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 Subsidized Loan
The Federal Direct Subsidized Loan is a loan program for eligible undergraduate students who demonstrate financial need. The U.S. Department of Education pays the interest on a Direct Subsidized Loan while the student is enrolled in school at least half-time.
Federal Direct Unsubsidized Loan
The Federal Direct Unsubsidized Loan is a loan program for eligible undergraduate students that do not demonstrate financial need. Unlike other federal loans, interest accrues while the student is attending school.
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.
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