Loans are available through federal and private lenders. They must be repaid and will accrue interest over time. We encourage you to carefully explore your options before choosing a loan that is best for you.

Types of Loans

Federal Direct Student Loans are low-interest funds borrowed directly from the U.S. Department of Education. They are available to undergraduate and graduate students, who are enrolled in college at least half time. There are two types of federal student loans:

  1. Subsidized loans are available to undergraduate students. The government pays the interest while you are enrolled in college at least half time with degree-seeking status or during authorized grace periods or deferments. Award amounts are based on financial need and class standing (year in school).
  2. Unsubsidized loans are available to undergraduate and graduate students and are not based on financial need. You are responsible for paying the interest during all periods. If you choose not to pay the interest while you are in school,  during grace periods, deferment or forbearance periods, your interest will accrue and be capitalized (interest is added to principal balance). Award amounts are based on the cost of attendance less other sources of aid.

The Federal Direct (PLUS) Loan program is for parents of undergraduate students or graduate students enrolled at least half time. The maximum amount that a parent or graduate student can borrow is cost of attendance less other sources of aid. To qualify, you must meet the general eligibility requirements for federal student aid and not have an adverse credit history.

Spalding University strongly encourages students and their parents to utilize other sources of funding—federal loans, scholarships and grants—before considering private/alternative funding. If you’ve exhausted all other resources, you can request an alternative loan at FASTChoice.

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