{"id":979,"date":"2020-10-15T19:46:09","date_gmt":"2020-10-15T19:46:09","guid":{"rendered":"http:\/\/developmenttwo.marymount.edu\/admissions\/?page_id=979"},"modified":"2026-05-20T14:45:45","modified_gmt":"2026-05-20T18:45:45","slug":"loans","status":"publish","type":"page","link":"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/loans\/","title":{"rendered":"Undergraduate Student Loans"},"content":{"rendered":"<p>Loans are a form of aid that<span style=\"text-decoration: underline;\"> needs to be repaid<\/span>. Loans for higher education are generally offered at low-interest rates and can be repaid over an extended period of time after the student leaves the institution.<\/p>\n<p><a id=\"federal\"><\/a>In order to apply for any federal loans, a<span style=\"text-decoration: underline;\">&nbsp;<a title=\"FAFSA\" href=\"https:\/\/studentaid.gov\/h\/apply-for-aid\/fafsa\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">FAFSA<\/a>&nbsp;must be filed<\/span> in order to determine eligibility. You need to take full responsibility for following the entire loan application process.<\/p>\n<p>There are three types of loans available for undergraduate students. The Subsidized, Unsubsidized and Parent PLUS Direct Loan.<\/p>\n<h2><strong>Federal Loans<\/strong><\/h2>\n<p><em>As of July 1, 2026, all federal subsidized and unsubsidized loans will be subject to proration if the borrower is attending less-than-full-time.<\/em><\/p>\n<h3><strong>Subsidized Direct Loan<\/strong><\/h3>\n<p>Subsidized Federal Direct Loans are <span style=\"text-decoration: underline;\">need-based<\/span> and are for <span style=\"text-decoration: underline;\">undergraduates only.<\/span><\/p>\n<ul>\n<li>The <span style=\"text-decoration: underline;\">interest rate<\/span> for federal subsidized direct loans is variable and changes annually on July 1.<\/li>\n<li>There is also an<span style=\"text-decoration: underline;\"> origination fee<\/span> that will be deducted before the loan proceeds are sent to the school. The origination fee is a processing fee assessed by the Department of Education.<\/li>\n<li><span style=\"text-decoration: underline;\">Repayment<\/span> of the loan begins six months after you are no longer enrolled at least half time (six credits) and the federal government pays interest on the loan on your behalf during eligible periods of enrollment.<\/li>\n<\/ul>\n<p>Students must accept their federal direct subsidized direct loans before it can be considered as payment toward their bill. Learn more on the <a href=\"https:\/\/studentaid.gov\/\">Federal Student Aid website<\/a>.<\/p>\n<h3><strong>Unsubsidized Direct Loan<\/strong><\/h3>\n<p>The Unsubsidized Federal Direct Loan <span style=\"text-decoration: underline;\">is not need-based<\/span>. It is available to any student who meets the general eligibility requirements for federal aid and has not met their annual or lifetime borrowing limits or exceeding their cost of attendance with other resources.<\/p>\n<ul>\n<li>The<span style=\"text-decoration: underline;\"> interest rate<\/span> for federal unsubsidized direct loans is variable and changes annually on July 1. The interest on an unsubsidized direct loan is your responsibility from the time the loan funds are sent to the university until it is paid in full. You can opt to allow the interest to accumulate; however, it will be added to the principal amount of the loan and increase the amount to be repaid. If possible, it is recommended that you contact the lender to make quarterly payments on the interest.<\/li>\n<li>There is also an <span style=\"text-decoration: underline;\">origination fee<\/span> that will be deducted before the loan proceeds are sent to the school. The origination fee is a processing fee assessed by the Department of Education. Repayment of the loan begins six months after you are no longer enrolled at least half time (six credits).<\/li>\n<\/ul>\n<p>Students must accept their federal direct unsubsidized direct loan before it can be considered as payment toward their bill. Students are required to complete the Entrance Counseling and Master Promissory Note (MPN) in order to receive funds from this loan. Visit <a href=\"https:\/\/studentaid.gov\/\">Federal Student Aid online<\/a> to accept your loans.<\/p>\n<h4>Direct Loan Eligibility Requirements<\/h4>\n<ul>\n<li>You must be meeting Satisfactory Academic Progress (SAP) standards<\/li>\n<li>You must be enrolled for at least part time each semester<\/li>\n<li>You must be working toward a degree or approved certificate at Marymount<\/li>\n<li>A current year FAFSA is required\n<ul>\n<li><em>If the FAFSA is selected for verification, all required documents must be submitted and reviewed before the loan can be processed<\/em><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><strong>Federal<\/strong> Direct Parent Loan for Undergraduate Students (PLUS)<\/h3>\n<p>The Federal Direct Parent Loan for Undergraduate Students (PLUS) is available each academic year for parents of dependent undergraduate students at a fixed rate of 5.30%. This loan may supplement other financial aid programs. The PLUS loan is not based on income or assets, however, to qualify you must pass a credit check. The parent\/guardian is required to complete the Entrance Counseling and Master Promissory Note (MPN) in order to receive funds from this loan. Visit Federal Student Aid online to accept your loans <a href=\"https:\/\/studentaid.gov\/\"><strong>here<\/strong><\/a>.<\/p>\n<h4><strong>Eligibility Requirements<\/strong><\/h4>\n<ul>\n<li>The undergraduate student must be defined as \u201cdependent\u201d as determined by the FAFSA.<\/li>\n<li>The borrower must be the biological, step- (if included on the FAFSA) or adoptive parent of the student.<\/li>\n<li>The borrower must meet the same citizenship criteria as the student for financial aid eligibility.<\/li>\n<li>The borrower must not have an adverse credit history. If you have an adverse credit history, you may pursue an appeal with the Department of Education, or submit an application with an endorser. (See \u201cIf Denied\u201d below).<\/li>\n<li>The student must be meeting <strong>Satisfactory Academic Progress (SAP)<\/strong> standards and must be enrolled in at least six credits each semester they wish to receive Parent PLUS loan funding.<\/li>\n<li>The student must be working toward a degree or approved certificate at Marymount.<\/li>\n<li>A valid, current year FAFSA must be completed, even if the Parent PLUS loan is the only financial aid you and the student wish to pursue.<\/li>\n<\/ul>\n<h3>Entrance Counseling Information<\/h3>\n<p><a href=\"https:\/\/studentaid.gov\/entrance-counseling\">Entrance counseling<\/a> is required for first-time borrowers of Federal Direct Subsidized, Unsubsidized, or PLUS Loans (for grad\/professional students) to understand loan obligations, costs, and repayment before funds are disbursed. Complete your Entrance Counseling on the <a href=\"https:\/\/studentaid.gov\/entrance-counseling\">Federal Student Aid webpage.<\/a><\/p>\n<h3>Exit <strong>Counseling<\/strong> Information<\/h3>\n<p>Any student who receives federal student loans must complete <a href=\"https:\/\/studentaid.gov\/exit-counseling\/\">Exit Counseling<\/a> when they stop attending school at least half-time, which includes graduating, withdrawing, dropping below half-time, taking a leave, or transferring to another school, to learn about repayment obligations. Complete your Exit Counseling on the <a href=\"https:\/\/studentaid.gov\/exit-counseling\/\">Federal Student Aid webpage.<\/a><\/p>\n<h3>Master Promissory Note<\/h3>\n<p>The <a href=\"https:\/\/studentaid.gov\/exit-counseling\/\"><em>Master Promissory Note<\/em> (MPN)<\/a> is a required legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). Complete your MPN on the<a href=\"https:\/\/studentaid.gov\/exit-counseling\/\"> Federal Student Aid webpage.<\/a><\/p>\n<h3>Federal <strong>Direct<\/strong> Student Loan Disclosure Statements<\/h3>\n<p>Students receiving any type of federal direct loan will receive a Disclosure Statement from the Federal Loan Origination Center for each new loan. The disclosure statement will provide comprehensive information about the type(s) of loan(s), loan amounts, the loan period, and anticipated disbursement dates. You should save every Disclosure Statement your receive for future reference, and can also <a id=\"private\"><\/a>access them online at any time by logging in to <a href=\"https:\/\/studentaid.gov\/h\/manage-loans\">studentaid.gov<\/a>with your <a href=\"https:\/\/studentaid.ed.gov\/sa\/fafsa\/filling-out\/fsaid\">FSA ID<\/a>.<\/p>\n<h3>National Student <strong>Loan<\/strong> Data System (NSLDS\u00ae)<\/h3>\n<p>The\u202f<a href=\"https:\/\/nsldsfap.ed.gov\/login\">National Student Loan Data System\u202f(NSLDS\u00ae)<\/a> is the national database of information about loans and grant information for students. NSLDS\u00ae provides a centralized, integrated view of federal student aid loans and grants that are tracked through their entire lifecycle from aid approval through disbursement and repayment (if applicable).<\/p>\n<h2><strong>Private<\/strong> Loans<\/h2>\n<p>Private educational loans are credit-based loans provided by nationally recognized lending or banking institutions to eligible students. The maximum amount a student or parent can borrow per academic term is the total cost of attendance minus the total of other financial aid received. Parents or students submit a loan application directly to their lender of choice. (Please note that a loan application will not be certified by the Financial Aid Office until a student is enrolled in the minimum number of credits required by the lender). Loans will typically be scheduled to disburse at the start of each term.<\/p>\n<h3><strong>ELM Select<\/strong><\/h3>\n<p><a href=\"https:\/\/www.elmselect.com\/v4\/school\/1109\/program-select\">ELM Select<\/a> is an independent, third-party platform that offers a broad, unbiased listing of private education loan lenders used by Marymount University students over the past three years. The lenders are displayed in random order, and students are free to choose any lender they prefer, including those not included on the list.<\/p>\n<h3><strong>Historical Lender List<\/strong><\/h3>\n<p>To help our students find private loans, we&#8217;ve compiled a list of Marymount\u2019s undergraduate program historic lenders:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.pheaa.org\/student-loans\/pa-forward\">PA Forward<\/a><\/li>\n<li><a href=\"https:\/\/www.citizensbank.com\/promo\/collegestudent.aspx?ctzMode=CFG-EDU_ELM_ISA_CTZ_SS22\">Citizens<\/a><\/li>\n<li><a href=\"https:\/\/www.salliemae.com\/student-loans\/?dtd_cell=SMSCSOSC3POTN010011&amp;CS_003=7296671\">Sallie Mae<\/a><\/li>\n<li><a href=\"https:\/\/www.mtb.com\/studentloans\">M&amp;T Bank<\/a><\/li>\n<li><a href=\"https:\/\/www.psecu.com\/studentloans\">Pennsylvania State Employees Credit Union<\/a><\/li>\n<li><a href=\"https:\/\/www.lendkey.com\/private-student-loans\/?sk=ELM-select\">LendKey<\/a><\/li>\n<li><a href=\"https:\/\/www.ascentfunding.com\/?utm_source=elm&amp;utm_medium=web%20logo&amp;utm_campaign=elm\">Ascent<\/a><\/li>\n<li><a href=\"http:\/\/borrowers.nationaleducation.com\/SmartLoan\/tabid\/638\/Default.aspx\">National Education by Sallie Mae<\/a><\/li>\n<li><a href=\"https:\/\/www.earnest.com\/student-loans?utm_medium=campus_partnerships&amp;utm_campaign=trifold_print_2026\">Earnest<\/a><\/li>\n<li><a href=\"https:\/\/www.nelnetbank.com\/private-student-loans?utm_medium=lenderlistreferral&amp;utm_campaign=psl_elm_referral&amp;utm_source=elm&amp;utm_content=elm_referral_logo\">Nelnet Bank<\/a><\/li>\n<li><a href=\"https:\/\/www.collegeave.com\/?utm_campaign=elm%20lender%20list&amp;utm_source=elm&amp;utm_medium=school&amp;utm_content=elmselect_casllogo&amp;brand=college%20ave&amp;p_aff=casl&amp;goal=acquisiton\">College Ave<\/a><\/li>\n<li><a href=\"https:\/\/www.sofi.com\/private-student-loans\/\">SoFi<\/a><\/li>\n<li><a href=\"https:\/\/www.abestudentloans.com\/\">Abe<\/a><\/li>\n<li><a href=\"https:\/\/www.funding-u.com\/\">Funding U<\/a><\/li>\n<li><a href=\"https:\/\/www.applefcu.org\/loans\/studentloans\">Apple Federal Credit Union<\/a><\/li>\n<\/ul>\n<p>Please note that the terms and conditions of the Title IV, HEA program loans may be more favorable than the provisions of the private education loans. Also the Truth in Lending At as another informational resource&nbsp;<a href=\"https:\/\/uscode.house.gov\/view.xhtml?req=(title:15%20section:1638%20edition:prelim)%20OR%20(granuleid:USC-prelim-title15-section1638)&amp;f=treesort&amp;edition=prelim&amp;num=0&amp;jumpTo=true\">(15.U.S.C. 1638(e))<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Loans are a form of aid that needs to be repaid. Loans for higher education are generally offered at low-interest rates and can be repaid over an extended period of time after the student leaves the institution. In order to apply for any federal loans, a&nbsp;FAFSA&nbsp;must be filed in order to determine eligibility. You need [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/loans\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":924,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"page-templates\/left-sidebarpage.php","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","ngg_post_thumbnail":0,"footnotes":"","advanced-sidebar-menu\/link-title":"","advanced-sidebar-menu\/exclude-page":false},"class_list":["post-979","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Undergraduate Student Loans - Marymount University<\/title>\n<meta name=\"description\" content=\"Loans are a form of aid that needs to be repaid. Loans for higher education are generally offered at low-interest rates and can be repaid over an extended In order to apply for any of the following loans, a FAFSA must be filed in order to determine eligibility. You need to take full responsibility for following the entire loan application process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Undergraduate Student Loans\" \/>\n<meta property=\"og:description\" content=\"Loans are a form of aid that needs to be repaid. Loans for higher education are generally offered at low-interest rates and can be repaid over an extended In order to apply for any of the following loans, a FAFSA must be filed in order to determine eligibility. You need to take full responsibility for following the entire loan application process.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/loans\/\" \/>\n<meta property=\"og:site_name\" content=\"Admissions - Marymount University\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-20T18:45:45+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/marymount.edu\\\/admissions\\\/financial-aid\\\/types-of-aid\\\/loans\\\/\",\"url\":\"https:\\\/\\\/marymount.edu\\\/admissions\\\/financial-aid\\\/types-of-aid\\\/loans\\\/\",\"name\":\"Undergraduate Student Loans - Marymount University\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/marymount.edu\\\/admissions\\\/#website\"},\"datePublished\":\"2020-10-15T19:46:09+00:00\",\"dateModified\":\"2026-05-20T18:45:45+00:00\",\"description\":\"Loans are a form of aid that needs to be repaid. Loans for higher education are generally offered at low-interest rates and can be repaid over an extended In order to apply for any of the following loans, a FAFSA must be filed in order to determine eligibility. You need to take full responsibility for following the entire loan application process.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/marymount.edu\\\/admissions\\\/financial-aid\\\/types-of-aid\\\/loans\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/marymount.edu\\\/admissions\\\/financial-aid\\\/types-of-aid\\\/loans\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/marymount.edu\\\/admissions\\\/financial-aid\\\/types-of-aid\\\/loans\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Admissions\",\"item\":\"https:\\\/\\\/marymount.edu\\\/admissions\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Office of Financial Aid\",\"item\":\"https:\\\/\\\/marymount.edu\\\/admissions\\\/financial-aid\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Types of Aid: Undergradute &amp; Graduate Programs\",\"item\":\"https:\\\/\\\/marymount.edu\\\/admissions\\\/financial-aid\\\/types-of-aid\\\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Undergraduate Student Loans\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/marymount.edu\\\/admissions\\\/#website\",\"url\":\"https:\\\/\\\/marymount.edu\\\/admissions\\\/\",\"name\":\"Admissions - Marymount University\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/marymount.edu\\\/admissions\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Undergraduate Student Loans - Marymount University","description":"Loans are a form of aid that needs to be repaid. Loans for higher education are generally offered at low-interest rates and can be repaid over an extended In order to apply for any of the following loans, a FAFSA must be filed in order to determine eligibility. You need to take full responsibility for following the entire loan application process.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/loans\/","og_locale":"en_US","og_type":"article","og_title":"Undergraduate Student Loans","og_description":"Loans are a form of aid that needs to be repaid. Loans for higher education are generally offered at low-interest rates and can be repaid over an extended In order to apply for any of the following loans, a FAFSA must be filed in order to determine eligibility. You need to take full responsibility for following the entire loan application process.","og_url":"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/loans\/","og_site_name":"Admissions - Marymount University","article_modified_time":"2026-05-20T18:45:45+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/loans\/","url":"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/loans\/","name":"Undergraduate Student Loans - Marymount University","isPartOf":{"@id":"https:\/\/marymount.edu\/admissions\/#website"},"datePublished":"2020-10-15T19:46:09+00:00","dateModified":"2026-05-20T18:45:45+00:00","description":"Loans are a form of aid that needs to be repaid. Loans for higher education are generally offered at low-interest rates and can be repaid over an extended In order to apply for any of the following loans, a FAFSA must be filed in order to determine eligibility. You need to take full responsibility for following the entire loan application process.","breadcrumb":{"@id":"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/loans\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/loans\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/loans\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Admissions","item":"https:\/\/marymount.edu\/admissions\/"},{"@type":"ListItem","position":2,"name":"Office of Financial Aid","item":"https:\/\/marymount.edu\/admissions\/financial-aid\/"},{"@type":"ListItem","position":3,"name":"Types of Aid: Undergradute &amp; Graduate Programs","item":"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/"},{"@type":"ListItem","position":4,"name":"Undergraduate Student Loans"}]},{"@type":"WebSite","@id":"https:\/\/marymount.edu\/admissions\/#website","url":"https:\/\/marymount.edu\/admissions\/","name":"Admissions - Marymount University","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/marymount.edu\/admissions\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/pages\/979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/comments?post=979"}],"version-history":[{"count":51,"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/pages\/979\/revisions"}],"predecessor-version":[{"id":7601,"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/pages\/979\/revisions\/7601"}],"up":[{"embeddable":true,"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/pages\/924"}],"wp:attachment":[{"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/media?parent=979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}