Loans Make Education Accessible
At Holy Names University, we understand that the costs of attending a private university can be daunting for prospective students. We offer various financial aid opportunities that bring the cost of attendance to a price comparable to a state school.Most financial aid available to our students takes three forms: scholarships, grants, and loans. You won't have to pay back scholarships or grants. Though you have to repay loans, they make education accessible for many of our students.
Do you think you’ll need additional financial support to cover the cost of your education? Applying for a federal or private loan can help. We’ve listed resources below, and we encourage you to look at all of your options to ensure you find the best choice for you.
Your federal loan options
Federal loans are excellent solutions because they usually have low, fixed interest rates. That quality makes direct subsidized and direct unsubsidized loans attractive for undergraduate and graduate students. Some advantages of federal loans are:
- There are no consigning or credit check requirements.
- You have access to several repayment plans.
- You can defer paying on your loans while you’re a student.
Dependent undergraduates and graduate students can receive Federal Direct PLUS loans. These loans have fixed interest rates, and credit determines eligibility. Some benefits of PLUS loans are:
- You can repay your loan through various repayment plans, which are usually flexible.
- The federal government federally insures PLUS loans.
- You can defer payment while you’re in school.
Federal loans and other forms of financial aid are the best options for paying for college. If those funds don’t cover the Cost of Attending (COA), you may apply for a private loan. Note that:
- Private loans have fixed-interest and variable rates.
- Private lenders can require a cosigner and a credit check.
- The terms of your agreement depend on your lender.
Direct subsidized and unsubsidized Loans are federal loans for students pursuing higher education:
- Direct subsidized loan: The direct subsidized loan is only available for undergraduates who show financial need.
- Direct unsubsidized loan: You do not need to prove financial need for the direct unsubsidized loan, and it is an option if you’re enrolled in undergraduate or graduate studies.
The biggest difference between subsidized and unsubsidized loans lies in their interest. Recipients of an unsubsidized loans are responsible for paying interest on their loans at all times. A subsidized loan is unique because the U.S. Department of Education pays the interest in three circumstances:
- When you’re enrolled as at least a half-time student.
- In the six-month grace period after you leave school.
- During a postponement of payments, called a deferment.
How to Apply for Undergraduate Student Loans in California
Your Free Application for Federal Student Aid (FAFSA) sends your financial information to your school. They determine the maximum amount for your direct subsidized and unsubsidized loans. That means you apply for these federal loans by submitting your FAFSA.
You can apply for a Federal Direct PLUS Loan on the Federal Student Aid website. You must submit your Direct PLUS Loan Master Promissory Note (Direct PLUS Loan MPN) before receiving your loan.
The application process for private loans varies. You can research private lenders online. Connect with the financial aid office for more information about finding a reputable lender.
Submit Your FAFSA
To qualify for federal student aid, you need to complete and submit your Free Application for Federal Student Aid (FAFSA) before the deadline. Check the Federal Student Aid website for the current deadlines.
The information you submit on your application determines your eligibility for various forms of federal student aid. Some school-specific aid also takes that information into account. Your FAFSA makes you a candidate for need-based scholarships, grants, and federal loans.
Complete Your FAFSA for an HNU Grant
If you complete your FAFSA by March 1, 2021, you’re eligible for a $1,000 HNU grant. You can receive this grant alongside your other financial aid, including any scholarships from Holy Names University.
Contact HNU About Undergraduate Student Loans in California
Request information about student loans from a source you trust. At Holy Names University, our enrollment counselors are waiting to tell you more. They can answer your questions about FAFSA and loans. You can also ask for information about any of our programs.
Get in touch with an enrollment counselor today. HNU can’t wait to welcome you!