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Other
Loan Options
Sometimes families need additional resources
beyond those indicated on the award letter to meet outstanding costs.
Loan Period Dates
Loan applications require a loan period.
Use the following dates, always applying for the full year unless the
student is attending only one semester.
- Fall 2013& Spring 2014: 08/27/2013
to 05/02/2014
- Fall ONLY 2013: 08/27/2013 to 12/13/2013
- Spring ONLY 2014: 01/07/2014 to 05/02/2014
- Summer 2014 : May - July 2014
Loan Amount
The maximum loan amount
is the student's Cost of Attendance minus all Financial Aid Received. If
you want to include costs the exceed the typical Estimated
Cost of Attendance (such as tuition charges in excess of 16 credits
for a semester) notify the Office of Financial Aid.
Financial Aid and Other Loans
Apply for financial aid using the FAFSA
(www.fafsa.gov) to determine your eligibility for federal, state and
institutional assistance before considering the PLUS Loan or a private
student loan. For information about
federal aid versus private loans, see Federal
Aid First.
Federal
Direct PLUS Loans
Parents or stepparents may apply for this loan that requires
a simple credit approval process. (If the parent is denied, the
student may request additional unsubsidized Federal Direct Loan.) Repayment
begins after the full loan is disbursed but the borrower may request
postponement of interest and/or
principal while the
student
maintains
at least half time enrollment. Interest accrues if not paid
and is added to the loan balance prior to starting full
payment. Parents must reapply each year. For more details, click
here.
Private Educational Loans
These loans offer
choice
of lender, various terms and other features.
Because
they are based on consumer credit, students generally need a
credit-worthy
cosigner. Students must reapply each year.
FASTChoice-
an interactive online program allows
you to view the features of and compare various
private loan products. It also
provides simple
but critical information about types of funding and money management. You
are not limited to borrowing from the products displayed.
One step in the private loan
application process requires student applicants to submit a Self-Certification
Form. The lender will provide the form to you. Obtain
the information needed from your KnowHope
Plus Account. Go to the Financial Aid section, select Aid
Awards,
Award Year,
then Award Overview.
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