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Student Loan Comparison (for Undergraduates)

Are you a Duke undergraduate student looking for more information about your loan options? If so, you've come to the right place. On this page you'll learn about your loan options and how to apply.


 

Loan Options

 

Federal Loans

 Interest Rate/Origination FeeYearly Borrowing LimitsEligibilityPayment Plans and Forgiveness (Yes/No)

Direct
Subsidized


Rate - 4.99%
Orig Fee - 1.057%


Varies from
$3,500 -$5,500

  • Must demonstrate financial need.
  • Interest is not charged while enrolled in school.

Payment Plans - Y
Forgiveness Options - Y

Direct Unsubsidized

Rate - 4.99%
Orig Fee - 1.057%

Varies from
$2,000-$12,500
  • Not based on financial need.
  • Interest is charged from the date of disbursement.
Payment Plans - Y
Forgiveness Options - Y

 

State Loans

 Interest Rate/Origination FeeYearly Borrowing LimitsEligibilityPayment Plans and Forgiveness (Yes/No)
NC Assist

Rate - 6.95%
Orig Fee - 0%

Up to Cost of
Attendance
  • Must be credit-worthy and have the required credit score,
  • or have a co-signer who meets the credit requirements
Payment Plans - N
Forgiveness Options -N

NC Forgivable
Educational
Loan            

Rate - 8%
Orig Fee - 0%
Up to $7,000
  • Must meet certain eligibility requirements, and approval from NCSEAA. 
  • After graduation, if the work requirement is fulfilled, the loan is canceled.
  • Application opens December 7, 2020
Payment Plans - N
Forgiveness Options - Y

 

Private Loans

 Interest Rate/Origination FeeYearly Borrowing LimitsEligibilityPayment Plans and Forgiveness (Yes/No)

Varied Lenders

Rate - Based on Credit Score
Orig Fee - 0%

Usually up to Cost of AttendanceRefer to our Recommended Lender List for more information.Payment Plans - Depends
Forgiveness Options - N


 



How to Apply

 

Direct Subsidized & Unsubsidized Loans

Direct Loans are awarded by the Karsh Office of Undergraduate Financial Support based on the information you provide on the Free Application for Federal Student Aid, or FAFSA.

Steps to Apply:

  1. Complete the FAFSA online
  2. Be sure to have the results sent to Duke University by entering school code 002920 at the end of the form.
  3. Wait for your aid notification.
  4. A staff member will automatically award federal Direct loans when completing your need-based aid offer. If you do not qualify for need-based Subsidized Direct Loans, you will be awarded non-need based Unsubsidized Direct Loans.
  5. Review your loan amount(s)- if you do not need to borrow all that you were awarded or think you may need to borrow more, you may be able to make adjustments to your award.
  6. Accept your loan on your student account on DukeHub or email finaid@duke.edu to notify your counselor if you would like to accept your loan. Any adjustments you need to make to your award can be done with assistance from your financial aid counselor.

If this is the first time you have borrowed Federal Direct Loans, there are additional steps you must complete before the loan application process is complete.

Additional steps for first-time borrowers:

  1. Complete Entrance Counseling
  2. Sign a Master Promissory Note

 

NC Assist Loans

  1. Review the full borrower requirements and eligibility criteria at CFNC.org, the College Foundation of North Carolina.
  2. Fill out an application for the NC State Assist Student Loan. Once completed, you can check your status online with CFNC.
  3. If approved, CFNC will contact the Karsh Office of Undergraduate Financial Support directly to process your loan and apply it to your Bursar account.

 

NC Forgivable Educational Loan

  1. Review the full borrower requirement and eligibility criteria online at CFNC.org
  2. Fill out the application for the NC Forgivable Loan. (application process begins December 7, 2020)
  3. Applications will be entered into a lottery for award consideration.
  4. If you are awarded this loan, CFNC will contact the Karsh Office of Undergraduate Financial Support directly to process your loan and apply it to your Bursar account.

 


 

Private Loans

  1. Review the Recommended Lender List and explore additional lending options as needed.
    • While students may borrow from lenders not included on the Recommended Lender List, the lenders on this list participate in our ELMSelect lender comparison tool. This tool can be used to compare rates, terms, and calculate your future payments. The ELMSelect comparison tool may help you determine which borrowing option may be best for you.
  2. Apply online at the website of your preferred lender.
  3. Complete the self-certification form at your lender’s website.
  4. Once your application process is completed according to the lender's instructions, we will receive confirmation from your lender and will add the loan to credit your Bursar bill.

 

Questions? Make an appointment with the Student Loans Office