Financial Aid
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Loans

The Federal Stafford Student Loan:

Through the Federal Stafford Loan program matriculated students enrolled at least half-time may borrow a maximum of $5,500 for their freshman year, $6,500 for their sophomore year, and up to $7,500 for both their junior and senior years. Students apply by completing the Free Application for Federal Student Aid (FAFSA), indicating that they are willing to accept financial aid in the form of a loan. There are two types of Federal Stafford Loans:

  1. Subsidized: If the student demonstrates need based on the Student Aid Report, the federal government will pay the interest charge while the student is enrolled at least half-time. Students must pay the interest charge during the repayment period following graduation or withdrawal from the university.

  2. Unsubsidized: All matriculated students enrolled for six credits or more may receive a Federal Unsubsidized Stafford Loan regardless of family income. However, the student will have to pay all interest charges until the loan is fully repaid.

NOTE: Request for student loans must be received at least 30 days prior to the last day of class of the semester for which the loan is requested.

Federal Parent Loan for Undergraduate Students (PLUS)
:

Parents of matriculated, dependent, undergraduate students enrolled at least half-time and making satisfactory academic progress towards a degree seeking program may borrow up to the cost of education from the federal government. Parents must be citizens or eligible non-citizens of the United States and pass a financial credit check. The PLUS loan, when added to other financial aid and/or resources, may not exceed the total cost of education for that academic year. To request a PLUS loan, the parent(s) must complete the Rowan University PLUS loan application, which is available at the Rowan Office of Financial Aid.

To complete a Parent PLUS Loan, the borrower can complete a Direct PLUS loan application and Master Promissory Note (Direct PLUS loan MPN) online at the federal website, www.studentloans.gov. The parent loan borrower will need their own federal personal identification number (PIN) to sign in and begin the loan application process. If the loan borrower does not already have a PIN, a parent may apply for a PIN anytime at www.pin.ed.gov.

Alternative Loans:

Alternative educational loans are available from private lenders for students whose cost of attendance has not been met with other financial aid.  Private alternative loan programs differ from Federal Direct Loans in several important ways:

Interest rates are normally variable rates
Approval is contingent upon credit-worthiness of the borrower, and most students require a co-signer
Interest rates are based on credit reports
Private loans are not federally guaranteed; therefore, they do not have the same
deferment, cancellation and consolidation benefits.

Alternative loans are offered to students who are non-matriculated (not obtaining a degree or certificate), international students, or students who do not meet Satisfactory Academic Progress.  Private loans should only be considered after state and federal sources of financial aid have been utilized.

The terms and conditions for alternative loans vary greatly.  Students are advised to compare loan programs before choosing a lender.  Interest rates, fees, and other provisions of these programs are subject to change by the lender.  Contact the lenders directly for detailed information on individual loan programs.  Important items to consider when comparing private educational loans are interest rates, deferment options, and repayment terms.

Remember, an alternative loan is an agreement between the borrower and the lender. It is the borrower’s responsibility to carefully manage his/her educational loans. 

Rowan University provides a list of alternative loan lenders as a service to its student body.  Rowan University does not endorse any particular lender.  To view the list go to http://www.rowan.edu/provost/financialaid/alternative.html or click here.