Student Loan Information

Student loan programs offer long-term, low-interest educational loans that must be repaid after students graduate or cease to be enrolled at least half-time. Based on a student’s financial need, EFSC’s aid package may include the offer of both subsidized and unsubsidized loans. Before borrowing it’s important to carefully assess how much money is really needed so a student avoids graduating with too much debt to repay.

IMPORTANT: Students must be registered in a minimum of 6 hours required for their program before loans will disburse. Please view the Aid Disbursement Process for more details.

Loan Options & Information

Direct Federal Subsidized Stafford Loan (DFSL)

  • Long-term need-based loan, with variable interest rate.
  • Possible fee deferment up to 60 days if no chargeable awards.
  • Repayment starts six months after graduation, withdrawal, or less than half time enrollment. Further information about Repayment and deferment will be provided to the student during loan orientation and exit interview.
  • Loan limits: 1st year in program: $3,500 per academic year. 2nd year in program: $4,500 per academic year.
    Aggregate total: $23,000

Federal Direct Unsubsidized Stafford Loan Request (DUSL)

Unsubsidized funds will be used to meet the remaining amount of need not to exceed the maximum federal allowance ($6,000 for independent students and $2,000 for dependent students).

Borrower is responsible for paying the interest during the in-school, grace, and deferment periods. Principal repayment starts six months after the borrower ceases enrollment on at least a half time basis. The interest repayment starts at the time of disbursement. Further information about repayment and deferment will be provided to students during the Entrance Interview loan orientation and Exit Interview Counseling.

Independent students' annual and aggregate loan limits are increased to include the FSL limits plus up to $4,000 (annual limit) and $23,000 (aggregate limit) on the DFSL.

Federal Direct Parent Loans to Undergraduate Students (DPLUS)

Direct PLUS Loans are unsubsidized loans available to parents of dependent students to help pay for educational expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods, with interest rates capped at 9%.

Complete the loan application at the Federal Student Aid website. Parents completing a PLUS Master Promissory Note or Direct PLUS Loan Request must use their own PIN number, and not their child's PIN number. An insurance premium of 1% of the loan principal as well as a 3% origination fee will be deducted from the loan proceeds prior to disbursement. Keep lender informed of any change in permanent address, change of name, or change of enrollment status.

Principal repayment start date is the disbursement date. Interest repayment begins at the time of disbursement. Annual amounts are limited to the cost of attendance minus other estimated financial assistance.

For more information on this parent loan visit the Federal Aid website or call toll-free 1-800-557-7394.

Private Loans

These loans are considered an alternative/optional loan and can vary in terms, conditions and eligibility requirements. It is recommended that Federal Aid be exhausted before a private loan is considered. Students need to apply directly to the lender for private loans.

Student Loan Cohort Default Rate

The Department of Education calculates cohort loan default rates annually. The most recently published default data is from fiscal year 2019.

EFSC’s fiscal year 2019 official cohort loan default rate is 4.5%. The national student loan default cohort rate for that same period is 2.3%.

The cohort loan default rate is based on students who entered repayment in FY 2019 (October 1, 2018 through September 30, 2019) and defaulted on or before the end of FY 2021 (September 30, 2021). Defaults occur when a borrower in repayment does not make a payment for at least 270 days.  

EFSC’s historical cohort default rates are published below. Additional information about cohort default rates is available from Federal Student Aid.

Cohort Fiscal Year
Loan Default Rate %
2019 4.5
2018 11.8
2017 16.1
2016 3.2
2015 16.9
2014 20
2013 19.6
2012 19
2011 17.2
2010 22.4
2009 19.6

Student Borrowing Rates

In 2021-22, 18% of enrolled EFSC students had loans.

Loan Servicing


Aid and Scholarship Contacts

Phone: 321-433-7339

View more contact info & hours

Ralph M. Williams Student Center,
Bldg. 11
Student Services Center, Bldg. 1
Palm Bay:
Administration, Bldg. 1
Student Center, Bldg. 3

Contacts, Dates & Deadlines


View details on contacting us by phone or email, plus walk-in locations to talk with an aid specialist or drop off documents.

Aid Application Priority Deadlines
April 20, 2023: For Summer 2023
July 20, 2023: For Fall 2023
November 27, 2023: For Spring 2024
April 28, 2024: For Summer 2024

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Upcoming Aid & Tuition Dates

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