Loans
Student and parent loans are available from both the federal government and private sources. Regardless of the lender, a student and/or parent should only borrow what is needed. When borrowing, make sure the lender and the terms and conditions of the loan are known. Some loans will require a minimum number of enrolled credit hours before the loan can be disbursed.
Federal Loans
Students who file a FAFSA (Free Application for Federal Student Aid) application will be offered federal student and parent loans. A student may be offered need-based loans, if eligible, but all students who have not met the lifetime eligibility limits will be offered non-need-based loans. A student’s need is determined by the FAFSA application.
Loans are awarded only after the student’s eligibility for grants, scholarships and Federal Work Study is determined. Loans must be accepted on CougarNet at least one week before the term expires. Per federal regulations, loans must be acknowledged by the servicer before the end of the term. An acknowledged loan has been accepted, created for processing and for federal loans, has a completed Entrance Loan Counseling and Master Promissory Note attached to the loan file. For private loans, a completed application and Master Promissory Note are required in order for the loan to be created and processed from the student’s CougarNet account.
A student or parent may choose to use only the federal loans offered through the FAFSA application, private loans through a private lender, or a combination of lenders. A comparison of federal and private loans should be made to ascertain the best value, interest rate, repayment terms, etc.
Types of Federal Loans
Need-Based
Non-need Based
Loan Details
Private Loans
Students, parents and others are able to apply for private student loans to help the student with the bill. These loans are privately held, and the lender is the choice of the borrower. Interest rates vary from lender to lender and loan to loan, as will repayment plans. Once approved, the lender will send the University the loan information, and the loan will be created on the student’s aid offer. These loans take about three weeks to fully process and pay to the student’s account.
- Popular lenders for students/parents
- Environmental Resource Training Center (ERTC) Students - Students enrolled in the ERTC program are not eligible for federal aid money. If financial aid is required, alternative loans are available for students in this program.
