Additional Student Loans
For students who need to borrow more than $10,250 per semester, there is a choice of programs: the Federal Graduate PLUS Loan or a private educational loan.
Federal Graduate PLUS Loan
- Maximum amount that can be borrowed is the Cost of Education (tuition and living expenses) less other financial aid including scholarships.
- not based on credit score; however, adverse credit may affect the student’s ability to qualify.
- Interest rate is fixed at 8.5%; however, many lenders offer interest reduction features.
- Can be consolidated with Federal Stafford Student Loans.
Private Loans
- Few lenders offer private loans
- Maximum amount that can be borrowed is the Cost of Education (tuition and living expenses) less other financial aid including scholarships.
- Approval based on credit rating, but not on your income or debt to income ratio.
- Interest rate is variable; however lenders offer interest reduction features.
- Cannot be consolidated with Federal Stafford Student Loans.
HOW TO CALCULATE YOUR MAXIMUM ELIGIBILITY FOR ADDITIONAL STUDENT LOANS:
BASIC FORMULA: |
EXAMPLE: |
Cost of Attendance (COA) |
2009/2010 COA |
$55,430 |
Less Annual Scholarship Award |
Scholarship |
- $9,000 |
Less Federal Stafford Student Loan |
Stafford Loans |
- $20,500 |
Equals Additional loan eligibility |
Add’l Loan Eligibility |
$25,930 |
Suggested Lenders
This link will take you to a portal with links to our suggested lenders, information about their specific loan programs, and on-line applications. You may use any lender that you choose; however, the lenders on our list were carefully chosen because they meet standards we have set for integrity, longevity, stability, and availability of continued funds for our students.
|
