Other Loan Options

Listed below are the types of other loan options to consider if additional funding is needed to cover the costs of a college education. Students who do not accept any of Federal Loans are also required to meet with a Financial Aid Advisor before any other loan will be processed.

There are two primary types of Other Loan Options: (1) Federal Direct PLUS Loan which is a loan from the Federal government borrowed by a parent of the undergraduate student (Parent PLUS), or by a graduate student (Graduate PLUS) to cover the student’s educational expenses, and (2) private educational loans in which the student or parent borrows from a financial institution of his/her choice and approval typically requires a co-signer with a favorable credit history. Interest rates for Federal PLUS Loans are fixed, set annually based on statutory formulas; interest rates and terms for private educational loans vary by lender, may be fixed or variable, and may depend on the borrower’s and/or co-signer’s credit history. In either case, the University will certify that the total amount processed for Other Loan Options does not exceed the student’s remaining eligibility within his/her financial aid cost of attendance.

2023-2024 Information About Other Loans Options Sheet (PDF)

Federal Direct PLUS Loan (Parent Loan for Undergraduate Students)

The Federal PLUS Loan Program provides loans to parents of dependent students attending post-secondary schools. All loan funds received under the program must be used to pay for the cost of attending a post-secondary school.

Private Educational Loans

Privately funded educational loans are available to students and parents/other persons who want to borrow on behalf of their student

Federal Direct Graduate PLUS Loan (Loan for Graduate Students)

The Federal Graduate PLUS Loan Program provides loans to graduate students attending post-secondary schools. All loan funds received under the program must be used to pay for the cost of attending a post-secondary school.