borrow. The MPN is an agreement to repay your Federal Direct Loans along with accrued interest and fees. It also explains the terms and conditions of your loans. Entrance Counseling is required to help borrowers understand their responsibilities in taking out a federal loan. It offers information about the loan process, managing education expenses, suggests other resources, and shares rights and responsibilities.