Considering Your Loan Options
Federal Direct Student loans have a fixed interest rate, a low origination fee, and do not require a co-signer to secure the loan. Payments are deferred while attending school and in the six-month deferment period after you leave school. Federal student loans offer a variety of beneficial and flexible repayment options, as well as deferments, forbearance, forgiveness, and cancellation terms often not offered by private lenders.
Effective July 1, 2010, all colleges and universities are required to process Federal Direct Student Loans and PLUS Loans through the government’s Federal Direct Loan Program. Private lenders no longer participate in the federal loan programs.
Before applying for a private educational loan, we strongly encourage you to exhaust your federal financial aid options first, including the Federal Direct Loan Program. To qualify for federal financial aid, file your FAFSA on the government website.
Approximately 65% of students at Quinnipiac borrow one or more federal student loan. The U.S. Department of Education uses the Cohort Default Rate (CDR) as a measure of federal student loan repayment at post-secondary institutions. The CDR represents the percentage of borrowers who entered repayment at a point in time, then defaulted (failed to make payments) on their loan within a three year period. The official CDR for students entering repayment of their Federal Student Loans at Quinnipiac University is 2.3% for the 2018 fiscal year. The national average for the same time period is 7.3%.
Complete the FAFSA
Students are strongly encouraged to exhaust all of their grant, scholarship and federal loan options before considering private loans due to the favorable terms and conditions offered through the federal programs. Traditionally, private loans require the student to obtain a credit-worthy cosigner in order to secure the loan. A credit score is used as a tool to determine eligibility, interest rate offerings, and terms of repayment for private loans.
The Office of Financial Aid does not recommend lender lists for students or parents inquiring about private educational loans, however, we do guide families toward an educational lending website provided by ELMSelect, a non-profit organization that provides a free, unbiased comparison tool for private educational loans. We also suggest that you pay attention to your home state’s loan programs, which can often provide favorable terms, conditions, fees and interest rates on student and parent loans.
Entrance Counseling and Master Promissory Note (MPN)
If you will be attending Quinnipiac’s undergraduate programs and are a first-time borrower of federal loans, you are required to complete Entrance Loan Counseling and the Loan Agreement Master Promissory Note (MPN) for your Direct Subsidized/Unsubsidized loan before funds can be disbursed to the university.
Learn More About Entrance Counseling
Students are required to complete an online Exit Counseling session if they drop below half-time enrollment, graduate or leave school.
Learn More About Exit Counseling
Loan Repayment Resources
Loan Forgiveness Programs
In certain situations, you can have your federal student loans forgiven, canceled or discharged. Learn more about the types of forgiveness and whether you qualify due to your job or other circumstances.
Loan Repayment Plans
Before repayment begins, develop a plan that puts you on track to pay back your loan on time and in full.
Learn more about Federal Student Aid Loan Repayment Programs
Learn more about the Quinnipiac Loan Repayment Assistance Program
Federal Loan Consolidation
Consolidating student loans is similar to refinancing, which allows a student to combine his or her federal loans (not private loans) into one big loan, usually extending the repayment period beyond the 10-year maximum. Depending on the loan amount, the new loan terms can go from 12–30 years. Although a student's minimum monthly payment can be significantly reduced, it is important to note that in most cases, this will result in additional interest being paid over the life of the loan.
Learn more about Federal Direct Loan Consolidation
Access the Financial Aid Self-Service Portal
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Looking for information about the federal student loan cancellation and repayment pause?
Code of Conduct
The Office of Financial Aid is pleased to provide you with a comprehensive set of standards that guides our offices and financial aid practices.
Read the full Code of Conduct
We‘re here to help provide additional information and answer your questions about the financial aid process.