Private & Alternative Loans
Lender Comparison Chart:
2009-2010 Private Loan Comparison
Private loans are not guaranteed and lenders will examine your credit history to determine eligibility. To have your credit report mailed to you visit the following credit bureaus:
www.myfico.com
www.equifax.com
www.experian.com
www.transunion.com
LOAN ELIGIBILITY
In order to qualify to receive a student loan (Stafford or private), a student must be enrolled and attend classes/submit assignments on at least a half-time basis, regardless of stage of his/her program. Half time is defined as follows:
Minimum number of credits for loans: |
Fall | Spring | Summer |
Undergraduate |
6 | 6 | 6 |
GLE - Business & Leadership (Graduate) |
5 | 5 | 5 |
Other Graduate Students (non-Doctoral) |
5 | 5 | 3 |
Doctoral Students |
3 | 3 | 3 |
If a student plans on dropping below these levels, he/she should contact Central Financial Aid before making any final decision or submitting paperwork. Your counselor will go over with you how dropping below half-time status will affect your loan situation.
The total loan amount a student is eligible for is based on the following formula:
Cost of attendance (COA) - Aid (scholarships, etc.) = Total Loan Eligibility
The following formula determines a student's eligibility for a Subsidized Loan:
COA - Expected Family Contribution (EFC) - Aid = Subsidized Loan Eligibility.
APPLYING FOR AID
Students are encouraged to begin the financial aid application process in conjunction with the required admissions application activity. Although a financial aid award cannot be made until a student is accepted, all necessary paperwork will be on file to expedite the awarding process upon acceptance. Students interested in borrowing a Federal Stafford Loan should complete the Free Application for Federal Student Aid (FAFSA) as soon after January 1st as possible or when previous year’s taxes are completed. Central Financial Aid suggests submitting the FAFSA by March 15th to ensure timely processing and arrival of funds for the Fall semester.
The FAFSA may be submitted one of two ways. The student may fill out the paper application or complete the FAFSA-on-the-Web. The location of FAFSA-on-the-Web is www.fafsa.ed.gov. Submitting the FAFSA online greatly reduces the processing time of the application and requires the submission of a signature page.
Early submission of applications helps to ensure the arrival of funds by the final payment deadline. It also allows for necessary information to be available when Central Financial Aid begins the awarding process.
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