Loans
Because grant and scholarship funds are limited, many students must rely on loans to cover at least some portion of college costs. Undergraduate students, parents of undergraduate students and graduate students may borrow money for education. In fact, approximately 90% of Saint Francis’ aid recipients utilize educational loans.
The following loan options represent borrowing options beginning with the best value and proceeding to other, less favorable loan options based on interest rates, loan terms and conditions, and repayment options. These loan options may be used alone or in combination with each other.
For a list of suggested lenders, and to apply for the Stafford, PLUS, and Alternative Loan programs, please click on the following link: http://www.elmselect.com/oll/SchoolLenderList/?schoolId=3378
LOAN OPTIONS:
Perkins Loan: Must File a FAFSA to be considered
Loan program awarded to our highest-need students that are taking at least 12 credits.
Stafford Loan: Must File a FAFSA to be considered
A federal loan program available to all students that are taking at least 6 credits. Students are eligible for either the Subsidized Stafford Loan or the Unsubsidized Stafford Loan. The determining factor as to which loan the student is eligible for is financial need. For students that express financial need (determined by filing the FAFSA) these students will receive the Federal Subsidized Stafford Loan. The Federal Unsubsidized Stafford Loan is reserved for those students that: do not express financial need, are independant, or were denied a Federal PLUS Loan. Independant students, and Dependant students that are denied the PLUS loan, may also be offered an additional amount of Federal Unsubsidized Stafford Loan. If you are selected for a Federal Subsidized Stafford Loan, the federal government will pay the interest on the loan until your deferrment period ends (generally 6 months after graduation). If you are selected for a Federal Unsubsidized Stafford Loan, you have the choice to make interest payments while in school or defer payment until after graduation. If interest payments are not made, the interest will accrue and be added to the principle loan balance once the deferment period ends. Any questions pertaining to Stafford Loans can be directed to AES/PHEAA at 1-800-692-7392
Federal PLUS Loan:
Must File a FAFSA to be consideredParent PLUS Loan: When undergraduate students need funding beyond the Stafford or Perkins Loan, parents may need to consider the PLUS Loan. A Parent PLUS loan is in the parent’s name. If a parent takes out the loan for the fall/spring semesters, two equal payments will be disbursed; once the second disbursement is credited to the student’s account (usually January), repayment on the loan will then begin.
If Parents are denied the Parent PLUS Loan, an additional Unsubsidized Stafford Loan can be credited to the student’s account. For students with less than 60 credits, $4,000 can be credited in an unsubsidized Stafford loan; for students with more than 60 credits, $5,000 can be credited in an unsubsidized Stafford loan.
Grad PLUS Loan: Graduate students are ineligible for grant aid. Therefore, graduate students are limited to Stafford Loans, Graduate PLUS loans, and Alternative Loans. Graduate students do not have to begin repayment on GradPLUS loans until after their deferment period ends (generally six months after graduation). Students have the choice to make interest payments or not. If interest payments are not made, the interest will accrue and be added to the principle loan balance once the deferment period ends. Since Graduate PLUS loans offer more competitive interest rates than Alternative Loans, GradPLUS loans are the recommended means of financing a graduate student’s education beyond the Stafford Loan. Below are two suggested PLUS lenders that many Saint Francis University students choose from.
Alternative Loans
Students who need additional funds after considering the feasibility of the loan options in Steps 1 and 2--or students who are ineligible for federal aid--may need to apply for an alternative loan. An alternative loan is in the student’s name. Depending on stipulations put forth by the lender, the student borrower may need a cosigner for the alternative loan.
Cosigners on most student alternative loans can be anyone willing to sign for the student. Students do not have to begin repayment on alternative loans until after their deferment period ends (generally six months after graduation).
Students and Parents have the choice to make interest payments or not. If interest payments are not made, the interest will accrue and be added to the principle loan balance once the deferment period ends. Below is a list of suggested loan lenders that many Saint Francis University students choose from.
Note: Allied Health Loan Options are directed towards those students that are entering Health Related majors such as: Nursing, Physical Therapy, Physician Assistant and Exercise Physiology.
Western Pennslyvania Residents
For Western Pennsylvania Resident-Borrowers that express substantial financial need, the Addison-Gibson Foundation was formed to help alliviate some of the financial burdon that goes along with rising tuition costs. For eligibility requirements and questions concerning the Foundation, please visit them on the web at:
Addison-Gibson Foundation: 412-261-1611 www.gibson-fnd.org