Federal Direct Loans

Rice University continues to work diligently to lower student indebtedness. Loan funding is available to assist students with meeting their educational expenses. Please review the information below regarding the different types of federal loans offered at Rice University.

The Direct Loan Program requires applicants to have a citizenship status of either U.S. Citizen or U.S. Permanent Resident. Applicants must complete the Free Application for Federal Student Aid (FAFSA) and be enrolled at least half-time for funds to disburse to the student's account. For undergraduates, this means enrolling in at least six (6) credit hours. Graduate students must enroll in a minimum of four and one-half (4.5) credit hours. All of our loans are disbursed into two equal parts, unless you specifically request one semester only. The lender for these loans is the U.S Department of Education. On July 1^st, borrowers will be able to view interest rates for the new academic year. Please visit the U.S Department of Education for additional detailed information.

For the Impact of Sequestration on Rice Financial Aid Programs, please click here.

The Direct Loan Program includes the following options:

Direct Subsidized Loan is a need-based loan and the Direct Unsubsidized Loan is a non-need based loan. Both loans have a fixed interest rate and repayment begins 6 months after a student graduates, withdraws, or drops to less than half-time enrollment.
Direct PLUS Loan for Graduate Students is a credit based, fixed rate loan that enables graduate or professional students to borrow funds to meet their educational expenses.
Direct PLUS Loan for Parents is a credit based, fixed rate loan that parents of undergraduate students can borrow on the student’s behalf to meet educational expenses.

Apply for the Direct Subsidized/Unsubsidized Loans.

Step 1: Log into your Esther Account to accept your loan offer. You may accept, reduce, or decline your loan.

** If there is no loan award offered, please notify the Office of Financial Aid via e-mail at fina@rice.edu to submit your request. **

Step 2: Complete Entrance Counseling- All students are required to use their PIN issued by the Department of Education to sign in. If you do not have a PIN, you may request one from the official PIN site.

NOTE: Do not complete the Financial Awareness Counseling since it does not satisfy the Entrance Counseling requirement.

Apply for the Direct PLUS Loan for Graduate Students.

Step 1: Apply for the Direct PLUS online- If your application was denied and are seeking an endorser, please notify our office once the endorser has been approved. This will expedite the processing of your approved PLUS Loan.

NOTE: Do not complete the Financial Awareness Counseling since it does not satisfy the Entrance Counseling requirement.

Step 3: The Office of Financial Aid will receive your request and process it within three to five business days. You will need to log into your Esther Account to accept your loan offer. You must accept, reduce, or decline the loan amount in order for the acceptance process to be completed.

Apply for the Direct Parent PLUS Loan.

Step 1: Apply for the Direct PLUS online- The Office of Financial Aid will receive your request and process it within three to five business days. The Direct PLUS Loan for Parents can be viewed under the student’s Esther account once it has been processed. If your loan is denied, the student may be eligible for an additional unsubsidized loan to aid in educational expenses.

Step 2: Sign the Master Promissory Note (MPN). Parents are required to use their PIN issued by the Department of Education. If you do not have a PIN, you may request one from the official PIN site.

**E-sign the Master Promissory Note (MPN) by selecting HTML to review the MPN. Click on Submit. If you do not review your MPN in HTML your application will be incomplete. All signed MPNs will receive a confirmation e-mail following signature. If you have more than one child attending the same institution, you must complete a separate MPN for each student.**

The Federal Perkins Loan Program

The Federal Perkins loan is a campus-based federally subsidized loan program awarded to students with exceptional need. If you are awarded a Federal Perkins loan, you will be required to sign a promissory note. Borrowers will be able to sign their promissory notes electronically using e-sign technology via the website. The MPN is valid for up to 10 years and will be used for all Perkins loans borrowed while enrolled at Rice.

For more information please click the following: Perkins Loans.

Apply for the Federal Perkins Loan.

Step 1: Log into your Esther Account to accept your loan offer. You may accept, reduce, or decline your loan.

Step 2: Complete the Entrance and Master Promissory Note (MPN) process at ECSI . Please allow three to five business days to log on to ECSI to complete the process.