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

To Accept Loans

1. Log into your MyACU homepage
2. Locate the Financial Aid Widget
3. Click on the Purple “Financial Aid Dashboard” button.
4. Under “Financial Aid”, select “Offer”
5. Scroll down to “Loans” under Options to Pay Net Cost
6. From the drop-down menu under “Take Action” you can either select “Accept All”, “Decline All” or choose to “Modify” to accept a partial amount of your loans.
7.  Your loans will be displayed by semester. You can take action for each semester’s award as you wish.
8. If you wish to accept a partial amount of your award, choose “Modify” and then enter the amount of loans you’d like to accept.
9. Selecting “Accept”, you agree to borrow the full awarded funds.
10. To complete your adjustments and submit your changes, you must select “Ok’’ and “Submit”

Next Steps:
If this is your first semester accepting federal financial aid, you will also need to complete: Title IV Authorizations

If this is your first time accepting student loans, you will need to complete:
Master Promissory Note
Direct Entrance Loan Counseling

For help:

Residential Student can email wildcatcentral@acu.edu
Online Students can email onlinefinaid@acu.edu
Please visit acu.edu/finaid or call 325-674-2300

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. 

• Repayment of the Direct PLUS Loan is not automatically deferrable. 
• Click here to learn more, see interest rates, and origination fees at studentaid.gov.

Parents wanting a PLUS Loan for the 23/24 school year should wait until June 1st, 2023 to apply. By then, the 23/24 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.

Private loans can help 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 FastChoice, a private loan comparison tool.  Although many lenders are on this site, ACU will certify private loans for any lender that a borrower chooses. ACU does not receive benefits in exchange for using FastChoice and encourages borrowers to visit the lenders’ websites to compare terms and conditions of origination and repayment.

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.

The College Access Loan (CAL) is open to undergraduate and graduate students who are Texas residents. These loans can be used to supplement other awarded financial aid. A credit-worthy cosigner may be required and applicants must be registered with Selective Service or be exempt.  Effective September 1, 2023, the Texas Higher Education Coordinating Board (THECB) is required to calculate the final loan amount based on the student’s “manageable debt” for the borrower’s program of study listed on the CAL application. Visit www.hhloans.com for additional information and to apply.

*Note: College Access Loans cannot be used for financial settlement at ACU until the THECB gives final approval on the requested loan amount AND the CAL appears on the student’s financial aid awards. Financial aid information can be viewed on the student’s myACU portal.

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.