Are you ready?

If you’re ready to see how you can change the world as an Ursuline student, begin your application below. Not ready to apply yet? Start learning more about Ursuline by requesting information or visiting today.

Apply Now

Loans for UCAP Students

Loans for UCAP Students

Ursuline College Loans

Loan funds must be repaid, typically after graduation. While some students are intimidated by the idea of student loans, they are actually a great tool to help finance your education. Most Ursuline students report that their loan was worth it, and find that their payments are manageable after graduation.

 

Ursuline College Loans

Loan funds must be repaid, typically after graduation. While some students are intimidated by the idea of student loans, they are actually a great tool to help finance your education. Most Ursuline students report that their loan was worth it, and find that their payments are manageable after graduation.

Federal Direct Loans

All Ursuline College students who complete the FAFSA will be awarded the Federal Direct Loan based on their grade level for the academic year. The Subsidized Direct Loan and Unsubsidized Direct Loan are offered to most borrowers. The current interest rate for both Subsidized and Unsubsidized Direct Loans for undergraduate students is 4.45%.

  • Subsidized Direct Loans are awarded to undergraduate students who demonstrate financial need to help cover the cost of your education at Ursuline College.. The Subsidized Direct Loan does not accrue interest while the student is in school, and will not begin to accrue interest until 6 months after the student has graduated or stopped out. Interest rates for Unsubsidized Direct Loans are the same as the Subsidized Loan program.
  • Unsubsidized Direct Loans are awarded to undergraduate, graduate, and professional students regardless of financial need. Interest does accrue on the Unsubsidized Direct Loans and will capitalize unless you choose to pay the interest while in school.
  • The current interest rate for both Subsidized and Unsubsidized Direct Loans for undergraduate students is 4.45%
Additional Loan Requirements
  • Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated, when interest is charged, available repayment plans, and deferment and cancellation provisions. The MPN must be signed and on file in order for you to receive the loan funds. If you are a previous borrower and have a valid MPN on file, you are not required to sign again. The federal direct loan website listed below includes more detailed information on the electronic signature process and the loan details.
  • Loan Entrance Counseling is required for all first-time borrowers at Ursuline College (undergraduate and graduate). This counseling session provides information to help you understand your federal loan responsibilities as well as provides useful tips and tools to help you develop a budget for managing your educational expenses. You can complete your Loan Entrance Counseling at www.studentloans.gov – you should allow approximately 30 minutes for this session.
  • You will need your FSA ID Username and Password to login and complete both the MPN and Entrance Counseling. We have created a tutorial with screen shots to assist students through this process, if needed (see Financial Aid Resources) Link to resources page
  • Students must be enrolled at least half-time (6 credit hours undergraduate; and 3 credit hours graduate) and meet all other compliance requirements in order for the loan funds to be disbursed to the student’s account.
  • Loan Exit Counseling is a federal requirement and a mandatory process for all student loan borrowers. Exit Counseling is required for all students who have completed their degree, have chosen not to return to Ursuline College, or are attending less than half-time (less than 6 credit hours undergraduate). The exit counseling session includes information about repayment options, deferments, and your rights and responsibilities for your student loan. You should allow 25-30 minutes to complete the Exit Counseling process. To complete the counseling session, go to www.studentloans.gov. You will need to login with your FSA ID Username and Password. Ursuline College does offer in-person Exit Counseling for graduating seniors each year in April. A financial aid representative will be available to review all of the information required for Exit Counseling and answer any questions you may have. You can choose this option instead of the on-line counseling if you wish. Information as to the date and time of the session each year will be sent to you with your graduation information.
Federal Direct PLUS Loan for Parents

The Parent PLUS Loan is a federal loan that parents of dependent undergraduate students may borrow for educational expenses. It is a non-need based loan with a current variable interest rate of 7.0%, and a cap of no higher than 10.5%. Interest accrues on this loan while the student is in school; however, the parent has the option of deferring payments as long as the student remains enrolled at least half-time (6 credit hours).

There are two steps that a parent needs to complete in order to receive a Federal Direct PLUS Loan:

  1. Complete a PLUS Loan Application.
  2. Complete the Master Promissory Note (MPN).

Both steps listed above require the parent to login with his or her FSA ID Username and Password (not the student’s).

The PLUS Loan Application will determine if you are eligible to borrow for this program. A credit check will be done once submitted and the results will be sent to both the parent and the school. The second step is completing the Master Promissory Note (MPN). The MPN is a legal document in which the parent promises to repay his or her loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of the loan(s). If a parent is borrowing a Direct PLUS Loan for more than one student, the parent will need to complete a separate MPN for each loan.

You will receive a disclosure statement that gives you specific information about any loan that the school plans to disburse under your MPN, including the loan amount and loan fees, and the expected loan disbursement dates and amounts.

 

Loan Limits, Interest Rate and Loan Charges

There are no set limits for Direct PLUS Loans, but you may not borrow more than the cost of your child’s education minus any other financial aid received, such as a Direct Subsidized or Unsubsidized Loan. The school will determine the actual amount you may borrow. The interest rate for Direct PLUS Loans is a fixed rate of 7.0%. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan’s first disbursement. To find out more information on interest rates for Direct PLUS Loans, contact the Direct Loan Servicing Center. In addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these low-interest loans. Ursuline College will deduct the fee before you receive any loan money, so the loan amount you actually receive will be less than the amount you have to repay.

 

Using the PLUS Loan for Education Expenses

You may use the loan money you receive only to pay for your child’s education expenses at the school that is giving you the loan. Education expenses include school charges such as tuition, room and board, fees, and indirect expenses such as books, supplies, equipment, dependent child care expenses, transportation, and rental or purchase of a personal computer.

 

Additional Unsubsidized Based on Parent PLUS Denial

Dependent students whose parents have applied for but were denied for a PLUS Loan are eligible to receive additional Direct Unsubsidized Loan funds. Eligible students can receive up to $4,000 unsubsidized for freshmen and sophomore years and up to $5,000 for junior and senior years. Students should contact the Financial Aid Office for more information if parent(s) are denied for a PLUS Loan.

Private Loans

Private loans are funds from private lenders to help cover educational costs. There are private loans available for students or for parents. A student may want to consider a private loan when federal and/or state financial aid is not enough to cover the student’s cost of attendance.

Each private loan lender has specific criteria you must meet to qualify for a loan. Some loans may be for specific majors only and/or require a co-signer. Most lenders will review the applicant’s credit history. In addition, Ursuline College may be asked to certify that you are making Satisfactory Academic Progress and that you have not exceeded your cost of attendance.

Your estimated cost of attendance COA is a standardized estimate of what it will cost you to attend Ursuline College for the academic year. Private loans must be re-applied for every academic year.

Your estimated COA is comprised of the following components:

  • Tuition and Fees
  • Room and Board
  • Books
  • Transportation
  • Miscellaneous Personal Expenses.

Your financial aid package (including private loans) cannot exceed your estimated COA. See the Tuition and Cost page for specific amounts.

Choosing the right private loan for you.

There are many things to consider when choosing a lender. Be sure to ask the following questions

  • What is the loan origination (processing) fee?
  • What is the interest rate? Typically, the interest rate on private loans is higher than Federal Subsidized and Unsubsidized Loans.
  • When do I have to start repaying the loan? The repayment period for private loans varies among loan programs.
  • Do I have to be meeting Satisfactory Academic Progress? The Satisfactory Academic Progress Standards requirement varies among loan programs.

Many lenders offer private loans. While Ursuline College does not endorse any specific private loan lender, our electronic lender list includes lenders that we work very closely with and whose loan programs fit our students needs the best. We encourage you to research various lenders and select the one that best fits your needs.

To review and compare some private loan products and begin the application process, please visit Great Lakes FAST Choice webpage. To begin the process, please click the button below.

Choosing the right private loan for you.

There are many things to consider when choosing a lender. Be sure to ask the following questions

  • What is the loan origination (processing) fee?
  • What is the interest rate? Typically, the interest rate on private loans is higher than Federal Subsidized and Unsubsidized Loans.
  • When do I have to start repaying the loan? The repayment period for private loans varies among loan programs.
  • Do I have to be meeting Satisfactory Academic Progress? The Satisfactory Academic Progress Standards requirement varies among loan programs.

Many lenders offer private loans. While Ursuline College does not endorse any specific private loan lender, our electronic lender list includes lenders that we work very closely with and whose loan programs fit our students needs the best. We encourage you to research various lenders and select the one that best fits your needs.

To review and compare some private loan products and begin the application process, please visit Great Lakes FAST Choice webpage. To begin the process, please click the button below.

TEACH Grant Program

The Teaching Education Assistance for College and Higher Education (TEACH) Grant program provides grants up to $4,000 per academic year with an undergraduate maximum of $16,000 and a graduate maximum of $8,000 to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. To read more about the TEACH Grant program, please click the button below.

TEACH Grant Program

The Teaching Education Assistance for College and Higher Education (TEACH) Grant program provides grants up to $4,000 per academic year with an undergraduate maximum of $16,000 and a graduate maximum of $8,000 to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. To read more about the TEACH Grant program, please click the button below.

Are you ready?

If you’re ready to see how you can change the world as an Ursuline student, begin your application below. Not ready to apply yet? Start learning more about Ursuline by requesting information or visiting today.

Apply Now