Federal and Private Educational Loans
有 various loans available for students and parents to consider borrowing, if needed, to assist with educational expenses. A loan is money you borrow and must 连本带利偿还.
Federal Direct 学生贷款
美国.S. Department of Education offers low-interest loans to eligible students to help with the cost of college under the 直接贷款计划.
To apply, students must complete the Free Application for Federal Student Aid (FAFSA). 你可能有资格:
- A 补贴贷款 (based on financial need) - 美国.S. Department of Education pays the interest on this loan while you’re in school at least half-time (6 credits), for the first six months after you leave school (referred to as a grace period), and during a period of deferment (a postponement of loan payments).
- An 未受资助的贷款 – Loan interest begins accruing/accumulating when the loan is disbursed/sent to the student’s billing account at the College. The student is responsible for paying the interest that will accrue during all periods of enrollment and non-enrollment.
Requirements to borrow federal direct loans
- 你一定已经完成了 the FAFSA;
- 你必须完成 入学咨询, a tool to ensure obligations to repay the loan are understood;
- You must sign a loan contract called a 主本票 (MPN), agreeing to the terms of the loan;
- 你一定在做 satisfactory academic progress;
- You must be enrolled for at least 6 credits that count towards their current program of study (major) in the semester for which they wish to borrow loans. 跌破 6 credits prior to the loan being disbursed will disqualify you from eligibility.
- You must accept their student loans in 自助服务. A 循序渐进的指导 is available to walk you through the entire process and also provides additional information related to reducing or canceling loans.
收到贷款资金
Upon receipt of your FAFSA, the 金融援助 Office will provide you with all of the financial aid to which you're entitled, including loans, if you're eligible and 选择借用它们. 这 information will be made available to you in the My 奖 的部分 自助服务. Once all of the above requirements have been met, you will receive a loan disclosure statement via email from the U.S. Department of Education providing you with the total loan amounts you've accepted, the anticipated disbursement amounts, and the dates you are scheduled to receive the loans, per semester.
Generally, the 金融援助 Office will wait until at least 30 days after the start of the semester to disburse/send student 贷款资金 to students' accounts for students who've met the requirements noted above. Loan disbursements take place throughout the semester as students complete loan borrowing requirements.
Note: all single-semester loans are scheduled for two disbursements within the semester; once at the beginning of the semester (as described above) and then again around the 50% point of the semester or program length. 这 impacts all students who are only borrowing loans for one semester and includes all student loan borrowers enrolled in the 市警察学院 Training and the Massage Therapy programs.
Once your loan funds are disbursed to your student account, they will reduce any outstanding charges including, but not limited to: tuition, fees, and any financial-aid-退款-advance-for-books 你可能用过. If there is a credit of funds on your account after all charges have been paid, the College will process a 退款.
最后期限
To ensure the 金融援助 Office has enough time to certify and disburse your loan funds prior to the end of the semester, these steps must be complete at least *three weeks prior to the last date of the semester:
- You must ensure you've accepted the loans you wish to borrow in 自助服务
- 你一定已经完成了 入学咨询**
- 你必须完成一份 主本票 (或然数)* *
* Failure to meet this deadline could result in your ineligibility to receive the 贷款资金.
** You can verify your completion of these requirements on your financial aid homepage 在自助.
Requesting summer 贷款资金
贷款限制
有 annual and aggregate/overall loan amounts that limit the amount of federal direct loans a student may borrow.
贷款按比例分配
Federal regulations require schools to prorate the Federal Direct Subsidized and Unsubsidized Loan amounts for graduating undergraduate students when their final period of enrollment is less than a full academic year. The loan limit proration determines the maximum loan amount that a student may borrow for the final term of study. 本科毕业 students who are only attending one semester of the academic year will have their Federal Direct Loans prorated based on the number of credit hours they are enrolled.
归还贷款资金
If you borrowed 贷款资金 you wish to return to your lender after it has already disbursed to your student account, the College can return it on your behalf. 这 can only be done if it’s been less than 120 days since the date the 贷款资金 was applied to your student account at the College. 完成 2023-24 Loan Adjustment Form (for loans borrowed during: fall 2023, spring 2024, and/or summer 2024) or the 2024-25 Loan Adjustment Form (for loans borrowed during either: fall 2024, spring 2025, and/or summer 2025) to 请求你回来.
If it has been more than 120 days since the date of your loan disbursement, you will need to return your loan funds directly to your servicer. To access your loan servicer 信息, 查看您的贷款帐户 after logging in with your FSA ID和密码.
出口咨询
If you borrowed Federal Direct Loans at Montco and have graduated, will be transferring, or have a drop in enrollment to a less-than-half time status (3 credits) you are required 完成 出口咨询. Exit counseling provides important information that will guide you as you prepare you to repay your federal student loan(s).
这 special edition e-guide from Inceptia is a free resource that addresses the most recent developments in student loan repayment.
贷款专员
If you need to resolve problems or disputes regarding Direct Loans, Federal Family Education Loans, Guaranteed 学生贷款, SLS Loans or Perkins Loans, contact the Federal Student Aid Ombudsman.
Direct Parent Loan for Undergraduate 学生 (PLUS Loan)
直接PLUS贷款 are federal loans that parents of dependent students can use to help pay for the student's college expenses not covered by other financial aid.
父母 who want to borrow money for their student's education can apply for the Direct PLUS Loan. While you may apply for any loan amount you wish, the 金融援助 Office is required to limit the amount of 贷款资金 you may borrow based on the student's cost of attendance minus other financial aid resources.
If a parent is denied a PLUS Loan, the student may be eligible to borrow up to an additional $4000 in unsubsidized Federal Direct Loan funds. 经济援助办公室 will be notified of the denial and will add the additional 未受资助的贷款 funding to the student's financial aid package. The student will be required to take action on the additional 贷款资金 (reduce, accept, or decline).
Private/Alternative Educational Loans
Private (or alternative) educational loans can be borrowed by students or parents for educational expenses (current and sometimes previous balances) through banks or 银行. Unlike federal direct student loans which have a fixed interest rate, private educational loans are credit-based and may require a co-signer for approval.
When should private loans be considered?
Before applying for a private loan, it’s recommended all federal & 国家财政 aid options (such as federal direct student loans and possibly the PA State Grant, for eligible students) are exhausted. The first step to apply for federal and state financial aid is 完成 the Free Application for Federal Student Aid (FAFSA)每学年.
You should learn about the differences between federal and private student loans before applying for a private loan.
Where can I apply for a private loan?
We have partnered with 榆树选择 to provide you with a neutral, comprehensive list of private education loan 银行 that our students have borrowed from within the 过去三年. The College does not endorse, recommend, or promote any of the 银行. You are not required to select a lender from this list. You may work with any bank or lender of your choice who will approve a private educational loan to use at Montco for your educational expenses.
访问 榆树选择 for information about funding your education and to compare various student and parent private educational loan options.