Even with a Pell grant, work study, and merit scholarships and grants, you may need to take out a loan to afford your college education. The following are your primary options and how to apply.
Federal Direct Loans
Federal Parent Loans (PLUS)
Parents can apply for a Federal Direct Parent PLUS loan at: www.studentloans.gov.
Approval is based on credit worthiness. If a parent is denied, a student is typically able to borrow more through the Direct Unsubsidized Loan (as a freshmen or sophomore an undergraduate student may borrow an additional $4,000; as a junior or senior they can borrow an additiional $5,000). The Federal DIrect Parent PLUS loan has a fixed rate of 7.6% as of July 1, 2018.
Students and parents/credit-worthy coborrowers may want to explore funding beyond the Federal Directo PLUS Loans. Marlboro College subscribes to an alternative financing options website that offers a comparison tool. Students and parents can get information and apply for a variety of alternative financing options by visiting: www.elmselect.com. Marlboro College cannont recommend a specirfic lender due to federal guidelines. The lenders listed on elmselect are lenders previously used by Marlboro students.
When borrowing any federal student loan, students must complete entrance counseling. Parents are not required to complete counseling. Counseling explains a student’s rights and responsibilities when borrowing a federal loan. Counseling is completed on the Department of Education’s website. Counseling must be completed prior to a loan being disbursed.
Any student who has borrowed a federal student loan while enrolled at Marlboro College must complete exit counseling. Counseling is completed prior to the student separating from the college; separation being graduation, leave of absence, withdrawal or absentia status. Counseling is complete on the Department of Education’s website. Counseling explains a student’s rights, responsibilities and options when entering into repayment of the student’s federal loan.
NSLDS Loan History
The National Student Loan Data System (NSLDS) website is provided by the Department of Education and is a place for students to review information on their federal student loans. The information a student can review online includes, but is not limited to, the principal amount and interest due by year, the name and contact information for the loan servicer, the aggregate loan totals by loan type, and where and how to make loan payments.