Loans

LoansIMG_7993

Federal Subsidized Stafford Student Loan Program
A federal loan for undergraduate students to help cover the cost of higher education. The subsidized amount varies up to $3,500 per year for grade level one (freshman); $4,500 per year for grade level two (sophomore); and $5,500 per year for grade levels three (junior) through five (fifth year senior). Students must first file the Free Application for Federal Student Aid (FAFSA) and meet all other federal eligibility requirements. This is a need-based loan and the government will pay the interest while the students are in school. Students must be enrolled for at least 6 credit hours each semester. Repayment will begin six-months after the students graduate, leave school, or drop below half-time enrollment.

Federal Unsubsidized Stafford Student Loan Supplement
A federal loan for students to help cover the cost of higher education. The amount varies up to $4,000 per year for grade levels one (freshman) and two (sophomore); $5,000 per year for grade levels three (junior) through five (fifth year senior)*. Students must first file the Free Application for Federal Student Aid (FAFSA) and meet all other federal eligibility requirements. This loan is not need-based, and the government does not pay the interest while the students are in school.  However, students do have the option to pay on it while they are still in school. Students must be enrolled for at least 6 credit hours each semester. Repayment will begin six-months after the students graduate, leave school, or drop below half-time enrollment.

*The eligibility for the unsubsidized student loan supplement is based off of the denial of a parent plus loan for credit reasons. The parent must apply for the plus loan and be denied from the plus loan application.

How To Apply for Direct Stafford Loans

Application Process
FAFSA (www.fafsa.ed.gov)
Entrance Counseling (www.studentloans.gov)
Loan Master Promissory Note (www.studentloans.gov)

Federal Parent Loan for Undergraduate Student (PLUS)
A federal loan that is offered to parents of undergraduate students to help pay for education expenses. The amount of the loan is limited to the cost of education minus financial aid. The eligible amount of the loan may vary for each applicant/student. Students must be enrolled for at least 6 credit hours each semester. Repayment will begin sixty days after the school receives the last disbursement of the loan. Parents must log in to www.studentloans.gov to apply. If approved, parents will then need to sign the Master Promissory Note agreeing to the terms and conditions of the loan.

PLUS Loan for Graduate Students
A federal loan that can be used to cover the costs of graduate school. Students must first reach their Stafford loan aggregate limit for eligibility. The amount of the loan is limited to the cost of education minus financial aid. The eligible amount of the loan may vary for each applicant/student. Students must be accepted into the Graduate program and be enrolled for at least 3 hours each semester.  Repayment begins after the school receives the last disbursement of the loan, but payments are deferred while the student is enrolled at least half time.  Students must log in to www.studentloans.gov to apply. Students will then need to sign the Master Promissory Note agreeing to the terms and conditions of the loan.

Alternative Loan Options
Alternative loans, sometimes referred to as private loans, can supplement the other forms of aid a student generally receives. While we cannot suggest a specific lender to a student, we do maintain a historical list of loan companies that our students have used in recent years. Our lender list can be accessed through the following link: MBU Alternative Lenders