Admissions & Aid

Loans

Student loans provide students with the opportunity to borrow the funds necessary to cover their higher education costs.  Unlike scholarships and grants, loans must be repaid. Interest rates and repayment requirements vary by loan. For more details, please follow the links below.

If you are eligible for any of the following federal loans, they will appear on your financial aid package. Be sure to file the FAFSA for consideration.

Federal Direct Loans - Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.  Learn More >>

Federal Perkins Loan - A school-based loan program for students with exceptional financial need. Under this program, the school is lender. If you are eligible for the Perkins Loan, you will be notified on your Financial Aid Award Letter. An email will be sent to your student account from University Accounting Services with instructions for finalizing the loan.  Learn More >>

Alma College Long-Term Loan (ACLTL) - A school-based loan program for students with exceptional financial need. Under this program, the school is lender. If you are eligible for the ACLTL, you will be notified on your Financial Aid Award Letter. Instructions on the application process will be emailed to your student account by the Financial Aid Office. Once completed, our office will set your loan to an accepted status so that it appears correctly on the student billing statement.

Parent Loan for Undergraduate Students (PLUS) - PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers.  Learn More >>

Alternative Loans Alternative or private loans are offered by private lenders. Eligibility for private student loans often depends on students’ and co-signers’ credit scores.  Learn more about how alternative loans compare to federal loans.

 

Responsible Borrowing