Loans are an invaluable resource to college students in financing a college education. Be sure you understand all of your rights and responsibilities before you accept a loan.
Types of Loans
Students considering student loans need to be aware of the differences between federal student loans and private student loans .
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Federal Student Loans |
Private Student Loans |
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Federal student loans are required by law to provide a range of flexible repayment options including, but not limited to, income-based and income-contingent repayment plans, as well as loan forgiveness benefits that private lenders are not required to provide. Federal direct loans are available to most students regardless of income. Other qualification criteria may apply. Other qualification criteria can be found . |
Private student loan lenders can offer variable interest rates that can increase or decrease over time, depending on market conditions. The interest rate on a private loan may depend on the borrower’s and/or co-signer’s credit rating. Private student loans have a range of interest rates and fees. Students should determine the interest rate and any fees associated with any private student loan they borrow before accepting the loan. Students should contact the lender of the private student loan (for an alternative loan) or the Financial Aid Office (for an institutional loan) if they have any questions about a private student loan. Â鶹ÊÓƵ offers private (institutional) student loans. If the student is offered an institutional loan they should know:
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Loan Requirements
First-time loan borrowers must complete a Master Promissory Note (MPN) and Online Entrance Counseling for each loan program from which they borrow. Students can accept, decline, or reduce any or part of their loans in their in myÂ鶹ÊÓƵ.
Follow the chart below for a list of loan requirements:
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Loan |
First-Time Borrowers |
Continuing Borrowers |
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Federal Direct Sub/Unsub Loan |
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Â鶹ÊÓƵ No/Low Interest Loan |
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Federal Parent PLUS Loan |
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Emergency Loans
If you are experiencing a short-term emergency, you may be eligible for a Dean's loan. A Dean’s Loan cannot exceed $500 and must be paid by the end of the semester in which the loan is taken. To apply for a Dean's loan, please contact the Dean of Student's Office at 323-259-2661 or stop by Berkus Hall, Main Floor.