All applicants for loans, except parent PLUS loans, are required to file a Free Application for Federal Student Aid (FAFSA). Loan eligibility cannot be determined until the information from the FASFA is received and reviewed by our office.
Federal Stafford Student Loan
A Stafford loan is a type of financial aid provided through the government to help students pay for college.
The most important thing to remember is that this is a loan and must be repaid. There are two kinds of Stafford loans: subsidized and unsubsidized.
Each offers great benefits such as low interest rates and a grace period, but they differ in how they're awarded and how interest is handled.
- Subsidized Stafford loans are based on financial need; therefore, not all students will qualify. Subsidized Stafford loans accrue no interest and no repayment is required as long as the student maintains at least half-time status. Students have six months after dropping below half-time status or graduating before repayment begins and interest begins to accrue.
- Unsubsidized Stafford loans are available to those students who do not qualify for the Subsidized Stafford loan program. Students are able to borrow up to the maximum amounts designated on their award notification. The interest rate is the same, but interest will accrue and can be paid by the borrower while he/she is in school and during the grace and repayment period.
Enrollment Required: 6 credit hours or more.
Annual Borrowing Limits for Dependent Undergraduate Students:
| Grade Level | Combined Subsidized & Unsubsidized Maximum | Additional Unsubsidized Loan Amount (effective July 1, 2008) |
| Freshman | $3,500 | $2,000 |
| Sophomore | $4,500 | $2,000 |
| Junior | $5,500 | $2,000 |
| Senior | $5,500 | $2,000 |
Annual Borrowing Limits for Independent Students and Dependent Students Whose Parents Cannot Borrow a PLUS Loan:
| Grade Level | Subsidized Maximum | Combined Subsidized & Unsubsidized Maximum (effective July 1, 2008) |
| Freshman | $3,500 | $6,000 |
| Sophomore | $4,500 | $6,000 |
| Junior | $5,500 | $7,000 |
| Senior | $5,500 | $7,000 |
Aggregate (Lifetime) Borrowing Limits:
| Student Type | Subsidized Maximum | Combined Subsidized & Unsubsidized Maximum |
| Dependent Undergraduates | $23,000 | $31,000 |
| Independent Undergraduates | $23,000 | $57,500 |
To begin the Stafford Loan application process,
click here and
then be sure to follow the steps below:
- Select a Lender for your loan
- Complete Entrance Counseling
- Complete a Master Promissory Note
Please note that the Lender List provided through this process includes lenders that have established a good working relationship with Ursuline College, including offering such services as electronic funds transfer and special repayment incentives to their borrowers. All of these loans will be processed through the Great Lakes Higher Education Corporation Guarantee Agency, Ohio's state Guarantee Agency.
If you would like to choose a different lender or a Guarantee Agency, you may do so. Please be aware that these lenders may not deliver your funds electronically, thus making the process a bit longer than expected. Students who have borrowed previously at another institution may wish to do this to keep their student loans with just one lender. If you wish to do this, after you complete the Entrance Counseling portion of this process on-line, you must contact the Office of Financial Aid to begin your Loan application through a paper process.
Parent PLUS Loan
Parents of dependent students borrow Federal PLUS loans for educational expenses.
A student must be enrolled at least half-time and the parent borrower must not have adverse
credit history.
PLUS loans have a fixed interest rate, of 8.5%.
To begin the Parent PLUS Loan process, click here.
Perkins Loan
Long term, low interest loan funded by the federal government, the college, and repayment of
previous borrowers.
- Eligibility for this loan is need based and will be indicated in financial aid award
- Eligible students must be attending full time and maintaining satisfactory academic progress
- Student must sign a promissory note in the Student Service Center (MU 203) the first semester the loan is received
- Repayment begins 9 months after student graduates or leaves school
- A 5% interest rate will be charged on the unpaid principal during repayment
Are you going to borrow a Perkins loan?
Your Financial Aid Award Notification lists Perkins Loan eligibility.
You are not required to borrow through this program, or you may borrow less than the amounts
listed on your Award Notification. If you decide not to borrow, please reject the loan on your Award Notification so that we may adjust our records.
The first step in applying for a Perkins loan
First, you must determine whether you are a new or continuing Perkins loan borrower.
If you have never received a Perkins loan at Ursuline College, then consider yourself a new
borrower.
If you have received a Perkins loan at Ursuline, then you are considered a continuing borrower.
New borrowers must complete and return the Perkins loan request form, the loan enterance
conseling and the Perkins master promissory note to the Student Service Center.
Continued borrowers must complete and return only the Perkins loan request form to the Student
Service Center.
What are private loans?
Private loans are funds from private lenders to help cover educational costs.
A student may want to consider a private loan when federal and/or state financial aid is not
enough to cover the student's cost of attendance (COA).
How do I qualify for an private loan?
Each lender has specific criteria you must meet to qualify for a loan.
Some loans may be for specific majors only and/or require a co-signer. Most lenders will review your credit history.
In addition, Ursuline College may be asked to certify that you are making Satisfactory Academic Progress and that you have not exceeded your COA.
What is cost of attendance (COA)?
Your estimated COA is a standardized estimate of what it will cost you to attend Ursuline
College for the academic year.
The estimated COA is comprised of the following components: tuition and fees, room and board,
books, transportation and miscellaneous expenses.
Your financial aid package (including private loans) cannot exceed your estimated COA.
How do I know which private loan is right for me?
There are many things to consider when choosing a lender.
Be sure to ask the following questions.
- What is the loan origination (processing) fee?
- What is the interest rate? Typically, the interest rate on private loans is higher than federal subsidized and unsubsidized loans.
- When do I have to start repaying the loan? The repayment period for private loans varies among loan programs.
- Do I have to be meeting Satisfactory Academic Progress Standards (PDF)? The Satisfactory Academic Progress Standards requirement varies amoung loan programs.
How can I get additional information on other private loans?
Many lenders offer private loans. While Ursuline College does not endorse any specific private
loan lender, our electronic lender list includes lenders that we work very closely with and
whose loan programs fit our students needs the best.
We encourage you to research various lenders and select the one that best fits your needs,
however since our loans are serviced by Great Lakes
Higher Education, please keep in mind if you choose a lender that is not on our list your
funds may be delayed due to private servicing.
To begin the application process:
Student loan calculators
This Loan Payment Calculator will estimate your monthly loan payments and the annual salary required to manage them.
The Cost of Interest
Capitalization provides calculations for interest capitalization on unsubsidized Stafford
loans.
