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INFORMATION ON LOAN BORROWING

Loan borrowing is a reality for many students and families looking to finance a college education. SFS provides information on education loans on the SFS website. Below is a quick overview of education loans.

FEDERAL STUDENT LOANS

Students who complete the Free Application for Federal Student Aid (FAFSA) can borrow through the federal Direct Loan program. These loans do not require a credit check but do require repayment. Students must be pursuing a degree and enrolled at least half time, generally defined as six credit hours per semester. The maximum loan eligibility varies between $5,500 and $7,500 depending on academic level. Students are required to complete Entrance Counseling and the Master Promissory Note before we can pay the aid to the student account.

FEDERAL PARENT LOANS

Parents of dependent undergraduate students may apply for the Federal Direct PLUS Loan to cover educational expenses not covered by other federal, state, institutional, or outside financial aid. Students must be pursuing a degree and enrolled at least half time, generally defined as six credit hours per semester, and families must have a valid FAFSA on file at the University. This loan requires a credit check and repayment, and parents must complete a Master Promissory Note.

PRIVATE EDUCATION LOANS

Students may be eligible to borrow through private education lenders. These loans require a credit check and repayment. Most lenders will require a creditworthy U.S. cosigner. SFS offers alternative lender information to assist in exploring these products.