Student Loans
Stafford Loans
Many graduate students access Stafford Loans to help pay the cost of their graduate education. Guaranteed by the federal government, the Stafford Loan program offers several attractive features:
- You do not have to make payments on your Stafford Loans while you are in school.
- If you are given a need-based subsidized Stafford Loan, the government pays the interest while you are a student.
- If you received an unsubsidized Stafford Loan, interest will accrue throughout the life of the loan. However, you are not required to make interest payments while in school.
- The current interest rate on Stafford Loans for graduate students is a fixed 6.8%. All Stafford Loans have an origination fee of .5%.
- Annual loan limits are set by the federal government, and are also dependent on the cost of attendance for your academic program.
- Repayment starts six months after you cease to be enrolled at least half- time (four credit hours/semester), and lasts at least 10 years.
Eligibility for Stafford Loans
In order to receive Stafford Loans, you must meet the following:
- You must have a valid FAFSA on file.
- You must be enrolled at least half time, which is four credit hours/semester for graduate students.
- You must be pursuing a degree or certificate.
- You must maintain satisfactory academic progress.
Students who are in default on a previous or current federal student loan are not eligible for additional Stafford Loans. If you have a loan in default, please contact your lender to make payment arrangements. Once we receive confirmation that your loan is in good standing, you will once again be eligible for federal student loans.
Loan Application Process
- File the 2009-2010 FAFSA. You will need a PIN to sign your form electronically.
- Sign your Direct Loan Master Promissory Note (MPN), which is the actual loan application.
- Complete Direct Loan Entrance Counseling, which is an exercise that will explain your rights and responsibilities as a student loan borrower.
Both of these items, the MPN and Entrance Counseling, must be received by the Financial Aid Office before your loan can be processed.
Private Loans
In addition to Stafford Loans, you may pursue private loans.
Private loans are credit-based loans. Some students will need a creditworthy cosigner to be approved for this type of funding. Interest rates and repayment terms vary by lender, and are not as favorable as the Federal Stafford Loans. Payment typically begins six months after you have graduated. However, some lenders will require payments while you are enrolled. The length of repayment is generally 10 years.
SimpleTuition is an online tool that can help you find the right private loan product to meet your needs.
Student Lending Analytics also provides valuable information about private loans.
Loan funds will post electronically to your North Park student account approximately 30 days after the term begins. You will receive an email when the funds have posted to your account. If your financial aid exceeds the charges on your account, you will receive a refund check for the credit on your account. Once again, you will receive an email if/when you have been issued a refund.