Before you start the process of borrowing for education, Samford encourages you to research and take advantage of any and all available scholarship, grant, and work-study options. Compare all loan options for the best interest rates, lowest loan fees, and most extensive borrower benefits.
The Federal Direct Loan Program starts with the Free Application for Federal Student Aid (FAFSA). A student must have a FAFSA submitted for Samford to offer a Federal Direct Loan and/or a Parent PLUS Loan for undergraduates, or a Federal Direct Loan for graduate and professional students. Eligibility requirements, fees, interest rates, and other specifics differ with each of these loans. For more information, visit studentaid.gov.
Direct Student Loan
A student must submit a completed FAFSA to Samford in order to access funding through a Direct Student Loan. Direct Student loan amounts range from $5,500 per year for freshmen to $7,500 per year for seniors. Another $4,000 - $5,000 may be added if the student is deemed independent. FAFSA results will determine a student’s dependency status.
There are two types of Direct Student Loans: Subsidized and Unsubsidized. Both loans have a six month grace period where repayment does not begin until six months after the student graduates or ceases to be enrolled at least half time. The Subsidized loan does not accrue any interest while the student is enrolled at least half time. This loan is awarded based on need as determined by the FAFSA. If you are borrowing a Subsidized Direct Student Loan, please review the information concerning maximum time frames for earning your degree and how that interacts with loan eligibility.
The Direct Unsubsidized Loan is available to any student who files a FAFSA and is enrolled in at least six hours. This loan is not need based and it requires the borrower to pay a quarterly interest payment.
When you receive a Direct Student Loan for the first time, you must complete Entrance Counseling and a Master Promissory Note (MPN). The MPN is a legal document in which you promise to repay your loan and any accrued interest and fees to the US Department of Education. It also explains the terms and conditions of your loan. In most cases, one MPN can be used for Direct Student Loans that you receive over several years of study. First time borrowers may complete the MPN and Entrance Counseling requirements online at studentaid.gov. You will need a FAFSA ID to access this website.
For additional information concerning Federal Direct Student Loans please visit the US Department of Education website. Students are notified in their aid notification letter as to how to request their loan funds. Instructions can also be found in the mySamford portal.
Parent PLUS Loan
The Parent Loan for Undergraduate Students (PLUS) is available to parents with acceptable credit and whose information was included on the student’s FAFSA. These loans are typically used to close the gap between net costs after all other aid has been paid to a student’s account and what a student and/or their family can pay out of pocket. The maximum amount available cannot exceed $20,000 per year and may be limited by the potential borrower’s credit rating.
For additional information concerning the PLUS Loan, please visit the US Department of Education website on Parent PLUS Loans. Families are notified in their student’s aid notification letter as to how to request their loan funds. Instructions may also be found in the mySamford portal.
Private Loans
Another financing option available is the Private Education Loan (private loan). These are loans made by national, regional, and local lending institutions who exist to assist you in affording your college education. Many of these lenders are well known and you may already be utilizing one of them for your personal banking needs. The loan products offered by these lenders vary. Therefore, we encourage you to thoroughly explore all options related to private loans and compare them to federal loans.
Samford provides two options for loan comparison. With Credible, you will be able to compare interest rates provided by a company called Credible and the other is provided by a company called Elm. You will be able to compare interest rates for loans designed specifically for the borrower and then apply for the loan that best meets the needs of the borrower. Elm is a historical listing of loan providers who have served our students in recent history. Borrowers will have the opportunity to compare loan options for the lenders included in this historical listing. More additional information, please contact your One Stop advisor.
The One Big Beautiful Bill Act (OB3)
Signed into law on July 4th, 2025, the One Big Beautiful Bill Act introduces reform to higher education policies and changes parameters for how students can pay for education.
Third Party Loan Servicing
ECSI (Educational Computer Systems,Inc.), a billing service provider for Federal Perkins, Nurse Faculty Loans, CIOS, Cohron and other institutional loans, is under contract with Samford University to perform loan servicing for these loan programs, including collection efforts for past due borrowers.
If you have been awarded Federal Perkins, CIOS, Nurse Faculty, Cohron or Health Professions loans through Samford University, you will be contacted by ECSI when your MPN has been generated and is ready to be signed. The amount of funding available for loan programs serviced by ECSI is limited. If you are not interested in accepting the funds that have been offered to you, please email Student Financial Services at onestop@samford.edu, and let them know you would like to decline the loan(s). If you have questions about Federal Direct Loans (Subsidized, Unsubsidized and PLUS), please contact your Samford One Stop adviser at onestop@samford.edu.
Loan Repayment
To find documentation regarding your student loans, contact The National Student Loan Data System (NSLDS). This is the U.S. Department of Education’s central database for federal student loans and grants. Click on the Financial Aid review link to view all your federal student aid information. You will need your FSA ID (used to sign your FAFSA) to log in to the site.
Another source for loan information is the Federal Student Aid Information Center. You can contact them at 1-800-433-3243. When speaking to a representative, ask for help with borrower tracking.
If you have questions about your loan account, you can contact us via email at onestop@samford.edu or by phone.
