{"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":"2021-07-21T17:55:20","modified_gmt":"2021-07-21T17:55:20","slug":"loans","status":"publish","type":"page","link":"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/loans\/","title":{"rendered":"Loans"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"\/\/www.youtube.com\/embed\/mTHtn0FRMWw\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<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.<\/p>\n<p>In order to apply for any of the following loans, a\u00a0<a title=\"FAFSA\" href=\"https:\/\/fafsa.ed.gov\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">FAFSA<\/a>\u00a0must be filed in order to determine eligibility. You need to take full responsibility for following the entire loan application process.<\/p>\n<h3><strong><span style=\"color: #333399;\">Student Education Loans &#8211; Undergraduate Students<\/span><\/strong><\/h3>\n<p>There are three types of loans available for undergraduate students. The Subsidized, Unsubsidized and Parent PLUS Direct Loan.<\/p>\n<p><strong><em>Please click each loan name below for additional information :<\/em><\/strong><\/p>\n<details>\n<summary><span style=\"font-size: 14pt; color: #333399; font-family: georgia, palatino, serif;\"><strong>Subsidized Direct Loan<\/strong><\/span><\/summary>\n<p>Subsidized Federal Direct Loans are need-based and are for undergraduates only. The interest rate for federal subsidized Stafford loans is variable and changes annually on July 1. There is also an origination fee 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.<\/p>\n<p>Repayment 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.<\/p>\n<p>Students must accept their federal direct subsidized Stafford loans before it can be considered as payment toward their bill. <a href=\"https:\/\/studentaid.gov\/\"><strong>here<\/strong><\/a>.<\/p>\n<p><span style=\"color: #333399; font-family: georgia, palatino, serif;\"><strong>Stafford Loan Eligibility Requirements<\/strong><\/span><\/p>\n<ul>\n<li>You must be meeting Satisfactory Academic Progress (SAP) standards<\/li>\n<li>You must be enrolled for at least six credits each semester<\/li>\n<li>You must be working toward a degree or approved certificate at Marymount University<\/li>\n<li>A current year FAFSA is required<br \/>\n<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<\/details>\n<details>\n<summary><span style=\"font-size: 14pt; color: #333399; font-family: georgia, palatino, serif;\"><strong>Unsubsidized Direct Loan<\/strong><\/span><\/summary>\n<p>The Unsubsidized Federal Direct Loans Unsubsidized Federal Direct Loan\u00a0is not need-based. 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. The interest rate for federal unsubsidized Stafford loans is variable and changes annually on July 1. The interest on an unsubsidized Stafford 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.<\/p>\n<p>There is also an origination fee 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).<\/p>\n<p>Students must accept their federal direct unsubsidized Stafford 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 Federal Student Aid online to accept your loans <a href=\"https:\/\/studentaid.gov\/\"><strong>here<\/strong><\/a>.<\/p>\n<p><span style=\"font-family: georgia, palatino, serif;\"><strong><span style=\"color: #333399; font-size: 14pt;\">Stafford Loan Eligibility Requirements<\/span><\/strong><\/span><\/p>\n<ul>\n<li>You must be meeting Satisfactory Academic Progress (SAP) standards<\/li>\n<li>You must be enrolled for at least six credits 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<\/details>\n<details>\n<summary><span style=\"color: #333399; font-size: 14pt; font-family: georgia, palatino, serif;\"><strong>Federal Direct Parent Loan for Undergraduate Students (PLUS)<\/strong><\/span><\/summary>\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<p><span style=\"color: #333399; font-family: georgia, palatino, serif;\"><strong>Eligibility Requirements<\/strong><\/span><\/p>\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<\/details>\n<h3><\/h3>\n<details>\n<summary><span style=\"font-size: 14pt; color: #000000; font-family: georgia, palatino, serif;\"><strong><span style=\"color: #333399;\">Graduate Student Loans &#8211;<\/span><\/strong><span style=\"font-size: 12pt;\"><em><span style=\"color: #333399;\"> Click <a href=\"https:\/\/marymount.edu\/admissions\/financial-aid\/graduate\/loans\/\"><strong>here<\/strong><\/a><\/span><\/em><\/span><\/span><\/summary>\n<p>&nbsp;<\/p>\n<\/details>\n<p>&nbsp;<\/p>\n<details>\n<summary><span style=\"color: #ff6600; font-family: georgia, palatino, serif; font-size: 14pt;\"><strong>Entrance Counseling Information<\/strong><\/span><\/summary>\n<\/details>\n<p>\u00a0 Visit Federal Student Aid online to complete Entrance Counseling and your MPN <a href=\"https:\/\/studentaid.gov\/\"><strong>here<\/strong><\/a>.<\/p>\n<hr \/>\n<h4><strong><span style=\"color: #333399; font-size: 14pt; font-family: georgia, palatino, serif;\">Federal Direct Student Loan Disclosure Statements<\/span><\/strong><\/h4>\n<section class=\"page-content first-child\">\n<section class=\"main-content first-child last-child\">\n<article class=\"last-child\" role=\"main\">\n<p class=\"last-child\">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 access them online at any time by logging in to <a class=\"first-child\" href=\"https:\/\/studentaid.gov\/h\/manage-loans\"><strong class=\"first-child last-child\">studentaid.gov<\/strong><\/a>\u00a0with your\u00a0<a class=\"last-child\" href=\"https:\/\/studentaid.ed.gov\/sa\/fafsa\/filling-out\/fsaid\"><strong class=\"first-child last-child\">FSA ID<\/strong><\/a>.<\/p>\n<\/article>\n<p><span style=\"color: #333399; font-size: 10pt;\"><a style=\"color: #333399;\" href=\"https:\/\/marymount.edu\/admissions\/wp-content\/uploads\/sites\/2\/2021\/06\/direct-loan-basics-students-1.pdf\"><strong>FSA Federal Loan Programs Resource Guide \u2013 English<\/strong><\/a><\/span><\/p>\n<p><span style=\"color: #333399; font-size: 10pt;\"><a style=\"color: #333399;\" href=\"https:\/\/marymount.edu\/admissions\/wp-content\/uploads\/sites\/2\/2021\/06\/direct-loan-basics-students-spanish.pdf\"><strong>FSA Federal Loan Programs Resource Guide \u2013 Spanish<\/strong><\/a><\/span><\/p>\n<\/section>\n<\/section>\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 of the following loans, a\u00a0FAFSA\u00a0must be filed in order to determine eligibility. [&#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":2,"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":"","_lmt_disable":"","ngg_post_thumbnail":0,"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>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=\"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=\"2021-07-21T17:55:20+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=\"5 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\":\"Loans - Marymount University\",\"isPartOf\":{\"@id\":\"https:\/\/marymount.edu\/admissions\/#website\"},\"datePublished\":\"2020-10-15T19:46:09+00:00\",\"dateModified\":\"2021-07-21T17:55:20+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\":\"Explore Types of Aid for Undergraduate &#038; Graduate Programs\",\"item\":\"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"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\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"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":"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":"2021-07-21T17:55:20+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"5 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":"Loans - Marymount University","isPartOf":{"@id":"https:\/\/marymount.edu\/admissions\/#website"},"datePublished":"2020-10-15T19:46:09+00:00","dateModified":"2021-07-21T17:55:20+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":"Explore Types of Aid for Undergraduate &#038; Graduate Programs","item":"https:\/\/marymount.edu\/admissions\/financial-aid\/types-of-aid\/"},{"@type":"ListItem","position":4,"name":"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":"required name=search_term_string"}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/pages\/979"}],"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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/comments?post=979"}],"version-history":[{"count":19,"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/pages\/979\/revisions"}],"predecessor-version":[{"id":3170,"href":"https:\/\/marymount.edu\/admissions\/wp-json\/wp\/v2\/pages\/979\/revisions\/3170"}],"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}]}}