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• Have a low interest rate
• Have a six-month grace period (a period of time when no payments are due) after enrollment ceases or drops below half-time status
• The amount a student may borrow is determined by the student’s grade level in school, based on the number of credit hours earned, and by the limits set by the U.S. Department of Education.
• Students must complete a ) to be considered for Federal Direct Loans.

There are two types of Federal Direct Loans:

• The Federal Direct Subsidized Loan is offered to FAFSA filers who demonstrate a certain level of financial need. The U.S. Department of Education pays the interest on the loan while you are enrolled at least half time.
• The Federal Direct Unsubsidized Loan is generally offered to all FAFSA filers regardless of demonstrated need. Interest begins accruing when the loan is disbursed. You have the option of paying the interest as it accrues; otherwise, unpaid interest will be capitalized and added to the principal balance.

You’re encouraged to only take on as much debt as necessary. If you’d like to reduce your loan amount(s), you can contact the Office of Financial Aid or make adjustments on your Holy Cross student portal before accepting the loan(s). After loans are disbursed, you have 14 days to notify the Office of Financial Aid if you’d like to reduce or cancel your loan(s).

First-time borrowers must complete the Master Promissory Note (MPN) and Entrance Counseling before loans can be disbursed. The MPN is a legally binding document in which you agree to repay your loan.

Completion of the MPN requires the names, addresses, and phone numbers of two references and your driver鈥檚 license number (if applicable). Entrance Counseling helps you understand your loan responsibilities.

1. Visit
2. Log in using your FSA ID and password, which was used to create and sign your FAFSA
3. Select 鈥淐omplete Entrance Counseling鈥� and follow next steps
4. Select 鈥淐omplete Loan Agreement for a Subsidized/Unsubsidized Loan (MPN)鈥� and follow next steps

The U.S. Department of Education will contact Holy Cross after these steps have been completed.

After exhausting the opportunities available from the federal aid programs, students may consider private loan programs as a source of funding.

Holy Cross has partnered with so you can easily compare private loan options.

Once you select a lender and apply for a private loan, the Office of Financial Aid will be notified and will certify the loan amount, provided does not exceed the cost of attendance. The private loan will then be added to your financial aid notification, which can be viewed on your HCC portal.