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