Loans are one more tool you can use to invest in your education. We are happy to help you understand your options.
The Loan Process
The first step in applying for federal student loans is to complete the Free Application for Federal Student Aid (FAFSA) online. After we receive your FAFSA, we will determine your eligibility for student loans and send you a financial aid offer. This will include the type and amount of loans you are eligible to receive.
After you receive your financial aid offer, if you plan to request Federal Direct student loans, you will need to accept the loans via the online financial aid portal. Once you have accepted your federal loans, you will need to follow the step-by-step instructions on your to-do list sheet in the offer letter folder. We will also send an e-mail monthly to remind you of any outstanding items. You must complete Federal Loan Entrance Counseling and sign a Master Promissory Note before any federal loan will be disbursed to the Office of Accounting. Stephens College processes all federal loans through the William D. Ford Federal Direct Loan Program.
Types of Loans
It’s important to understand the difference between the many different types of loans that may be available to you. Talk to us anytime you have questions.
- Subsidized: Federal loan available to undergraduate students; eligibility is based on financial need. Interest is paid by the federal government while the student remains enrolled at least half-time (6 hours). Repayment begins six months following the last date of enrollment at half-time or full-time status.
- Unsubsidized: Federal loan for undergraduate or graduate students; eligibility is not based on financial need. Interest is paid by the student while in school, or can be added to the principal balance of the loan through a process called capitalization. Repayment begins six months following the last date of enrollment at half-time or full-time status.
- Graduate PLUS: Federal credit-based loan for graduate students. It is not need-based and has fixed interest rate. Student may request deferment while enrolled with at least half-time status.
- Parent PLUS: Federal credit-based loan for parents of dependent undergraduate students. It is not a need-based loan. Parent may request deferment while student is enrolled with at least half-time status.
- Private, credit-based loans: Non-federal loans, not restricted by financial need. Benefits, qualification, and rates vary by lender. Browse our Alternative Loan Lender list >
These are forms you might need if you are taking out a student loan or parent loan. The following forms can be found at studentaid.gov.