Loans are different than grants. Students are legally responsible for repaying their loans.

    • No financial need requirement
    • Total financial aid (including unsubsidized loan) cannot exceed the cost of education
    • Interest accrues while the student is attending school
    • Choose to pay interest (monthly) or add it to the principal until you leave school
    • Must complete Free Application for Federal Student Aid (FAFSA).
    • Parents borrow funds to cover educational costs for dependent students
    • Loan is in parent's name and it is the responsibility of the parent to pay back the loan and interest charges
    • Not part of the FAFSA process; However, students must file the FAFSA
    • Parents may apply online at www.studentloans.gov
    • Parents must meet criteria outlined in PLUS loan application
    • Credit history evaluated
    • Repayment begins 60 days after loan is disbursed or after student graduates, whichever the parent chooses
    • No financial need requirement
    • Total financial aid (including unsubsidized loan) cannot exceed the cost of education
    • Student must be enrolled at least part-time (six credit hours)

    Completing Parent PLUS loan online

    • Go to www.studentloans.gov
    • Click on "Request a PLUS Loan"
    • Click on Parent PLUS
    • Complete all steps in the process
    • Alternative loans are private loans based on credit.
    • The maximum amount that you are approved for cannot exceed the cost of attendance minus any other financial aid you are receiving.
    • Stafford and Plus loans should be utilized first
    • Eligibility requirements, applications, fees, rates, etc. vary

    Primary Lenders for Alternative Loans:

    1. Complete the FAFSA

      In order to be eligible for loan consideration, complete the entire FAFSA financial aid application and approval process.

    2. To Accept loans on WebAdvisor
      • Login to your WebAdvisor account
      • Go to "Financial Aid"
      • Accept loans
      • Choose correct year
      • Action to take: Accept all terms, or select terms individually
    3. Complete Master Promissory Note
      • Go to www.studentloans.gov
      • Sign in using pin number
      • Click on "Subsidized/Unsubsidized"
      • Click on "Complete Master Promissory Note"
      • Complete all four steps in the process
    4. Complete Entrance Counseling
      • Go to www.studentloans.gov
      • Sign in using pin number
      • Click on "Subsidized/Unsubsidized"
      • Click on "Complete Entrance Counseling"
      • Click on "Undergraduate Student"
      • Successfully complete the 15-question quiz
      • Complete all four steps in this process
    5. Applying Loan Money to your Account
      • Before the Department of Education will release funds to the school on your behalf, you must complete both Loan Entrance Counseling and complete the Master Promissory Note (MPN). Both requirements can be completed online at www.studentloans.gov.
      • There is a 30-Day hold on loans for all first time loan borrowers.
      • Students must be registered at least half time (six credit hours) to be eligible for student loans.
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