Loans and Grants
Loans
Below are the many types of loans available to you. For the Stafford and Parent loans, we have a list of primary lenders who are very knowledgeable about the operation of Federal loans and familiar with the needs of Creighton students. Recent Congressional action may change certain loan terms.
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Federal Perkins Loans is a need-based loan administered by the Creighton University Business Office.
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Federal Subsidized Stafford Loan is a need-based loan. Students must select a lender to borrow these funds.
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Federal Unsubsidized Stafford Loans is a non-need based loan. Students must select a lender to borrow these funds.
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Federal Parent Loan for Undergraduate Students (PLUS) is a loan that allows credit-worthy parents to borrow the cost of attendance minus other aid. Parents must select a lender and complete an application to borrow these loan funds.
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Federal Nursing Loan is a need-based loan awarded to nursing student beyond their freshman year.
Federal Stafford Student Loan
What are the terms for the federal Stafford Student Loan?
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Fixed interest rate of 6.8% on all unsubsidized loans
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Fixed interest rate of 5.6% on subsidized Stafford loan funds (dispersed after 7/1/09)
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6 month grace period
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Loan may be subject to lender origination fees and federal default fees
How much can I borrow? **
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Freshmen
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Sophomore
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Junior/Senior
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Sub. & Unsub. for All Students
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$3,500
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$4,500
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$5,500
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| Add'l Unsbub for Eligible Students |
$2,000 |
$2,000 |
$2,000 |
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Addl. Unsub. for Independent Students
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$4,000
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$4,000
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$5,000
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**Effective for the 2009-2010 Academic Year (as of 2/1/09)
Parent Loan for Undergraduate students (PLUS)
What are the terms for the Parent Loan for Undergraduate Students (PLUS)?
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Fixed interest rate of 8.5%
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Repayment begins within 60 days of the final disbursement
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Parents can borrow cost of attendance less other aid
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Loan may be subject to lender origination fees and federal default fees
How do I apply?
Go to the Financial Aid Office's loan program list to select a lender and complete an on-line Master Promissory Note (MPN) for a Stafford and/or a PLUS loan. Your lender will notify our office of the completed application.
A student only needs to complete an MPN one time. In future years, the Financial Aid Office will certify your Stafford Loan Funds for the amount you accept with the award notification.
To borrow funds through the PLUS program in future years, contact your lender each year. As you are approved each year, the lender will notify our office.
Note: The Financial Aid Office will contact all primary lenders to resolve outstanding issues. Borrowers selecting a lender not on the list will be required to resolve any issues directly with the lender.
Grants
Yearly amounts will vary, based on program funding, the family’s contribution as determined by the FAFSA and enrollment status.
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Federal Pell Grant is awarded to students with exceptional need.
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Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to students with Pell Grant Eligibility.
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Nebraska State Grant is awarded to Nebraska residents with exceptional need.
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Creighton University Grant is awarded to students based upon demonstrated financial need.