Federal Direct Loan Programs
Antioch University is approved to award Federal Direct Loan Programs. These include Subsidized and Unsubsidized loans for students in both undergraduate program and Unsubsidized loans for graduate programs. We also participate in the Federal PLUS Loan program for parents with students enrolled in an undergraduate program (Federal Parent PLUS Program) and for graduate students (Federal Grad PLUS Program.) For more detailed information about these loan programs, you should go to the Department of Education’s website, https://studentloans.gov/.
Federal Direct Loans
The interest rate is fixed each year. In 2012-2013 the interest rate for undergraduates students is fixed at 3.4% for the subsidized loan and 6.8% for the unsubsidized loan.
Federal Parent PLUS loan
Parents of dependent students may apply for a Parent Plus loan, limited to the cost of attendance minus other financial aid received. Plus loans have an interest rate of 7.9%. Plus loan borrowers cannot have an adverse credit history (a credit check will be done). If you have an adverse credit history, you may still receive a Direct Plus loan is you obtain an endorser (someone who agrees to repay the loan if you do not). If you are a parent borrowing on behalf your dependent student, the endorser may not be the student on whose behalf the parent is applying for the loan.
Federal Direct Loans
The interest rate in 2012-2013 for graduate students is fixed at 6.8% for unsubsidized loans.
Federal Grad PLUS Loan
A Federal Grad PLUS loan is an unsubsidized loan for graduate/professional students, limited to the cost of attendance minus other financial aid received. Plus loans have an interest rate of 7.9%. Federal PLUS loan borrowers cannot have an adverse credit history (a credit check will be done). If you have an adverse credit history, you may still receive a Federal Plus loan is you obtain an endorser (someone who agrees to repay the loan if you do not). In some cases, you may be able to obtain a Federal PLUS loan if you document that there are extenuating circumstances related to your adverse credit history.
How to Apply
First time Antioch University borrowers must complete Entrance Counseling and sign a Master Promissory Note (MPN) online. These items are required for both the Subsidized and Unsubsidized Federal Direct Loans and Federal PLUS Loans.
To complete your Entrance Counseling
Go to https://studentloans.gov and login using the pin number you used to electronically sign your FAFSA. Select “Complete Entrance Counseling” and continue. When you have completed the quiz, print out the completed Counseling Verification Page and submit it to the Financial Aid office at AUSB.
To complete your Complete Master Promissory Note (MPN)
Go to https://studentloans.gov and login using the pin number you used to electronically sign your FAFSA. Select “Complete Master Promissory Note” and then click on Subsidized/Unsubsidized. Follow the instructions and print the MPN to keep for your record. Note: if you are a graduate student and wish to take out a Grad PLUS Loan, you will need to complete both the Request Federal PLUS loan and the Federal PLUS Loan Master Promissory Note (MPN). See below for additional information about applying or a Federal PLUS Loan.
Federal PLUS Loans
To apply for a Federal PLUS loan, go to https://studentloans.gov and complete the Request Federal PLUS Loan form regardless of whether you have already filled out the Federal PLUS Loan MPN. The Request Federal PLUS Loan is a 4-step process required to initiate a credit check for the Federal PLUS loan. Login using your Federal Student Aid PIN (the number you used to electronically sign your FAFSA.) The four steps are:
- Personal Information (if the borrower has a previous loan, many data fields will be pre-populated.)
- Student and Loan Information
- Review Application
- Credit Check and Submit
In addition to providing basic demographic information and completing a credit check, the Request PLUS Loan allows for borrower to provide certain information to the school including:
- Credit Balance Option – Federal Parent PLUS borrowers can indicate whether the want any remaining credit balance to be paid to the parent or to the student.
- Award Amount Information – Borrowers can request a specific amount they wish to borrow, or can request the school determine the maximum amount they are eligible to receive by selecting the Maximum Amount Indicator
You will receive the results of a borrower-initiated credit check immediately while you are online. If approved, you will be advised to complete a Federal PLUS Loan MPN (unless one is already on file.) If you are not approved, you will be asked how you want to proceed, such as not pursuing a Federal PLUS Loan, obtaining an endorser (co-signer), or appealing the credit decision.
Students who wish to take out a Federal PLUS Loan and have already completed the Federal PLUS loan MPN, must still complete the Request Federal PLUS Loan form to apply for a Federal PLUS Loan.
Federal PLUS Loan borrowers with credit appeals or endorser questions can also call the US Department of Education at 800.557.7394.