Additional Funding Options
Often Financial Aid award packages are not enough to cover the full bill. When this happens there are other options and places to look at for help!
(Please contact Financial Aid Services for more details and assistance if needed on loan inquiries)
When applying for additional loans, applying for the full year (loan period Aug to May) is encouraged. The amount will be split between Fall and Spring evenly. If you only want a semester loan be sure your loan period is that particular semester (Aug to Dec OR Jan to May OR May to Aug). Allow for roughly 2 weeks, from final approval status, for some loans to show as Pending on the account or bill.
Parent PLUS Loans
These are loans a parent takes and they have to pay back. The parent logs into https://studentaid.gov with their own FSA ID and password. Under Parent Borrowers click on Apply for a PLUS loan. If the parent is:
- Approved - they then must complete the Master PLUS Promissory Note
- Denied - the student may be eligible for an additional amount of unsub Stafford Loans in their name. ($4,000 for the year - 2,000 fall and 2,000 spring - less origination fees).
AMOUNT to apply for - there is an origination fee withheld from these loans by the servicer, prior to disbursement to the school. This amount is roughly 4.228%. For example, if the PLUS loan was for 1,000.00 - the net amount to disburse (post) to the students account would only be 958.00. If you want 1,000.00 to post to the students account, the loan application amount would be 1,044.00.
- The amount can be left blank intentionally. This would allow the loan to be the maximum amount allowed for the semester and year - if this exceeds your needs please reduce the loan prior to disbursement. The loan change form is on Financial Aid's website.
Please Note these Parent PLUS Restrictions:
- This option is not available to students who are deemed independent by Financial Aid
- The student MUST be making financial aid progress (minimum cumulative GPA 2.0 and 66.66% completion rate) to receive federal aid including Parent PLUS loans. If a student is not making progress to receive Stafford Loans they cannot receive Parent PLUS loans.
- Student must be taking 6 credits or more to use federal aid such as Parent PLUS loans.
These are loans a student takes in their name that they have to pay back, but they need a credit-worthy co-signer. Review lenders, their interest rates and apply all on one site www.elmselect.com. There are some Parent Alternative Loans available.
- NJ Residents Only - check out www.hesaa.org for NJ Class Loans - student or parent loans with great interest rates!
- PA, NJ, NY, MD & OH Residents Only - check out https://apply.pheaa.org for PA Forward Loans - student or parent loans with great interest rates!
- No origination fees to consider for most alternative loans, except NJ Class loans that has roughly a 3% origination fee (subject to change).
- SOME Alternative Loans have a minimum GPA requirement - NJ Class and Discover Loans for example. These two require a minimum cumulative GPA of 2.0 or higher.
- SOME Alternative Loans have a minimum number of credits a student must be taking to use them (this can be more important in summer sessions for example).
Look at our website for information on how, when and where to sign up! The sooner you sign up, the better the plan! Questions regarding payment plans would be directed to the Office of Student Accounts.
CAUTION! Don't BORROW more than you NEED!
We want all students to be smart borrowers and only take loans that they truly need to pay their costs associated with school. If you find that your loans, or your parent's loans, are more than needed, you can reduce those loans BEFORE they disburse to avoid over-borrowing and minimizing your debt upon graduation. Remember, we will not reduce a loan or cancel a loan without a completed form (with the exception of instructions from the lender or if you withdraw from the semester or KU).