Loan Application Information
Federal Direct Loans
Federal Direct Loans are low-interest loans. 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
The Direct PLUS (Parent Loan for Undergraduate Students) is a federally guaranteed loan program for parents to help pay for their daughter’s educational expenses. Repayment begins after disbursement, unless you select otherwise. The fixed interest rate is 6.84% and 4% in fees is deducted from the principle prior to disbursement. Parents must use their FSA ID to complete the process.
How to apply for a Federal Direct PLUS Loan
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.
Private/Alternative Parent Loans
Private/Alternative Parent Loans give a parent or any creditworthy individual (including spouses, family members, and guardians) another option for financing college expenses for their student. Interest rates may be fixed for variable. You may use any lender, however several options can be found here. In most cases, funds are sent directly to the borrower.
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.
Milwaukee Jewish Free Loan Association (MJFLA)
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. To find out more, visit their website at: http://mjfla.org/www.mjfla.org/Home.html
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.