Typically, financial aid does NOT cover your entire cost.
Unlike grants and scholarships, loans must be repaid.
Loans can supplement what you can afford to pay out of pocket and make obtaining a college degree achievable.
There are different types of student loans. Eligibility, and terms vary by loan type.
Financial aid did not cover everything…Now What?
There are a variety of options to look at when trying to fill the gap that your aid did not cover. Below are some of those options for you to review. Please remember that you can use some, all, none, or a combination of these to cover remaining costs.
A credit based, fixed-rate loan that parents of dependent, undergraduate students can borrow to pay for a student’s educational costs not covered by other aid.
A school-based loan program primarily for Junior and Senior students with financial need. These loans are funded from donations and an endowment. The loan has a 6% fixed interest rate, a 6-month grace period, and a maximum 10-year repayment term. There are specific requirements to receive this loan. If you are eligible for the ACLTL, you will be notified on your Financial Aid Offer Letter. Instructions on the application process will be emailed to your student account by the Financial Aid Office.
A cohort default rate is the percentage of a school’s borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1 to September 30, and default or meet other specified conditions prior to the end of the second following fiscal year. Please refer to the Cohort Default Rate Guide for a more in-depth description of cohort default rates and how the rates are calculated: https://www2.ed.gov/offices/OSFAP/defaultmanagement/cdr.html
