Student loans are another option available to you to help meet the cost of attending AULA. And there are many different federal and private loans to choose from. Some may require a credit check and/or a co-signer.
Federal Direct Stafford (Subsidized and Unsubsidized)
Direct Subsidized Loans are for Undergraduate students with financial need. The Financial Aid Office will review the results of your FAFSA and determine the amount you can borrow. If the first disbursement is between July 1, 2015, and June 30, 2016, the interest rate is fixed at 4.29%. You are not charged interest while you’re in school at least half time and during deferment periods. As of July 1, 2012, subsidized loans are no longer available to graduate and professional degree students.
You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, the Financial Aid Office will determine the amount you can borrow. If the first disbursement is between July 1, 2015, and June 30, 2016, the interest rate is fixed at 4.29% for Undergraduate borrowers, and 5.84% for Graduate borrowers. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized later (that is, added to the principal amount of your loan). If you choose to not pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.
Federal Direct PLUS (For Parents of Dependent Students)
Parents of dependent students may apply for a Federal Direct PLUS Loan to help pay their child’s education expenses as long as certain eligibility requirements are met. The interest rate for 2015-16 is fixed at 6.84% and eligibility will be determined by a credit check.
Federal Direct PLUS (For Graduate Students)
Graduate and professional degree students can borrow a Federal Direct PLUS Loan to help cover education expenses. The interest rate for 2015-16 is fixed at 6.84% and eligibility will be determined by a credit check.
Federal Perkins Loan
A Federal Perkins Loan is a low-interest (5%) loan for both undergraduate and graduate students with exceptional financial need. Federal Perkins Loans are made through the Financial Aid Office, Antioch University is your lender, and the loan is made with government funds. You must repay this loan to Antioch University. You can borrow up to $5,500 for each year of undergraduate study (the total you can borrow as an undergraduate is $27,500). For graduate studies, you can borrow up to $8,000 per year (the total you can borrow as a graduate is $60,000 which includes amounts borrowed as an undergraduate). The amount you receive depends on when you apply, your financial need, and the funding level at the school.
Entrance counseling is required to be eligible for any federal loan. Applications and Master Promissory Notes for all federal loans (except the Federal Perkins Loan) as well as Entrance counseling can be found at the Student Loans.gov website. For more information on federal loans and other types of federal aid, please visit the Student Loans.gov website.
With the exception of the Federal Perkins loan, all federal loans have origination fees. The fees for a Federal Direct Stafford loan is 1.073%, and for Federal Direct PLUS (for both Parent and Graduates) 4.292%.
Here are some examples of how loan origination fees are calcuated:
Stafford loan for 3rd & 4th yr Undergrads: $4,166 (total of $1,833 Sub and $2,333 Unsub) 1.073%: $45, Net: $4,121
Stafford loan for quarter Graduates: $6,833 1.073%: $73, Net: $6,760
Stafford loan for semester Graduates: $10,250 1.073%: $110, Net: $10,140
PLUS for Parents & Graduates: $5,000 4.292%: $214, Net: $4,786
Private loans can be acquired from a variety of lenders and do not always have the protections and repayment options that the federal loans have. It is best to compare private loans with federal loans before you decide. Eligibility is nearly always dependent on a credit check and interest rates can be higher. Great Lakes has compiled a list of several lenders so that you can compare and shop around at your convenience. To begin comparing, please click here.
International students: generally, you are not eligible for federal student aid. Your primary resource would be in the form of an education loan, but they will mostly require that you have a co-signer that is a US citizen. Here are links to websites that can assist you in your search: