Loans

We recommend accepting the federal student loan(s) offered as part of the student’s financial aid package first. Federal student loans often have a low fixed interest rate, do not require a credit check or co-signer, and offer favorable repayment options. If additional borrowing is needed to pay the balance due to the university, please see the options below:

The federal government offers each parent the opportunity to apply for a Parent PLUS loan. This is an educational loan in which the parent is the borrower, and the parent is responsible for repaying the loan. The borrower has the option to begin repaying the loan once the funds fully disburse to the school, or defer payments while their student is attending school on at least a half-time basis. The loan application is located at the Federal Student Aid website. The borrowing parent will sign in the website using their FSA ID, which is the same login used to electronically sign the FAFSA. You can create an ID on the website if you do not already have one. The government charges an origination fee for borrowing this loan. The fee is 4.228% of the borrowed amount of the loan. Remember to add this fee into the amount you decide to borrow. 

A student (or parent/guardian) can choose to borrow a private educational loan to fund the cost of attending college. Many of the private lenders are housed under the ELMselect educational lending website. As an undergraduate student, you will need a co-signer to secure the loan. The lenders provide their customer service phone numbers on the Elm Select website. We encourage you to reach out to the lender you are considering if you have any questions.

As a first-time federal student loan borrower, the government requires the student to sign in the the Federal Student Aid website using their FSA ID to:

1. Complete Entrance Counseling – a question/answer online session regarding the terms and conditions of federal student loans, how interest works and repayment information.

2. Sign an online Master Promissory Note – the promise to repay the loan, including any accrued interest, beginning 6 months after graduating or leaving college on a less than half-time basis.

Both requirements are located under the “Complete Aid Process” tab.

Yes. The Parent PLUS loan is a federal loan, and requires the student to file a FAFSA.

Learn more about the Parent PLUS loan

If a parent is denied credit for the PLUS loan, a first year or sophomore student will be offered an additional $4,000 unsubsidized government student loan ($5,000 for juniors and seniors) as part of their financial aid package for the school year. Parent PLUS will notify the school of the parent's credit decision in 24 to 48 hours. This additional student loan is allowable only if the PLUS loan decision is not overturned on appeal or endorsed for payment. Note: if one parent is denied credit but the other parent is approved to borrow the PLUS loan, the additional student loan is not allowable. Parent PLUS can be reached at 1-800-557-7394 with any questions.

Learn more about Parent PLUS loans

Federal Direct Student Loans (offered as part of the student’s financial aid package) borrowing limits are set by the federal government and are based on a student’s grade level. Parent PLUS and private loan borrowing limits include the difference between the cost of attendance, less all aid offered.

This is the choice of the borrower, however, we recommend borrowers secure funds annually and not on a semester by semester basis. Borrowing annually minimizes application time, processing time and assures that funds will be available for both the fall and spring semesters. It also avoids multiple credit checks in one year which can often have an adverse effect on your credit score.

Rates and fees vary between loan programs. Students and parents are encouraged to learn more about loan options learn more about loan options.