Please be sure that you have reviewed and understand your Federal Loans and PLUS Loan options before borrowing in the more costly private loan programs. Before you consider a private loan, we recommend you determine your eligibility for federal student loans which generally have better terms.
Federal Funding First
You may qualify for Federal education loans.
For additional information, contact your financial aid office or the U. S. Department of Education at: www.federalstudentaid.ed.gov
|Student Aid Program||Types of Aid||
Annual Award Limits
|Federal Pell Grant||Grant||Need based financial aid for undergraduate students. Does not have to be repaid.||
|Federal Supplemental Education Opportunity Grant (FSEOG)||Grant||Available to Pell Grant eligible undergraduate students depending on funding availability. Does not have to be repaid.||
|Federal Work Study||Money earned while attending college||For undergraduate students; jobs on or off campus depending on funding availability.||
|Federal Perkins Loan||Loan||Low interest Loan (5%)Depends on availability||
|Federal Direct Loan||Loan||Loan available for undergraduate and graduate students; must be enrolled at least half time to be eligible; must demonstrate financial need to qualify for Subsidized direct loan, which is determined by your FAFSA.||Subsidized Direct Loan
*$3,500 – $5,500
*Depending on your year in school.Unsubsidized Direct Loan
*$5,500 – $20,500
*Depending on your year in school.
|Federal PLUS Loan||Loan||Available to parents of Dependent undergraduate students (PLUS) and to graduate & professional students (Grad PLUS) enrolled at least half time||Maximum loan amount is the cost of attendance minus any other financial aid.|
Alternative/Private Loan Programs
Alternative Education Loans, also known as Private Student Education Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its loan programs. Private loans are offered by private lenders and are not part of any federal financial aid program. Spalding University encourages students and their parents to utilize their federal loan eligibility before considering additional funding through alternative/private programs.
Eligibility for a Private Student Loan
To be eligible, you must:
- Be a U.S. citizen or permanent resident
- Be at least 18 years of age
- Must have a positive credit history and/or a creditworthy co-signer
- Be making Satisfactory Academic Progress
Lenders may also stipulate other eligibility requirements.
- Annual Loan Limits: the minimum varies by lender, the maximum is the cost of education less any other financial assistance
- Interest Rate: Interest rates are dependent on the credit worthiness of the borrower and co-signer
- Payment Terms: You can defer your loan payments until six months after graduation or six months after you cease to be enrolled at least half time. The repayment period can typically range from 15-25 years depending on the amount owed.
- Fees: Fees are dependent on the credit worthiness of the borrower and c0-signer. They can vary by lender.
Students can compare and research the various private student loan programs available. One resource is http://www.finaid.org/loans/privatestudentloans.phtml. Spalding University does not recommend or endorse any private student loan program or lender. Students must apply through the lender of their choice in order to obtain a private student loan.
Spalding University requires that you complete the Free Application for Federal Student Aid (FAFSA). The FAFSA may be completed at www.fafsa.gov. Our school code, 001960, will be needed.
It is also required that students complete private loan counseling prior to disbursing loan funds. This can be completed at http://mappingyourfuture.org/pl.
Please note that you will be required to complete the Department of Education “self-certification form” before you can complete your private loan application. This form, along with the information you need to complete it, will be provided to you by your chosen lender. You may also obtain this form from the financial aid office. To complete this on-line, please use the link below.