What type of Loans are you looking for?
Federal Stafford Loans: Subsidized and Unsubsidized
Most Gonzaga students borrow through either the subsidized or unsubsidized Federal Stafford Loan Program. These loans are borrowed directly from the Department of Education under the Federal Direct Loan Program. Your Federal Direct Loans can be managed at www.studentloans.gov. The subsidized Stafford Loan is a low-interest education loan for students who demonstrate financial need; the federal government pays the interest during certain times (for example, while the student is enrolled in school). Eligibility for the unsubsidized Stafford is not contingent upon financial need; thus, the borrower is responsible for interest that accrues on the loan while in school.
Annual limits for Federal Stafford Loans total $20,500. Students are eligible to borrow $20,500 through the academic year (September-August). If a student borrows up to the $20,500 limit during the Fall and Spring semesters, they will not be eligible for Stafford Loan options during the summer terms. In this scenario, the only loans available to students would be through a Graduate PLUS loan or an alternative loan through a bank or credit union.
- DISBURSEMENT:: The total amount of the Stafford Loan is disbursed in two increments within the academic year: one half at the beginning of the Fall term, and one half at the beginning of the Spring term.
- INTEREST: Both the subsidized loan and the unsubsidized loan are set at a 6.8% interest rate.
- FEES: Up to 1% of the total amount of a Stafford Direct Loan is assessed in loan fees and is retained by the lending institution.
- REPAYMENT: Stafford Loan repayment begins six months after the student graduates or ceases to be enrolled at least half-time. There will be several repayment plan options available to you.
- AGGREGATE LIMIT:: Students lifetime limits for the Stafford program is $138,500 (no more than $65,500 may be in subsidized loans).
All students borrowing a Direct Loan program must sign a Master Promissory Note (MPN) through the Direct Loan program, and complete entrance counseling. These steps are required once during your time at Gonzaga. The MPN and entrance counseling can be completed online at www.StudentLoans.gov. You will need your FAFSA PIN to log into the site.
Students leaving Gonzaga will be required to complete Exit Counseling on the loans they receive while attending Gonzaga. This can be done online at www.NSLDS.ed.gov.
Federal Graduate Plus Loan Program
The Federal Graduate PLUS Loan Program allows graduate students to borrow long-term, low-interest funds to help meet education expenses. Students must show an absence of negative credit history to qualify for this loan. The maximum PLUS loan amount is calculated by subtracting the total aid awarded to the student from the cost of attendance. To request the PLUS loan, please visit www.StudentLoans.gov.
- INTEREST: Fixed at 7.9%.
- FEES: Up to 4% of the total amount of a PLUS Loan is assessed in loan fees and is retained by the lending institution.
- REPAYMENT: Each PLUS loan is treated separately and repayment will begin within 60 days after all funds are disbursed each year.
Private (Alternative) Loans
Numerous banks offer private educational loan programs to further assist students with college expenses. All private educational loan programs are based on creditworthiness. These loans may require a credit-worthy cosigner for approval of loans.
To help you with a private lender search, Gonzaga has compiled a comprehensive list of lenders. Each of these lenders has disbursed at least one private loan to Gonzaga University students within the last three academic years. You may select ANY lender you wish (whether it is on the list or not) without penalty. Please contact Gonzaga with any questions you may have about federal or private loan processes.
Your lender may offer a type of private educational loan through their website that does not require school certification. Borrowing this type of private educational loan may have a serious negative impact on your existing financial aid package. Please contact your financial aid counselor before borrowing one of these loans.
Lenders that have helped Gonzaga students in the last three years:- Alaska Advantage-1-800-441-2962
- Bank of North Dakota-800-472-2166 x5660
- BECU-866-253-5967
- Chase-1-866-306-0868
- Citi Bank-800-967-2400
- CU Student Loans-866-639-9339 x5
- Discover-1-877-728-3030
- Hawaii USA Federal Credit Union- 800-379-1300
- Sallie Mae-888-272-5543
- Santa Barbara Foundation-805-687-7027
- Star One Credit Union-800-734-4540
- Sun Trust-866-763-6351
- US Bank-800-242-1200
- Wells Fargo-1-800-658-3567
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