Loans and Grants
Loans
Below are the many types of low-interest loans available to students and parents to help offset the cost of education. For the Financial Aid Office to determine your eligibility for loans, you will need to complete the the Free Application For Federal Student Aid (FAFSA).
- Federal Perkins Loans are need-based loans administered by the Creighton University Business Office.
- Federal Subsidized Direct Loans are also need-based loans. Students must select a lender to borrow these funds.
- Federal Unsubsidized Direct Loans are non-need based loans. Students must select a lender to borrow these funds.
- Federal Direct 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.
- Federal Nursing Loans are need-based loans awarded to nursing students beyond their freshman year.
Federal Direct Student Loan
What are the terms for the federal Direct Student Loan?
- Fixed interest rate of 6.8% on all unsubsidized loans
- Fixed interest rate of 3.4% on subsidized Direct loan funds (dispersed after 07/01/12)
- 6 month grace period
- Loan may be subject to lender origination fees and federal default fees
How much can I borrow? **
| Freshmen | Sophomore | Junior/Senior | |
|---|---|---|---|
| Sub. & Unsub. for All Students | $5,500 | $6,500 | $7,500 |
| Add'l Unsbub for Eligible Students | $2,000 | $2,000 | $2,000 |
| Addl. Unsub. for Independent Students | $4,000 | $4,000 | $5,000 |
| **Effective for the 2012-2013 Academic Year (as of 07/01/12) | |||
Parent Loan for Undergraduate students (PLUS)
What are the terms for the Parent Loan for Undergraduate Students (PLUS)?
- Fixed interest rate of 8.5%
- Repayment begins within 60 days of the final disbursement
- Parents can borrow cost of attendance less other aid
- 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 complete an on-line Master Promissory Note (MPN) for a Direct and/or a Parent 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 Direct Loan Funds for the amount you accept with the award notification.
To borrow funds through the PLUS program in future years, you must make a new request each year. Contact the Financial Aid Office for more information.
Grants
Yearly amounts will vary, based on program funding, the family?s contribution as determined by the FAFSA and enrollment status.
- Federal Pell Grant is awarded to students with exceptional need.
- Federal Supplemental Educational Opportunity Grant (FSEOG) may be available to students who are Pell Grant eligible.
- Nebraska Opportunity Grant is awarded to Nebraska residents with exceptional need.
- Creighton University Grant is awarded to students based upon demonstrated financial need.
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