Financial Aid

Loans

Do I Need Loans?

  • 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.

  1. Federal Parent PLUS Loan
    • 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.
  1. Alternative Loan
    • Alternative or also referred to as private loans are offered through banks and credit unions.
    • They can be used to pay for education costs not covered by other aid.
  1. Payment Plans
  1. Student Employment – pay as you earn.

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Have questions about your student loans?Review basic questions and answers out on studentaid.gov!
View here!

Federal Perkins Loan

THIS PROGRAM HAS ENDED EFFECTIVE October 1, 2017. If you have borrowed in the past, please review the Repayment and Loan Forgiveness Information.  

 

Cohort Default Rate Information

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

FY 2016 Alma College 5% National Rate 10.1%

Official Cohort Default Rates

Steps to Avoid Defaulting on a loan: https://studentaid.gov/manage-loans/default/avoid
More information can be found at https://studentaid.gov/data-center/student/default