This program enables students to obtain long-term, low-interest loans to help meet their educational expenses. Any student who is enrolled at Cardinal Stritch University at least half time in a degree or certificate program, who is a citizen or a permanent resident of the U.S., and is not in default on another federal student loan may apply. Applicants must maintain satisfactory academic progress. A student's financial aid package must be completed prior to approving the amount of the loan since loan amounts are dependent upon other aid received.
Any federal student loans borrowed are submitted to the National Student Loan Data System (NSLDS) for required reporting purposes. This information is accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. The National Student Loan Data System (NSLDS) provides information on your federal loan amounts, outstanding balances, loan statuses and disbursements. You can access your loan information by going to
NSLDS online.
Cardinal Stritch University adheres to the National Association of Student Financial Aid Administrators
code of conduct.
More information on the Direct loan program can be found at
http://www.direct.ed.gov/.
Direct Loan
Stritch participates in the Direct Loan program which provides funds to both graduate and professional degree students. The subsidized Direct Loan is a need-based loan where interest on the loan is paid by the federal government while the student is in school at least half time. The current interest rate is fixed. Eligible students can take advantage of either a Direct Unsubsidized Loan or a PLUS Loan. Federal student loans offer many benefits not typically included with private loans, such as fixed interest rates and income-based repayment plans. Most student loans do not require repayment until after graduation.
Direct Unsubsidized Loan
You are not required to show financial need to receive a Direct Unsubsidized Loan. Stritch will determine the amount you can borrow based on your cost of attendance, the other financial aid you receive, and the amount of your lifetime limit that has been borrowed. The Direct Unsubsidized Loan is available regardless of need. Interest will accrue while the student is in school. Students are able to make arrangements to pay the interest as it accrues or they can defer that interest and it will be capitalized prior to repayment. The current interest rate is fixed.
The maximum amount that can be borrowed per award year is $20,500. You will be responsible for paying the interest on a Direct Unsubsidized Loan during all periods. If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accumulate and be added to the principal amount of your loan.
Repayment starts nine months after leaving Stritch, and the loan must be paid in 10 years unless extended by certain types of deferments. The Perkins loan comes from a revolving fund. Prompt repayment allows Stritch to provide funds for other students needing financial aid.
Any federal student loans borrowed are submitted to the National Student Loan Data System (NSLDS) for required reporting purposes. This information is accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. The National Student Loan Data System (NSLDS) provides information on your federal loan amounts, outstanding balances, loan statuses and disbursements. You can access your loan information by going to
NSLDS online.
More information on the Federal Perkins Loan Program can be found at
http://www2.ed.gov/programs/fpl/index.html.
These loans are offered by most financial institutions and are subject to credit approval. The financial institutions establish alternative loan criteria and these institutions should be contacted if you have any questions.
Effective Feb. 14, 2010, students who apply for an alternative education loan are required to complete the Private Educational Loan Self-Certification Form. A copy of the form is available at the link below or directly from your lender. If you have questions on completing this form, please contact the Financial Aid Office at (414) 410-4048 or toll-free (800) 347-8822, ext. 4048.
Private Educational Loan Applicant Self Certification Form
If you are interested in applying for an alternative loan, please review the Cardinal Stritch University
Alternative Comparison Chart.
Cardinal Stritch University adheres to the National Association of Student Financial Aid Administrators
code of conduct.
Direct Parent PLUS loans are unsubsidized loans for parents of dependent* students. PLUS Loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
PLUS loans are subject to credit approval. When a parent completes the PLUS request process, the Department of Education reviews your credit. The credit check results will be sent to Cardinal Stritch University and the Financial Aid Office will review your eligibility for the PLUS loan. Students whose parents are denied a PLUS loan may be eligible for additional unsubsidized Direct loan funds.
*The federal government determines dependency status when a student completes the Free Application for Federal Student Aid (FAFSA).
There are
THREE STEPS to the Parent PLUS loan process.
- 1. Complete a credit check at http://studentloans.gov.
- 2. If approved, complete a Parent PLUS Loan Master Promissory Note.
- 3. Fill out the PLUS Loan Authorization and Request Form and return to the Office of Financial Aid.
Graduate students are eligible for the PLUS Loan as well. PLUS Loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
It is recommended that you first explore your options for a unsubsidized Direct loan. The PLUS loan is subject to credit approval. What a student completes the PLUS request process, the Department of Education reviews your credit. The credit check results will be sent to Cardinal Stritch University and the Financial Aid Office will review your eligibility for the PLUS loan.
There are THREE STEPS to the Graduate PLUS loan process.
- 1. Complete a credit check at http://studentloans.gov.
- 2 . If approved, complete a Graduate PLUS Loan Master Promissory Note.
- 3. Fill out the Graduate PLUS Loan Request and Authorization Form and return to the Office of Financial Aid.
Any federal student loans borrowed are submitted to the National Student Loan Data System (NSLDS) for required reporting purposes. This information is accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. The National Student Loan Data System (NSLDS) provides information on your federal loan amounts, outstanding balances, loan statuses and disbursements. You can access your loan information by going to NSLDS online.
Cardinal Stritch University adheres to the National Association of Student Financial Aid Administrators code of conduct.
More information on the PLUS Direct loan program can be found at www.direct.ed.gov/parent.html.