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Loans

Loans are types of aid you borrow and must be repaid. Most loans require that students be enrolled at least six hours in a degree or certificate program at ACU and meet eligibility requirements as set forth in the ACU Satisfactory Academic Progress Policy.

Explore the various types of Federal, State, and Private Loans available in the Loan Comparison Chart, and see below for more information. If you would like to know how to cancel any loan type or how to accept Federal Loans in Banner, scroll down to the bottom of this page.

Federal Loans

Before a Federal Direct Loan can be awarded, you must complete a Free Application for Federal Student Aid (FAFSA) form. 

Subsidized Loan 

You are not responsible for the interest while in school at least half-time and the first 6 months after you leave school. 

  • Must demonstrate financial need
  • Repayment of the loan begins at the end of the six month grace period after leaving school or dropping below half-time.
  • Interest is paid by the federal government as long as you are enrolled at least half-time at the university and during your six month grace period.
  • Click here to learn more, see interest rates, and origination fees at studentaid.gov.

Unsubsidized Loan

You are responsible for paying the interest during all periods. 

  • Awarded regardless of demonstrated need
  • Interest begins accruing from the date of disbursement
  • Unpaid interest while in school is capitalized (added to the principal amount)
  • Click here to learn more, see interest rates, and origination fees at studentaid.gov.

Direct Loan Limits for Subsidized & Unsubsidized Loans

Dependent undergraduate students enrolled in a degree-seeking program may borrow per year up to:

  • $5,500 as a freshman ($3,500 of which may be subsidized loans) 
  • $6,500 as a sophomore (at least 30 credit hours earned & $4,500 of which may be subsidized loans)
  • $7,500 as a junior or senior (at least 60 credit hours earned & $5,500 of which may be subsidized loans)
  • Maximum amount allowed to borrow while in school: $31,000

Independent undergraduate students and dependent students whose parents have been denied access to a Federal Direct PLUS Loan may borrow per year up to:

  • $9,500 as a freshman ($3,500 of which may be subsidized loans)
  • $10,500 as a sophomore (at least 30 credit hours earned & $4,500 of which may be subsidized loans)
  • $12,500 as a junior or senior (at least 60 credit hours earned & $5,500 of which may be subsidized loans)
  • Maximum amount allowed to borrow while in school: $57,500

Before a Federal Direct Loan can be awarded, you must complete a Free Application for Federal Student Aid (FAFSA) form. 

Parents of dependent students (who are enrolled at least half time) may apply for a Direct PLUS Loan which is used to supplement other financial aid awarded to a student, such as the Direct Stafford Loan. Parents, not students, are responsible for repaying this loan. 

Parents wanting a PLUS Loan for the 22/23 school year should wait until June 1st, 2022 to apply. By then, the 22/23 application window should be open on studentaid.gov.

If you are a Federal Perkins Loan recipient through ACU and would like more information regarding your loan, you can view information at the University Accounting Service website. This is the link to the loan servicer being used by ACU. Through this site, you can update your address and phone number, find benefit forms, make payments, and research loan cancellation eligibility.

State Loans

The College Access Loan is open to undergraduate and graduate students who are Texas residents. 

  • This loan can be used to supplement other financial aid awarded. 
  • A cosigner may be required. 
  • For additional information, please visit www.hhloans.com. 

Private Loans

Help you fill any gap that exists between your financial aid award and your total education costs. Comparison shopping is recommended, as federal loans may be more affordable. To assist, ACU has partnered with two private loan comparison tools, Credible and Great Lake tool, FastChoice. Although many lenders are on these sites, ACU will certify private loans for any lender that a borrower chooses. ACU does not receive benefits in exchange for using Credible & FastChoice and encourages borrowers to visit the lenders’ web sites to compare terms and conditions of origination and repayment.

Credible 

Credible is an online tool that allows students to compare personalized loans from multiple lenders. Students can analyze prequalified rates, terms, and eligibility rules side-by-side in just a matter of minutes. Credible is not a lender or bank. Credible partners with student loan lenders so that applicants have a variety of competitive options, each addressing their particular needs.

FastChoice 

FastChoice, powered by Great Lakes loan guarantor and processor, helps you choose the right loan by presenting you with loan details, including eligibility requirements, interest rates, loan limits and borrower benefits. FASTChoice provides comparison tools for a variety of private educational lenders previously utilized by ACU students.

Accepting & Cancelling Your Loans

You must accept, reduce or decline each loan or work-study listed on your financial aid award or your funds will not pay into your account. All grants and scholarships are already at an “accepted” status because they do not require repayment; therefore, if you have grants and/or scholarships only, you are not required to complete the following steps.

  1. Log in to your myACU account using your username and password. If you have been admitted and do not have a myACU username and password, please click here.
  2. Select the “Banner” tab at the top of the page.
  3. Click in the “Student Services and Financial Aid” tab.
  4. Click on “Financial Aid.”
  5. Click on “Award.”
  6. Select Award Year 2022-23 (or 2021-22 for currently enrolled students) from the drop-down menu.
  7. Click on the “Award Overview” tab to review your awards.
  8. Select “Accept Award Offer” tab.
  9. Determine if you plan to accept, reduce or decline each award and mark accordingly.

To accept all awarded loans and amounts:

  • Click the “Accept All Awards” button.

To decline a loan(s):

  • Select “Decline” from the drop-down box next to the loan(s) you do not want.
  • Click “Submit Decision” button.

To accept a lesser amount of your student loan(s) than you were awarded:

  • Enter the decreased amount of loan you desire in the entry field under the heading “Accept Partial Amount”.
  • Select “Accept” from the drop-down box next to the loan.
  • Click “Submit Decision” button.

Note: If you have accepted your student loan(s), you are not done yet. Your Federal Direct Loan(s) will remain awarded, but will not be disbursed (paid) to your account until you have completed a Master Promissory Note (MPN) and Entrance Counseling.

While you can view your award online at any time, once you click on “Submit Decision,” you cannot make any changes through your myACU account. To make changes email Wildcat Central at wildcatcentral@acu.edu. 

If you choose to cancel all or part of any loan offered to you, please indicate in writing your preference of canceling the full loan or reducing the amount offered.

This statement can be sent by mail to Student Financial Services, ACU Box 29007, Abilene, TX 79699-9007, or by email to wildcatcentral@acu.edu.

After the loan disbursement is applied to the student account, the student will be notified by email of the amount that was paid. The student then has the right to cancel all or a portion of the disbursement within 14 days by replying to the email notification indicating his/her preference. ACU will gladly cancel or reduce the loan upon receipt of that request.