Loan Options

Application: Complete the FAFSA at studentaid.gov.

Amount: Varies based on need.

Eligibility: Must be enrolled at least half-time (6 credits) as an undergraduate student. Eligibility based on need according to the FAFSA.

Interest: 5.5% for 23-24 academic year; does not accrue interest while student is in school.

Repayment: There is a 6-month grace period after student graduates or drops below half-time status before repayment begins.

Application: Complete the FAFSA at studentaid.gov.

Amount: Varies

Eligibility: Must be enrolled at least half-time (6 credits) as an undergraduate student.

Interest: 5.5% for 23-24 academic year; accrues interest while student is in school.

Repayment: There is a 6-month grace period after student graduates or drops below half-time status before repayment begins.

Application: Complete at studentaid.gov using the Parent’s FSA ID.

Amount: Varies per request.

Eligibility: Available to parents or stepparents of dependent students enrolled at least half-time (6 credits) in an undergraduate program.

Interest: 8.05% for 23-24 academic year; accrues interest once it is disbursed.

Repayment: Repayment starts once the loan has been fully disbursed. Borrower can request a deferment during the application process.

Note: If a parent is denied via the credit check, a student may qualify for up to $5,000 additional on their Unsubsidized Federal Direct Loan.

Description: Private students are an additional funding option when other aid options are exhausted. Students can select a lender based on the factors that are most important to them. Most loan servicers will require a cosigner.

Application: Application will be on the lender’s website. Geneva’s lending list is located at elmselect.com. While this is not a mutually exclusive list, it is a good starting point for comparing lenders.

Amount: Varies per request

Eligibility: Refer to the lender’s terms.

Interest: Variable or Fixed

Repayment: Refer to the lender’s term for the loan.

Application: Complete the FAFSA at studentaid.gov.

Amount: Varies

Eligibility: Must be enrolled at least half-time (6 credits) as an undergraduate student.

Interest: 7.05 % for 23-24 academic year; accrues interest while student is in school.

Repayment: There is a 6-month grace period after student graduates or drops below half-time status before repayment begins.

Application: Complete at studentaid.gov using the Parent’s FSA ID.

Amount: Varies per request.

Eligibility: Available to parents or stepparents of dependent students enrolled at least half-time (6 credits) in an undergraduate program.

Interest: 8.05% for 23-24 academic year; accrues interest once it is disbursed.

Repayment: Repayment starts once the loan has been fully disbursed. Borrower can request a deferment during the application process.

Description: Private students are an additional funding option when other aid options are exhausted. Students can select a lender based on the factors that are most important to them. Most loan servicers will require a cosigner.

Application: Application will be on the lender’s website. Geneva’s lending list is located at elmselect.com. While this is not a mutually exclusive list, it is a good starting point for comparing lenders.

Amount: Varies per request

Eligibility: Refer to the lender’s terms.

Interest: Variable or Fixed

Repayment: Refer to the lender’s term for the loan.

A subsidized loan is need based and determined by the financial information provided on the FAFSA. Interest accrued while the borrower is in school is paid by the federal government. An unsubsidized loan is not need based and will accrue interest while the borrower is in school. Both loans have a 6-month grace period before repayment starts after graduation.

The lender for any Direct loans is the Federal Government. Your loan servicer handles the billing and other loan servicers on behalf of the government. You can find your servicer on the dashboard of studentaid.gov.

A wide range of individuals can be a co-signer has long as they are credit worthy, understand and accept the responsibilities of being a cosigner, and meet any specific requirements of the lender. It can be a parent or guardian, a relative such as a grandparent, aunt, uncle, or cousin, a spouse, or another individual who is supportive of your goal to achieve higher education.

Direct loans have an origination fee. The current interest rate on direct subsidized and unsubsidized loans is 1.057%. For PLUS loans, the fee is 4.228%. Take this into consideration when selecting the amount that you want to borrow. Private student loans typically do not have any origination fees; however, you can confirm with your individual lender.

Loan funds must be used for educational expenses included in the institution’s cost of attendance. These expenses include tuition and fees, food and housing, transportation, and other miscellaneous expenses.

Yes, you can start repaying your loans as soon as they officially disburse. There are no fees or penalties for paying loans off before the due date. If you can, it is recommended to at least be making interest payments while in school. Interest that is not paid by the time repayment starts will be capitalized and added to the loan balance. This can greatly increase the cost of loans and borrowing.