Additional Loan Opportunities
Types of Financial Aid
Federal Direct Parent PLUS Loans
This loan program allows parents of dependent students to borrow up to the amount equal to the cost of attendance minus other financial aid received. The interest rate for July 1, 2013 through June 30, 2014 is fixed at 6.41%, and a 4.288% origination fee is withheld from the loan. The Federal Direct PLUS Loan is subject to a credit check. In the case of adverse credit, the borrower may apply with a credit worthy co-signer. For loans disbursed after July 1, 2008, parents have the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed, or deferring payments until six months after the dependent student ceases to be enrolled at least a half-time. While not required, it is recommended that the borrower makes payments on the interest while the student is still in school. If a parent is denied a Federal Direct Plus Loan, the student is eligible for additional Federal Direct Unsubsidized Stafford Loan.
To qualify, complete the FAFSA at www.fafsa.ed.gov, an online promissory note at https://studentloans.gov , and a 2013-14 PLUS Loan Authorization Form from the Financial Aid Office.
Federal Direct Graduate PLUS Loans
This loan program allows graduate students to borrow up to the amount equal to the cost of attendance minus other financial aid received. The interest rate for July 1, 2013 through June 30, 2014 is fixed at 6.41%, and a 4.288% origination fee is withheld from the loan. The Federal Direct Grad PLUS Loan is subject to a credit check. In the case of adverse credit, the borrower may apply with a credit worthy co-signer. You begin repayment on the Grad PLUS loan six months after you cease to be enrolled at least half-time. While not required, it is recommended that the borrower makes payments on the interest while in school. If interested in taking out a Federal Direct Graduate Plus loan please contact the Financial Aid office.
To qualify, complete the FAFSA at www.fafsa.ed.gov, an online promissory note and entrance counseling at https://studentloans.gov.
Privately funded education loans from various organizations are available to students to fill the gap between cost and federal, state and institutional funding. It is best to apply for the loan as early as possible to assure funding is available at the start of the term. Some may require interest payments, however, if it is not required, it is recommended that the borrower makes payments on the interest while in school.
Private loans will typically require a co-signer, may be variable rate, may have a fee, and have longer repayment periods. Interest rates are determined by the credit of the borrower and co-borrower. Before you choose this option, keep these questions in mind:
- Have I researched outside scholarship opportunities?
- Have I received/applied for federal loans?
- Is there a remaining gap?
- What do I have saved to fill the gap?
- What will my parents contribute?
- What will I earn this summer to go towards the gap?
- Have I tried to reduce my personal expenses?
- Would a payment plan be an option?
- Do I need an additional loan?
- Will my parents take out a Parent Loan (PLUS)?
- Will I need to take out a private loan?
Questions to ask as you research private loans:
- Do I need a co-signer?
- What is the interest rate of a loan and how is it determined?
- Are there fees?
- When will I be expected to start making payments?
- What are the payment options?
- Are there deferment options?
- What is the repayment period?
- How much interest will I pay through the life of the loan?
- How long has this company been in business?
- What is the reputation of the company?
- Have I done business with this company in the past?
- If so, did I get good service?
Grand View uses the FASTChoice product to display its Private Loan Lender List. This tool offers the following:
The ability to compare and contrast lenders so you can choose the best lender for your financial needs.
A payment calculator tool to help you figure what your future student loan payment may be.
A glossary tool to help define any loan or financial terms you may not be familiar with.
A Borrowing Essentials tool to instruct borrowers on the basics of taking out a private loan and how your lenders determine if you are accepted or declined.
The ability to apply for a private loan once you have decided which loan is best for you.
Click HERE to access FASTChoice (Due to certain browser requirements you might need to update your current browser.)
The lenders and loan options presented in FASTChoice were composed of all lenders used by Grand View students within the last three years. Grand View believes that the choice of a private loan lender is a decision you must make. You need to weigh the pros and cons of each loan product to find the one that best meets your needs. Please keep in mind the Financial Aid office recommends that you exhaust all other Financial Aid options before deciding to take out a private loan.
All of the information provided on the Loan Options page is reviewed annually to ensure that the lenders listed continue to adhere to our criteria. Any loan options that no longer adhere to our criteria are removed, and new loan options are added. At least two lenders will be presented to you at all times.
You are free to select any lender you choose, including those not presented. If you choose a lender that is not presented, please follow the provided instructions to complete the application process. Application processing will not be delayed unnecessarily if you choose a lender not presented.
Our officials are prohibited from accepting any financial or other benefits in exchange for displaying lenders and loan options in FASTChoice. Prohibited activities include: receiving compensation to serve on any lender board of directors or advisory boards; accepting gifts including trips, meals, and entertainment; allowing lenders to staff our institution's financial aid office; allowing lenders to place our institution's name or logo on any of their products; and owning of lenders' stock (for college officials who make financial decisions for our institution).
Private Loan Disclosures.