Loans
Have you applied for financial aid?
The only way to know what the amount of your financial aid will be is to apply! Apply today and complete the FAFSA to know exactly how much you’ll need in loans.
We know this can be an intimidating process, but we help you understand how to take out loans and make smart decisions that can help you remain financially sound.
Understanding Loans
Loans assist students to cover the cost of college. Many see this as an investment into their future, allowing you to pay now for a degree that will pay off down the road. Students who earn a bachelor’s degree will make 84% more money over the course of their lifetime. By borrowing directly from the federal government, you can get low rates that can be easier to pay off.
Federal Loans
The Federal Direct Loan program typically provides low-interest loans. The lender is the U.S. Department of Education.
Loan Fees and Disbursement: The anticipated fee for Direct Subsidized and Unsubsidized Loans is approximately 1%. Loan funds (less the fees) are disbursed directly to the student’s Crown College account and they are evenly split between the terms of enrollment.
Direct Subsidized Loans
Direct Subsidized Loans are available to undergraduate students with financial need.
Your school determines the amount you can borrow, and the amount may not exceed your financial need.
The U.S. Department of Education pays the interest on a Direct Subsidized Loan:
- While you’re in school at least half-time
- For the first six months after you leave school
- During a period of deferment
Direct Unsubsidized Loans
Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
If you choose not to pay the interest while you are in school, or during grace periods, time of deferment or forbearance periods, your interest will grow and your interest will be added to the beginning amount of your loan.
Half-time enrollment required.
Parent PLUS Loans
The parent is the borrower and is responsible for the repayment of the loan.
It cannot be consolidated with student loans.
A Direct PLUS Loan has a fixed interest rate.
The parent borrower pays a fee for each loan.
Interest begins to accumulate when the loan has disbursed, repayment begins while the student is enrolled but deferment options are available through your lender.
Parent is the borrower and is responsible for applying and repaying the loan
Cannot be consolidated with students loans.
Apply
Go to StudentAid.gov to request a Direct Parent PLUS Loan and complete the Parent PLUS Loan Master Promissory Note (MPN). Parents may borrow up to the cost of attendance less other aid.
Graduate PLUS Loans
The Federal Direct Graduate PLUS Loan is a fixed interest loan that allows graduate students to borrow directly from the U.S. Department of Education to help pay for educational expenses up to the cost of attendance minus all other financial assistance.
Interest is charged during all periods.
Private Loans
You can also borrow from a private lender. However, be aware that private loans can be more expensive, especially in the long run. It’s usually best for you to consider Federal Student Loans first.
Private Student loans are borrowed by the student, and require a cosigner that can be a parent, family member or friend.
Private Student Loans
Loans created by a lender such as a bank, credit union, state agency, or a school. Private Student loans are borrowed by the student and require a cosigner that can be a parent, family member, or friend.
Private Parent Loans
Loans created by a lender such as a bank, credit union, state agency, or a school. Private Parent loans are borrowed by the parent.
Use the Cost of Attendance Worksheet to calculate your estimated direct and indirect costs for the academic year.
Use the Online Cost of Attendance Worksheet to calculate your estimated direct and indirect costs for the academic year.
Steps to Secure Your Loans
Are you ready to take the next steps? We’re here to help you along the process.
To accept your financial aid, go to our.crown.edu.
- Enter your Crown network username and password to log in.
- Select the Students tab and then Financial Services on the left hand side.
- Under Financial Aid Information click “View and accept financial aid”.
Go to studentaid.gov. Log in using your student FSA ID and password. Click on “I’m in school” and complete the following:
- Loan Agreement for Subsidized/Unsubsidized Loan (MPN)
- Entrance Counseling
Next Steps
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