Loans


Federal Direct Loans

These are loans offered by the federal government. The lender is the U.S. Department of Education rather than a bank or credit union. Learn more about federal loans on the Federal Student Aid website. Recipients of federal loans must meet the following criteria:

  • Be a U.S. citizen or eligible non-citizen.
  • Be admitted to a degree-seeking program or an eligible certificate program.
  • Be enrolled at least half time when loan proceeds are received.
  • Not be in default on a previous student loan or owe a repayment on a previous federal aid award received at any institution.
  • Maintain Satisfactory Academic Progress.

 

Subsidized Loan

The subsidized loans are awarded to only undergraduate students demonstrating a financial need as determined by the federal processor as a result of your FAFSA. Your loan eligibility is also based on your academic level (see chart). Interest on this loan is subsidized (you are not charged interest) by the federal government while you are in school or during authorized periods of deferments. You begin repayment six months after you graduate or stop attending at least half-time.

To Apply: Complete the Free Application for Federal Student Aid. Our school code is 039413.​

 

Unsubsidized Loan

A student does not have to demonstrate financial need to receive this loan. You may borrow the cost of attendance minus all financial aid awarded and based on your academic level (see chart). Interest on this loan is not subsidized by the government. You can choose to pay the interest while you are enrolled, or it will accrue and be added to the principal of the loan that you owe. You begin repayment six months after you graduate or stop attending at least half-time.

To Apply: Complete the Free Application for Federal Student Aid. Our school code is 039413.

 

Parent Plus Loan

Parents of dependent students may borrow additional funds through the Federal Direct PLUS Loan program. The borrower must be a natural parent, adoptive parent or stepparent of the dependent student. Parents may borrow any amount up to the cost of education minus any other financial aid their son or daughter may receive. Eligibility will be based upon a satisfactory credit check. Loans are not automatically renewed. Parents must reapply annually. The financial aid department receives notification of the application results from the U.S. department of Education. If approved, the loan will be added to the financial aid package.

To Apply: In addition to the FAFSA application completed by the student, the parent must log in to studentaid.gov with their FSA ID and complete the application for the parent PLUS loan.

 

Graduate Plus Loan

Graduate students are eligible to borrow under the PLUS loan program up to their cost of attendance minus other estimated financial assistance. Eligibility will be based upon a satisfactory credit check. Loans are not automatically renewed. Students must reapply annually. The financial aid department receives notification of the application results from the U.S. department of Education. If approved the loan will be added to the financial aid package.

To Apply: Complete the application on studentaid.gov. In addition, student must have completed a Free Application for Federal Student Aid. Our school code is 039413.

For more information on the federal student loans click here Federal Student Aid.

 

Requirements of the Federal Loans

The following are two requirements of the Department of Education that must be completed before the first disbursement of these federal loan.

  • Master Promissory Note-The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).
  • Entrance Counseling- Is a tool to help students understand what it means to take out federal student loans.

Instructions on how to complete these and other requirements is included on the student’s financial aid offer letter or found in the financial aid Net Partner portal.

 

Private or Alternative Loans

Private  Loans

FASTChoice

  • Private or Alternative loans are non-federal educational loans available from a variety of national lending institutions and generally require the signature of a credit worthy co-signer. Minimums and maximums vary from these loan programs depending on the lender you choose.
  • To assist you in your search for a lender that is right for you use the FASTChoice tool. FASTChoice helps you request the loan you determine is right for you by providing detailed information for various loans, as well as the terms and benefits offered by different lenders.
  • The lender list in FASTChoice is in no way exclusive or exhaustive of all existing lenders. We will honor requests to certify alternative educational loans from any lender, even those that do not appear on the list.