Students Seeking a Second Bachelor's Degree
If you already have a bachelor’s degree but are seeking a second one, student loans may be available from federal or private sources. Once a first bachelor’s degree is earned, no grant or scholarship* aid is available from federal, state, or University sources.
Establishing Loan Eligibility
Students must apply for admission and be accepted by UE. Students must then file the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov to establish eligibility to participate in the Federal Direct Loan Program. The University of Evansville’s FAFSA code is 001795.
Federal Direct Loan
Eligible students who file the Free Application for Federal Student Aid (FAFSA) may use the Federal Direct Loan, for terms in which they are enrolled for at least 6 credit hours. This loan is offered in the student’s name and repayment begins six-months after college. Some portions of the loan may quality to be Subsidized (interest does not accrue while the student is in college) while other portions are Unsubsidized (interest accrues during college). Eligibility for the interest subsidy is determined by the FAFSA, variables related to the student’s cost of attendance, and other aid resources. New borrowing may be affected by the aggregate limits for outstanding loans, for students who have unpaid loans from prior borrowing.
Annual Direct Loan Limits
|Academic Level||Dependent Undergraduate Students||Independent Students|
|Freshman (0-29 credits earned)||$5,500 (max $3,500 subsidized)||$9,500 (max $3,500 subsidized)|
|Sophomore (30-59 credits earned)||$6,500 (max $3,500 subsidized)||$10,500 (max $4,500 subsidized)|
|Junior and Senior (60+ credits earned)||$7,500 (max $3,500 subsidized)||$12,500 (max $5,500 subsidized)|
|Graduate / Professional Students||N/A||$20,500 (unsubsidized)|
|Undergraduate||$31,000 (max $23,000 subsidized)||$57,000 (max $23,000 subsidized|
*Exception: Students with a BS degree who are admitted to the graduate level of the UE Doctor of Physical Therapy Program may be eligible for a UE Academic Scholarship.
Private (Alternative) Loans Based Upon Credit
Private educational loans (often called 'alternative' loans) are available on a credit-approval basis from private lenders and offer additional financial assistance if you have exhausted all other sources of funding for your education. Filing the FAFSA is not required for private loans; however, you should use all grants, scholarships and federal loans for which you are eligible before considering any private loan. Most lenders allow the loan to be in the student’s name; however, most require a creditworthy adult cosigner to qualify for a private loan. Each private lender has different eligibility requirements, loan rates, repayments terms, and conditions. Some will not require loan repayment until after college, but may require payment of interest while you are in school. Please use our Private Lender Comparison Tools via ISM Marketplace or ElmSelect (links below) to compare private loan options and access lenders’ online applications. The lenders listed in these links are the most widely used by UE students and are offered here for the convenience of comparing loan options. You may select any lender you wish for a private educational loan.
All private loan lenders are required to provide to student borrowers three disclosure statements and a Self-Certification Form prior to the school being able to certify the loan. The student will be required to complete and return the Self-Certification Form to the lender.
Other types of disclosures the student will receive include:
- Application Disclosure
- Loan Approval Disclosure
- Final Disclosure (prior to disbursement)
If you plan to apply for a private loan, you will need to be timely and proactive in acknowledging and providing any information requested. Delays in acknowledgement of the above disclosures or in completion of the Self-Certification Form will delay disbursements.