Human Resource Services

Loans

Federal School code: 003724

IMPORTANT LOAN INFORMATION

As a result of Congress passing the Health Care and Education Act, beginning with the 2010-11 academic year, ALL federal loans (Stafford and PLUS) will now be processed through the Federal Direct Loan Program.

This means that all Stafford and PLUS/GradPLUS loans will be borrowed directly from the federal government, no longer from banks or other lenders.

To apply and receive Stafford and/or PLUS/GradPLUS loans for 2010-11 all students (both new and returning – even if you previously borrowed) must follow these instructions to apply for and receive their loans.


OTHER IMPORTANT LOAN INFORMATION

Lender Disclosure

Comparison of Plus Loans vs Private Student Loans: Please read the the information in the above link regarding the differences between Plus and Private loan programs before deciding to apply for a private student loan. There are multiple private lenders each having their own application, school certification, and disbursement process.
*Students need to take full responsibility for following the entire loan application process through with the lender to ensure that the loan funds actually do disburse. Private loan funds, like other payment methods, must arrive to the University before the published bill due date for each semester.

Federal Stafford Loans
Stafford loans are low-interest rate loans made to undergraduate and graduate students attending accredited colleges and universities. There are two types of Stafford loans, subsidized and unsubsidized. Students qualify for subsidized Stafford loans if they demonstrate financial need. The federal government pays interest on subsidized Stafford loans during in-school and other specified periods. The borrower is responsible for interest that accrues on unsubsidized loans. The interest rate on Federal Stafford loans is fixed at 6.0% for subsidized undergraduate and 6.8% for graduate subsidized and all unsubsidized loans.

Federal PLUS Loans
PLUS is a loan to pay for the annual education of a dependent child enrolled in school at least half time. The interest rate on a PLUS loan is fixed at 8.5%. Parents who do not have adverse credit histories may borrow up to the annual total cost of education, less other financial aid received.

Federal Perkins Loan is a federal loan program. At Marymount University the funds are provided to only "undergraduate" students who demonstrate financial need and are capable of academic performance at an acceptable level.

Attention: Submit loan adjustment requests to the Financial Aid Office at least 2 weeks prior to the first disbursement of your loan to ensure the change can be processed before the loan is disbursed.