Federal Stafford
Students applying for the Federal Stafford Loan must complete a Free Application for Federal Student Aid.
Stafford loans are either subsidized or unsubsidized. A subsidized
Stafford Loan is awarded on the basis of need and the federal
government pays interest on the loan while you are enrolled at least
half-time (6 credits) and for one 6-month grace period after you
graduate or fall below the half-time enrollment. An unsubsidized
Stafford Loan is not based on need and allows some students to borrow
additional money. Students are responsible for the interest on an
unsubsidized loan. No payments are required on any Stafford Loan until
6 months after you leave school or fall below 6 credits. If possible,
you may want to pay accrued interest on an unsubsidized loan while you
are enrolled.
To borrow from the Federal
Stafford Loan program at The New School, you must select a lender. To
assist you in choosing a lender, The New School has identified the
following lenders as ones that provide superior customer service,
affordable pricing, efficient electronic application processes, and
participation in electronic funds transfer. A comparison chart is attached with the lenders’ repayment terms and benefits. Students have an option of choosing a lender that is not listed on our chart.
Read more about the process here .
Undergraduate PLUS Loan
Parents and stepparents of dependent undergraduate students
attending school at least half-time may take out a Parent Loan for
Undergraduate Students (PLUS). This loan is often lower in cost than a
private loan because the federal government guarantees it. Loan
approval is subject to credit criteria established by the U.S.
Department of Education and your lender. A PLUS loan must be repaid. It
is the responsibility of parents to make these payments.
To
borrow from the Parent PLUS Loan program at The New School, you must
select a lender. To assist you in choosing a lender, The New School has
identified the following lenders as ones that provide superior customer
service, affordable pricing, efficient electronic application
processes, and participation in electronic funds transfer. A comparison chart is attached with the lenders’ repayment terms and benefits. Parents have an option of choosing a lender that is not listed on our chart.
Read more about the process here .
Graduate PLUS Loan
Graduate and professional degree students, enrolled at least
half-time, are now eligible to borrow under the PLUS Loan Program up to
their cost of attendance minus other estimated financial assistance.
Students are required to complete the Free Application for Federal
Student Aid (FAFSA). They also must have applied for their annual loan
maximum eligibility under the Federal Subsidized and Unsubsidized
Stafford Loan Program before applying for a Graduate/Professional PLUS
loan.
To borrow from the Graduate PLUS Loan
program at The New School, you must select a lender. To assist you in
this process The New School has identified the following lenders as
ones that provide superior customer service, affordable pricing,
efficient electronic application processes, and participation in
electronic funds transfer. A comparison chart is attached with the lenders’ repayment terms and benefits. Students have an option of choosing a lender that is not listed on our chart.
Read more about the process here .
Private Student Loans
Some students may need additional loan funds after maximizing their
federal loan options or may not be eligible for federal loans and still
need to borrow towards their education. Many lenders offer private
alternative loans to help students meet the gap between financial aid
and college costs. Students must either meet the credit criteria of the
loan for which they are applying or have a credit-eligible co-borrower.
Many of these loans also require enrollment in six or more degree
credits per semester, but there are options for students studying in
non-degree classes or enrolled in less than half-time status.
Our office recommends that you exhaust your federal options before
applying for a private loan. If you are a US Citizen or eligible
non-citizen, you may be eligible for grants/scholarships, federal work
study and loans with more favorable terms and conditions than private
loans.
To borrow from the Private Loan program, you
must select a lender. Our office will process your loan with whichever
lender you choose. Once you have selected your lender, please contact
them to start the application process.
Amount You Can Request: Borrowers can request up to the cost of attendance (minus any financial aid received).
Read more about the process here .