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Loan funds must be repaid, typically after graduation. While some students are intimidated by the idea of student loans, they are actually a great tool to help finance your education. Most Ursuline students report that their loan was worth it, and find that their payments are manageable after graduation.
All Ursuline College students who complete the FAFSA and are federally eligible will be awarded the Federal Direct Loan based on their grade level for the academic year. The Subsidized Direct Loan and Unsubsidized Direct Loan are offered to most borrowers. Students may choose to accept all or part of the loan amount offered, or may decline the loan without any affect on the other aid offered.
There are limits on the amount in subsidized and unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits).
The aggregate loan limits for undergraduate study are as follows:
The aggregate loan limits for graduate or professional students:
Federal Direct PLUS Loan for Parents
The Parent PLUS Loan is a federal loan that parents of dependent undergraduate students may borrow for educational expenses. It is a non-need based loan with a current variable interest rate of 6.28%, and a cap of no higher than 10.5%. Interest accrues on this loan while the student is in school; however, the parent has the option of deferring payments as long as the student remains enrolled at least half-time (6 credit hours).
There are two steps that a parent needs to complete on line at https://studentaid.gov in order to receive a Federal Direct PLUS Loan:
Both steps listed above require the parent to login with his or her FSA ID Username and Password (not the student’s).
The PLUS Loan Application will determine if you are eligible to borrow for this program. A credit check will be done once submitted and the results will be sent to both the parent and the school. The second step is completing the Master Promissory Note (MPN). The MPN is a legal document in which the parent promises to repay his or her loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of the loan(s). If a parent is borrowing a Direct PLUS Loan for more than one student, the parent will need to complete a separate MPN for each loan.
You will receive a disclosure statement that gives you specific information about any loan that the school plans to disburse under your MPN, including the loan amount and loan fees, and the expected loan disbursement dates and amounts.
There are no set limits for Direct PLUS Loans, but you may not borrow more than the cost of your child’s education minus any other financial aid received, such as a Direct Subsidized or Unsubsidized Loan. The school will determine the actual amount you may borrow. The current interest rate for Direct PLUS Loans is a variable rate of 6.28%. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan’s first disbursement. To find out more information on interest rates for Direct PLUS Loans, contact the Direct Loan Servicing Center. In addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these low-interest loans. The origination fee is deducted when the loan is disbursed, so the loan amount you actually receive will be less than the amount you have to repay.
You may use the loan money you receive only to pay for your child’s education expenses at the school that is giving you the loan. Education expenses include school charges such as tuition, room and board, fees, and indirect expenses such as books, supplies, equipment, dependent child care expenses, transportation, and rental or purchase of a personal computer.
Dependent students whose parents have applied for but were denied for a PLUS Loan are eligible to receive additional Direct Unsubsidized Loan funds. Eligible students can receive up to $4,000 unsubsidized for freshmen and sophomore years and up to $5,000 for junior and senior years. Students should contact the Financial Aid Office for more information if parent(s) are denied for a PLUS Loan.
Federal Direct PLUS Loan for Graduate Students
The Graduate PLUS Loan is a federal student loan designed for graduate students who have reached their annual maximum for the Federal Direct Subsidized and Unsubsidized Loans. Interest for Graduate PLUS Loans first disbursed after July 1, 2019 will be 7.079%.
To be eligible to receive a Grad PLUS loan the borrower must:
Private loans are funds from private lenders to help cover educational costs. There are private loans available for students or for parents. 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.
Each private loan 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 the applicant’s 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 cost of attendance.
Your estimated cost of attendance (COA) is a standardized estimate of what it will cost you to attend Ursuline College for the academic year. Private loans must be re-applied for every academic year.
Your estimated COA is comprised of the following components:
Your financial aid package (including private loans) cannot exceed your estimated COA. See the Tuition and Cost page for specific amounts.
There are many things to consider when choosing a lender. Be sure to ask the following questions
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.
To review and compare some private loan products and begin the application process, please visit Great Lakes FAST Choice webpage. To begin the process, please click the button below.