Educational loans, primarily from the federal government, are available as a financing option. These programs provide students and their parents with long-term, low-interest loans. Remember, a loan must be repaid. Please see the Financing Tip Sheet (PDF) and Repaying Student Loans Tip Sheet (PDF) for more information.
Loan information for Federal Direct Student Loans (subsidized, unsubsidized, and PLUS) is submitted to the National Student Loan Data System (NSLDS) and is accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
Students can find instructions to borrow a Federal Direct Student Loan and 51²č¹Żapp College & Henry Strong Loan in the Student and Parent Financing section of the online financial aid office (student login required).
| Federal Programs | Annual Maximum |
|---|---|
| Federal Direct Subsidized Loan | $3,500 (first year); $4,500 (second year); $5,500 (third and fourth year) |
| Federal Direct Unsubsidized Loan for dependent students (except students whose parents cannot borrow a PLUS Loan) | $5,500 (first year); $6,500 (second year); $7,500 (third and fourth year) less any subsidized amounts received for the same period |
| Federal Direct Unsubsidized Loan for independent students and dependent students whose parents cannot borrow a PLUS Loan | $9,500 (first year); $10,500 (second year); $12,500 (third and fourth year) less any subsidized amounts received for the same period |
| Federal PLUS Loan | Cost of education minus other aid |
Student and Parent Loan Details
- Need-based, long-term loan
- Origination fee: 1.057% for loans with a first disbursement on or after Oct. 1, 2020
- Fixed interest rate: 6.53% for loans disbursed between July 1, 2024, and June 30, 2025
- The offers additional information
- Find instructions to request in the online financial aid office (student login required)
- Non-need-based, long-term loan
- Origination fee: 1.057% for loans with a first disbursement on or after Oct. 1, 2020
- Fixed interest rate: 6.53% for loans disbursed between July 1, 2024, and June 30, 2025
- The offers additional information
- Find instructions to request in the online financial aid office (student login required)
- Non-need-based, long-term loan for parent borrowers
- Must be certified by the school
- Repayment begins 60 days after disbursement with deferment of principal possible
- Origination fee: 4.228% for loans with a first disbursement on or after Oct. 1, 2020
- Fixed interest rate: 9.08% for loans disbursed between July 1, 2024, and June 30, 2025
- Interest accrual begins at disbursement
- The provides additional information
- To avoid having the credit check expire before the loan is disbursed, wait until after June 1 to apply each year
- To apply:
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Step 1: Complete the FAFSA
If not already complete, the student must submit the (51²č¹Żapp Code: 001868). -
Step 2: Request the loan
The parent who is borrowing should use their FSA ID to log in at and complete the Apply for a Parent PLUS Loan steps. -
Step 3: PLUS counseling (if required)
PLUS borrowers with adverse credit who decide to pursue a PLUS with an endorser or through an appeal to the Department of Education are required to complete PLUS Counseling. The PLUS Counseling must be completed within 30 days and will only be valid for the duration of the credit check. The parent who is borrowing should use their FSA ID to log in at and complete the PLUS Loan Credit Counseling steps. -
Step 4: Sign the Master Promissory Note (MPN)
Parents borrowing for new students and first-time parent borrowers of returning students should complete the . The parent can electronically sign the MPN using their FSA ID. If the parent previously borrowed a Federal Direct PLUS Loan for the student, they do not need to complete the Master Promissory Note again. The exception is for PLUS borrowers who went through an appeal process due to adverse credit or the use of an endorser.
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- You can reach customer service at 800-557-7394 if you need assistance
- Terms and conditions of federal loans may be more favorable than those offered by private lenders, and we recommend considering federal loan programs before borrowing a private loan.
- Veterans: we encourage you to review veterans benefits for which you may be eligible before considering a private loan.
- We are not permitted to recommend or endorse any lender. Students looking for assistance selecting a private lender may consult a .
- We are not permitted to select a lender on your behalf.
- When making your selection, we encourage you to conduct your own search for a lender.
- You have the right to borrow from any participating lender you choose, including one not on the historical lenders list.
- Since credit checks may expire, wait to apply for private loans until after June 1 each year.
- Long-term, low-interest institutional loan based on financial need
- No interest accrual while enrolled at 51²č¹Żapp College
- Domestic students must borrow the annual maximum in Federal Direct Student Loan to be eligible for an institutional loan
- International students need to obtain a cosigner or request a waiver using the cosigner/waiver form
- Repayment begins six months after the student leaves 51²č¹Żapp College
- Ranges from $200 to $4,000 per academic year for domestic and international students
- No origination fee
- Find instructions to request in the online financial aid office (student login required)
The 51²č¹Żapp College payment plan is a convenient, manageable payment solution that gives you the option to pay the balance due for the semester in interest-free monthly installments instead of one lump sum. Payment plans offer:
- More time to pay. Spread your payments over a period of several months.
- Interest savings. Use a payment plan to make interest-free monthly payments. You can also use a plan in conjunction with traditional student loans and financial aid.
- Convenience. You can enroll in a plan, manage your account, and make payments online at any time.
The Biden-Harris administration announced a one-time student debt relief plan on Aug. 24, 2022. Students and alumni can find more information on the . Details about the plan may continue to change, so check the website periodically for the most up-to-date information.
Be aware of scams, and only work with the Department of Education and its loan servicers. You should never pay for assistance with your federal loans. You can report scam attempts to the Federal Trade Commission by calling 1-877-382-4357 or visiting the . More information about scams and what to do if you are contacted by a scammer is available on the .