Student Loans

Students who apply for financial aid by completing the FAFSA are eligible for federal loans to meet a portion of their educational costs. Loans, however, are optional and may be declined if other sources of funding are used to pay for your educational expenses.

Federal Direct Loan
The Federal Direct Student Loan (.pdf) program offers both a need-based (Subsidized) and a non-need-based (Unsubsidized) loan. Using the results of your FAFSA, the university determines your eligibility. You will need to accept, reduce, or decline your loan. If you choose to accept your loan(s), the U.S. Department of Education will serve as your lender. They will approve your loan and forward your loan proceeds directly to University of Dayton each semester. 

The Federal Direct Student Loan program benefits include low, fixed interest rates that do not depend on your credit score and that do not require a cosigner because they are guaranteed by the federal government. In addition, repayment is not required while you are enrolled at least half-time. 

Federal Direct PLUS Loan
The Federal Direct PLUS Loan (.pdf) is a federally guaranteed loan program for parents or guardians of dependent students designed to help families meet their educational expenses. Eligibility for the PLUS Loan is based upon a credit review of the borrower. The student must be enrolled at least half-time in a degree or certification program and, along with the borrower, must be a U.S. citizen or an eligible non-citizen to qualify. 

Applicants may borrow up to the full cost of attendance minus other assistance during an academic year. Your loan will have a fixed interest rate and interest will begin to accrue after disbursement of the loan. The first monthly payment of principal and interest is due within 60 days of the loan being fully disbursed, although parents do have the option to defer payments until 6 months after graduation. There is an origination fee deducted from the loan at the time of disbursement and funds are disbursed directly to the university.

Private Loans
Educational loans from private lenders are also available for students. Students are encouraged to apply with a credit-worthy co-signer in order to take advantage of the lowest interest rate possible. 

Like the Direct PLUS Loan, a student can borrow up to the remaining cost of attendance for the year. Depending on your credit history, private student loan rates can be fixed or variable. In most cases, repayment is deferred while the student is enrolled at least half-time and the funds are disbursed directly to the university. We provide you with the names of some of the programs/lenders our students are currently using on our loans page.

Student Employment

Every student is eligible for part-time employment during the school year. Employment opportunities are optional and not guaranteed. Students who wish to pursue employment will receive information in mid-August from Career Services explaining the application process. The pay rate begins at Ohio's current minimum wage rate and there are approximately 32 weeks in the aid year for earning potential.

Students are permitted to work up to 20 hours per week during the academic year and up to 40 hours per week during vacation periods. There are two funding avenues used for student employment: Federal Work Study and University Funded Employment.

Federal Work Study
Federal Work Study funds are made available in part by the U.S. Department of Education and are awarded by University of Dayton to students demonstrating the highest financial need.

University Funded Employment
University Funded Employment is a non-need-based program and does not require the FAFSA be filed.

Students will see an amount listed for one of these programs in their financial aid award package. This number (i.e. $2,400) is representative of what a student might make in their job if they were to work approximately 10 hours per week. Students receive a paycheck twice per month based on the hours worked. Students will follow the schedule outlined by the individual employer to earn these funds. To be eligible for employment, students must be registered for six or more credit hours per semester and be eligible to work in the United States.

External Scholarships

As scholarships funded from sources outside the University of Dayton become known to us, we'll post the opportunities on our External Scholarships page. Students can view these awards to determine eligibility and apply.