We recommend exhausting all federal financial aid options before applying for a private loan as private loans are not regulated by North Park nor the government. They are often not as favorable as the PLUS and/or unsubsidized Stafford Loans in terms of fees, interest rates, and repayment schedules.
If you do determine that you need to access a private loan as part of your college funding plan, the following details are important to consider:
Students who leave North Park are required to complete exit counseling for their federal student loans (Stafford, Perkins, and Nursing Loans, if applicable). While you may have already paid off your loans, made payment arrangements with your lenders and servicers, or will be continuing your education elsewhere (which means that you will not begin repayment at this time), this exercise will provide you with valuable information about your student loans.
It is likely that you have borrowed multiple types of federal and/or private loans. You may have borrowed funds from a variety of lenders or loans may have since been sold to another lender/servicer. It is important to keep track of what you borrowed and who currently owns your loans so that you remain current on your accounts. You can access your federal loan history online. You will need your FSA ID to access your records.
One final note as you leave North payday loans in mountain view ca Park and enter repayment: Please make sure that you keep your contact information up to date with your lender/servicer. Name and address information updated at North Park will not be forwarded to your lender/servicer.
In order for your family to apply for a Parent PLUS Loan, you must complete the FAFSA as a dependent student. To be eligible to borrow a PLUS loan, your parent must not have adverse credit. If they are denied for the PLUS loan, you will be eligible for an additional unsubsidized Stafford Loan.
Repayment for Parent PLUS Loans begins 60 days after the final disbursement of the loan is received, and the repayment term is up to 10 years. Parents do have the option to defer payment on the PLUS Loan while you are enrolled at least half-time (six credits per semester). This choice can be selected when completing the PLUS Loan Application. Parents can also contact Direct Loan Servicing (800) 557-7394) to set up this payment option after the funds have been disbursed.