Loans are an invaluable resource to college students in financing a college education. Be sure you understand all of your rights and responsibilities before you accept a loan.
Types of Loans
Students considering student loans need to be aware of the differences between federal student loans and private student loans .
Federal Student Loans |
Private Student Loans |
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Federal student loans are required by law to provide a range of flexible repayment options including, but not limited to, income-based and income-contingent repayment plans, as well as loan forgiveness benefits that private lenders are not required to provide. Federal direct loans are available to most students regardless of income. Other qualification criteria may apply.聽Other qualification criteria can be found . |
Private student loan lenders can offer variable interest rates that can increase or decrease over time, depending on market conditions.聽 The interest rate on a private loan may depend on the borrower鈥檚 and/or co-signer鈥檚 credit rating. Private student loans have a range of interest rates and fees. Students should determine the interest rate and any fees associated with any private student loan they borrow聽before accepting the loan.聽Students should contact the lender of the private student loan (for an聽alternative loan) or the Financial Aid Office (for an聽institutional loan)聽if they have any questions about a private student loan. 新月直播 offers聽private (institutional) student loans. If the student is offered an聽institutional loan聽they should know:
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Loan Requirements
First-time loan borrowers must complete a Master Promissory Note (MPN)聽and Online Entrance Counseling for each loan program from which they borrow. Students can accept, decline, or reduce any or part of their聽loans聽in their聽 in my新月直播.
Follow the chart below for a list of loan requirements:
Loan |
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颁辞苍迟颈苍耻颈苍驳听叠辞谤谤辞飞别谤蝉 |
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Federal Direct聽 厂耻产/鲍苍蝉耻产听尝辞补苍 |
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新月直播 No/Low Interest Loan |
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Federal Parent PLUS Loan |
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Emergency Loans
If you are experiencing a short-term emergency, you may be eligible for a Dean's loan.聽A Dean鈥檚 Loan cannot exceed $500 and must be paid by the end of the semester in which the loan is taken.聽To apply for a Dean's loan, please contact the Dean of Student's Office at 323-259-2661 or stop by Berkus Hall, Main Floor.