Loan Options

Federal Direct Loans are low-interest loans (currently 6.53%). Subsidized Loans do not accrue interest while the student is enrolled. Repayment begins six months after the student leaves school or graduates.

• Federal Subsidized Direct Loans are based on financial need. Interest does not accrue during periods of enrollment and grace periods.
• Federal Unsubsidized Direct Loans do not require financial need. Interest accrues during periods of enrollment and may be pre-paid with no penalty.

Federal Direct Loans are offered each year on your award letter. To complete the loan application process, please see instructions here: Stafford Loan Instructions

All borrowers who take a leave of absence, withdraw or graduate from Alverno College must complete an Exit Interview. Exit Interviews may be completed online at studentaid.gov.

The National Student Loan Data System (NSLDS) is a good place to view all Federal loans that you have received. To view this Web site, you will need to have an FSA ID as described in the Part 1 of Applying for Financial Aid. To view your information online, visit NSLDS.

The Parent PLUS loan is a federally guaranteed loan program available for parents of dependent undergraduate students to help pay their dependent undergraduate child's educational expenses. Repayment begins after disbursement, unless you select otherwise. The fixed interest rate is 9.08% and 4.43% in fees is deducted from the principle amount prior to disbursement. Parents must use their FSA ID to complete the process.

How to apply for a Federal Direct PLUS Loan for Parents
Parents must apply for the loan. Once approved for the loan, the parent also needs to complete a Master Promissory Note as their agreement to borrow the loan.

Note:  If parents are determined to be ineligible to borrow through the Federal Direct PLUS program, the student may be eligible for Unsubsidized Federal Direct Loan. Please contact our office for further instructions. 

The PLUS loan for Graduate Students is a federally guaranteed loan program for students in a graduate-level degree program. Repayment begins after disbursement, unless you select otherwise.  The fixed interest rate is 8.08% and 4.48% in fees is deducted from the principle amount prior to disbursement. Graduate students must use their FSA ID to complete the process.

How to apply for a Graduate PLUS Loan
Graduate students should apply for a PLUS Loan at studentaid.gov. Once approved for the loan, the student also needs to complete a Master Promissory Note as their agreement to borrow the loan.

Some students find that they need additional funds to meet their costs while attending school. One option available to students would be an Alternative Student Loan. Alternative Loans are non-federal educational loans available from a variety of national lending institutions. These loans require that the borrower be credit worthy or have a credit worthy cosigner, as they go through a normal bank credit process. You can find more information about Private or Alternative Loans by clicking here: Applying for a Private Loan. Students may start the application process for these loans here. Please note that these loans take up to six weeks to process.