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Federal Loans

Federal loans are awarded after your eligibility for grants, scholarships, Federal Work-Study (FWS) and any other awarded aid is considered. Your financial aid offer may include loans that are need based and/or non-need based. Federal loans will be offered for the maximum amount the student is eligible to receive based upon their grade level and lifetime borrowing to date.

Federal loans must be accepted online via your myUMBC account before they can be considered as payment toward your bill. For more information on how to accept the loans online, please visit our Loan Acceptance page.

First-time loan borrowers will also need to complete a Master Promissory Note (MPN) and Entrance Counseling. Your MPN will remain valid for ten (10) years, which means there is no need for repeat borrowers to complete a MPN each year. You may decrease or cancel your loan(s) by completing a Loan Decrease/Cancel Request Form up to 14 days after the student receives the disbursement notification.

You can manage your loans by visiting Federal Student Aid. Here, you can view the total amount borrowed for all of your federal loans, your outstanding balances and the status of each of your loans. It is important to note that the data in this system is updated regularly and is accessible to guaranty agencies, lenders, and institutions determined to be authorized users.

Generally, a federal loan will be available throughout the academic year during which is was offered. However, depending upon the term to which you would like the funds to apply, priority processing and final deadlines do apply. For more information, please visit our Federal Loan Deadlines page.

Federal Direct Student Loan Disclosure Statements

Students receiving a Federal Direct Loan will receive a Disclosure Statement from the Federal Loan Origination Center for each new loan. The disclosure statement will provide comprehensive information about the types of loans, loan amounts, the loan period and anticipated disbursement dates. Save every Disclosure Statement for reference.

Learn More about Loan Options:

Need Based Loans

Federal Direct Subsidized Stafford Loan
Federal Perkins Loan

Non-Need Based Loans

Federal Direct Unsubsidized Stafford Loan
Federal Direct Parent PLUS Loan
Federal Direct Grad PLUS Loan

Other Loans

Alternative (Private) Educational Loans

More Loan Information

Maximum Allowable Loan Amounts for Federal Direct Stafford Loans
Stafford Loan Entrance Counseling
Stafford Loan Exit Counseling
Perkins Loan Entrance Counseling
Perkins Loan Exit Counseling