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Loans
Starting the Loan Process
In addition to completing the Free Application for Federal Student Aid (FAFSA), there are two steps that must be completed when applying for a Federal Stafford or PLUS loan:
- Sign a Master Promissory Note (MPN)
- Complete Loan Entrance Counseling
Federal Direct Loans
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.
With Direct Loans, you
- Borrow directly from the federal government and have a single contact—the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
- Have online access to your Direct Loan account information 24 hours a day, seven days a week at Direct Loans on the web at: www.dl.ed.gov.
- Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.
Private Student Loans
Private sources of loan funds are available to help pay for educational expenses, beyond the resources of federal and state financial aid. These are unsecured (no collateral required) bank loans with competitive interest rates. Usually you must be considered a part time student to qualify, and may borrow up to the cost of education minus all other financial aid you receive.
Most lenders will perform a background credit check and determine credit worthiness (income, employment, residency, etc.) before granting these loans. For more information on specific private loan programs, please contact your student finance office.
