The two different types of Direct loans are the Subsidized and Unsubsidized loan. All students qualify for a Direct Loan provided that they are seeking a degree and are attending at least half-time at Marian. The eligibility amounts are based on your year in school and your financial need determined by the needs analysis process.
Subsidized Direct Loan— The Subsidized loan is based on financial need. The federal government pays the loan interest while the student is enrolled at least half-time and during a six-month grace period after the student leaves school. Maximum loan amounts per academic year are $3,500 for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors. Loan limits are based on the student’s class year standing at Marian. The maximum career limit for undergraduate study is $23,000.
Unsubsidized Direct Loan— The Unsubsidized loan for students who do not qualify, in whole or in part, for a Subsidized Direct loan. Eligibility for this loan is not based on financial need or family income. A student must submit the FAFSA and a Marian Supplemental Form to be eligible for this loan.
Unsubsidized means that the federal government does NOT pay the interest on the loan. Students are charged interest while they are in school. We recommend that you make interest payments while you are in school; if you choose not to, the interest will compound and create a larger loan each year. Independent students (as defined by the Department of Education) may borrow an additional Unsubsidized Direct loan up to $4,000 for freshmen and sophomores, up to $5,000 for juniors and seniors, and up to $10,000 for graduate students.
Direct PLUS Loan
The Direct PLUS loan is a low-interest loan available to parents of dependent undergraduate students to help pay the cost of attending post-secondary schools. The U.S. Department of Education lends the funds to the parent borrower. A credit evaluation is completed, so those with adverse credit history may not qualify for the Direct PLUS Loan. In these cases, students may then qualify for additional Unsubsidized Directloan funding. Click here to apply. Parents must sign in using their PIN number.
Preferred Lender List Disclosures
In an effort to provide better counseling services to our students, Marian University has entered into a preferred lender arrangement (PLA). Federal and state law mandates that we must provide the following disclosures in association with this process:
Lender Selection: To determine which lenders and loan options to present, Marian University evaluates lenders based on information they provide to us and student selection. We feel the lenders on our list will provide you with exceptional customer service, excellent incentives such as low interest rates, low or no origination fees, and loan principal reductions. We are also interested in lenders who provide timely processing, electronic funds transfer capabilities, as well as counseling both before and after you complete the loan process. You may borrow from a lender if they do not appear on Marian University’s preferred lender list.
Affiliation: Lenders chosen for this list are not affiliated with one another or Marian University.
Preferred Lender List
The Office of Financial Aidi s utilizing FASTChoice, a loan comparison tool offered by Great Lakes Higher Education Corporation which allows students to compare up to three different loans side-by-side. By clicking on the link, you will be directed away from the Marian University website. Enter FastChoice now to view private loan products that are a part of Marian University’s preferred lender list.
All lenders of a private educational loan must obtain a self-certification from the student applicant before disbursing any funds. In order to complete the self-certification, YOU the borrower, will need the following information.
- Cost of Attendance (COA) for the period of enrollment covered by the loan (estimated for dependent student who lives on campus):
- Marian University COA is $16,675 for fall semester; $16,675 for the spring semester; $33,350 for the academic year.
- Estimated Financial Assistance:
If you have additional questions regarding private loans, please contact the Office of Financial at Marian University, 920-923-7614 or e-mail at email@example.com
Preferred Lender Arrangements are required to be reviewed annually to ensure that competitive products that are in the best interest of the student borrower are being offered. Please provide us with feedback regarding any positive and/or negative aspects that may have been experienced when working with a particular lender. Feedback can be sent to: firstname.lastname@example.org Phone:920-923-7614
Click here to apply.
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