FAFSA and Non-FAFSA Filing

The programs listed here can be very helpful in supplementing your resources, although we encourage you to explore other sources of aid. There are additional scholarship and loan opportunities available through local community organizations, religious organizations, or companies for which you, your parents or spouse are employed.  

Be resourceful; look around!

FAFSA Filing Programs

Health Professions Loan (HPL)

Awards typically range from $2,000 to $10,000 with a fixed interest rate at 5% and no origination fee, although the amount may vary on the availability of funds.  Interest does not accrue until after the 12-month grace period after graduation. To be considered fro the HPL program funds, students must provide parental income/asset information on the FAFSA regardless of the dependency status by April 15.

Federal Direct Unsubsidized Stafford Loan

Borrowers my apply for up to $44,944 per academic year to a cumulative total of $224,000. Interest will accumulate while in school and is the responsibility of the student. Minimum payments can be made as low as $50 per month. Principal and interest may be deferred until after graduation, but interest will accrue and be capitalized at repayment. The interest rate for loans made between July 1, 2025 and June 30, 2026 is 7.94% with a 1.057% loan fee, subject to change annually on October 1.

Federal Direct Graduate Plus Loan

Graduate PLUS loans are federally sponsored loans for students attending graduate school allowing students to borrow up to the full cost of education, less other financial aid received including Federal Direct Loans.  Borrowers are responsible for all interest that accrues on the Graduate PLUS loan; unpaid interest will be added to the loan principal, therefore the borrower will pay interest on the combined amount.  For borrowers who are certified by their school to be attending at least half-time, they will be placed into in-school deferment, which will not require payment while the borrower is in school.  The interest rate for loans made between July 1, 2025, and June 30, 2026, is 8.94%, and there is a 4.228% origination fee charged by the federal government, subject to change annually on October 1.

*Borrower must be a U.S. citizen or a permanent resident.  A credit check is required.

Non-FAFSA Filing Programs

Private/Alternative Loans

Private or Alternative Education Loans provide students and families with alternatives to the federal loan programs.  These are credit-based loans and most students will require a co-borrower.  Creditworthy students and co-borrowers may find competitive interest and fees compared to the federal loan programs.  

Detroit Mercy partners with ELMResources to assist with the lender selection process.  ELMResources maintains a comprehensive list of lenders offering private loans, which we encourage you to use as you begin your search.  

You may also visit credible.com for information on applying for private student loans, comparing multiple lenders, and refinancing your existing loans.

Please note: Borrow benefits can differ greatly between private and federal loans; please consider your options carefully when deciding to borrow.