Federal Direct Stafford Loans
Federal Direct Loans are low-interest loans (currently 5.045%). 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 www.studentloans.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.
Federal Direct PLUS Loan for Parents
The Parent PLUS loan is a federally guaranteed loan program for parents to help pay
their daughter's educational expenses. Repayment begins after disbursement, unless
you select otherwise. The fixed interest rate is 7.079% and 4% 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. Please
see instructions for both steps here: Applying for a Parent PLUS 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.
Federal Direct PLUS Loan for Graduate Students
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 7.079% and 4% 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 studentloans.gov. Once approved for the loan, the student also needs to complete a Master Promissory
Note as their agreement to borrow the loan.
Private/Alternative Student Loans
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 nonfederal 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.
Additional Private Loan Information
For additional information on private loans, including repayment information and options
to consolidate your private loans, please click here.
Other Loan Resources
Milwaukee Jewish Free Loan Association (MJFLA) is an interest-free, non-sectarian,
micro-lending non-profit organization that has been offering alternative financial
solutions to the Greater Milwaukee area since 2009. MJFLA’s revolving loan fund is
entirely supported by members of the community through private donations. You do
not need to be Jewish to qualify. Please contact the organizaton for more details,
as it is an unaffiliated program. For additional information, click here.
Title IV Loan Code of Conduct Policy
According to U.S. Department of Education regulations, schools participating in federal
Title IV programs must publish, annually update and enforce a Code of Conduct Policy
regarding its loan programs. This Code of Conduct applies to all associates working
in the Alverno financial aid office and the College at large. It is designed to prevent
conflicts of interest between the responsibilities of the College and its employees
and that of its loan programs.
Title IV Loan Code of Conduct Policy Link