Loans

DIRECT UNSUBSIDIZED LOANS

Marygrove College participates in the Direct Loan Program. Students are eligible for Graduate unsubsidized loans.

Unsubsidized loans are awarded to students regardless of need. The student is responsible for the interest while enrolled and any unpaid interest is capitalized to the loan once the student ceases to be enrolled at least half-time.

This loan program is guaranteed by the federal government. There is also a limit on the amount a student can borrow. Students must do Entrance Loan Counselling and sign a Direct Loan Subsidized/Unsubsidized Master Promissory Note (MPN) before the loan will disburse to the student's account. These requirements are good for 10 years and must be redone at every new college.

Limits are placed on student borrowing based on cost of attendance (COA) and remaining aggregate loan limits.

Graduate students are eligible for up to $20,500 in an unsubsidized loans per academic year.

FEDERAL GRADUATE PLUS LOAN

Federal Grad PLUS loans are available to graduate students. This is a federally guaranteed unsubsidized loan with a fixed interest rate. These interest rates change from year to year. You may inquire about the rates at mfao@marygrove.edu.

There is a credit check but no co-signer is required.  Graduate students may apply and complete Graduate PLUS Entrance Loan Counseling at https://studentloans.gov.

PRIVATE/ALTERNATIVE LOANS

Alternative loans are private educational sign loans available through private lenders, such as your bank or credit union. Students apply for alternative loans through private lenders and are approved or denied based on the lender's eligibility criteria.

These are NOT federally guaranteed and interest rates and terms vary from lender to lender. In general, the interest accrues as soon as the loan disburses and varies quarterly. There is no cap on the interest rate and it is generally tied to the LIBOR or Prime rate.

Marygrove College will certify alternative loans for any lender up to the cost of attendance less any other aid received.

It is important to remember that these are NOT federally guaranteed student loans and should ONLY be requested after all other options have been exhausted. If you must apply for an alternative loan, it is recommended that you borrow only what you absolutely need to complete your education.

When choosing a private lender, some key questions to consider:

  • What is the minimum enrollment level?
  • Must I be making satisfactory academic progress?
  • What is the interest rate?
  • How does the interest rate vary?
  • Is interest tied to the LIBOR or Prime rate?
  • When must I begin making payments?
  • What are the terms of repayment?
  • Are there any forgiveness or forbearance terms?
  • Is a co-signer required?
  • Can the co-signer be released?

Financial Aid Available

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