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If scholarships and grants are not sufficient to cover educational expenses, a loan may fill a student's remaining financial need. Student loans, unlike grants and scholarships, must be repaid, with interest in most cases. Students should be prudent in deciding the amount of money to borrow and carefully consider the amount they will have to repay over the years. There are various types of loans that students may consider.

Federal Student Loans

Students are considered for Federal loans by completing the FAFSA. Each student will be awarded either subsidized and/or unsubsidized loans based on their family estimated contribution (EFC), remaining need, and the student’s annual and aggregate loan limits. Below are all types of federal loans and yearly loans fees and interest rates.

Types of Loans

Loan Entrance Counseling & Mastery Promissory Note

First-time student loan borrowers MUST complete a Loan Entrance Counseling and/or Direct Loan Master Promissory Note (MPN) prior to the loan disbursing to the student’s account.

Alternative Private Loans

NSU has selected FastChoice as a one-stop resource for NSU students and their families. FastChoice is an interactive website comprised of lenders that NSU students/parents have borrowed from recently. FastChoice serves as a loan comparison tool. FastChoice will assists borrowers in selecting a loan that is best suited to meet their needs.

An additional source for a private alternative loan is the Student Freedom Initiative. SFI programming includes the Student Freedom Agreement. While general programming by SFI is for all students, Student Freedom Agreement is an income-contingent funding alternative which is a private education loan for eligible students. NSU students who meet eligibility requirements may qualify for up to $20,000 per academic year to cover the remainder of the cost of their attending the university. Students can apply for the Student Freedom Initiative via

Students may borrow with any lender offering a private education loan and are not required to borrow with any of the lenders on this site.

Disclaimer: “Norfolk State University Financial Aid Office does not endorse or promote any specific alternative/private student loan lender or lending program. NSU does not discriminate against lenders and will certify loans from any private lender provided the student meets the lender’s eligibility requirements.

In addition, Norfolk State University does not endorse Student Freedom Initiative’s Income Contingent Alternative to the Parent PLUS or other private education loan products. NSU is not affiliated with the Student Freedom Initiative.”