Loans
Online Federal Direct Stafford Loan Acceptance:
Federal Direct Stafford Loan Acceptance Form
Understanding Loans
Loans are types of financial assistance that must be repaid. Be sure that you understand the terms of any loans you borrow for your education. The repayment terms of student loans can vary. The terms of each loan type and estimated repayment schedules will be available from your through the Direct Lending program (www.dl.ed.gov). For Metro State Lenders for Federal Direct Stafford and Federal PLUS Loans, the Department of Education is the guarantor. Entrance Interviews are mandatory for all first-time Stafford Loan borrowers at Metro State to inform you of your rights and responsibilities as a student borrower. Loan type and loan eligibility amount is determined by the Office of Financial Aid, based on information from the Free Application for Federal Student Aid (FAFSA). If you have further questions about a loan, please contact the Office of Financial Aid and/or your lender.
Types of Loans
Federal Direct Stafford Loans
Federal Direct Stafford Loans are for undergraduate students made through
the Direct Lending program. These loans are
borrowed and will be repaid by the student. Students must be enrolled
in a degree seeking program, have completed the Free Application for
Federal Student Aid (FAFSA) for the appropriate aid year, be making
Satisfactory Academic Progress, and be enrolled in at least six credit
hours to be eligible for a Federal Direct Stafford Loan (further eligibility
requirements will be determined by the Office of Financial Aid upon
receipt of a student's FAFSA). Please read the additional eligibility
requirements and additional information about Stafford Loans on the
Federal Direct Stafford Loans Webpage. There are
federal regulations limiting the amount of loan funds a student may
borrow.
Federal Parent PLUS
Loan
The Federal PLUS Loan is available to credit-worthy parents (birth
parent, stepparent or an adoptive parent) of dependent undergraduate
students. Metro State offers PLUS Loans through the Direct Lending Program. Parents may borrow up to the Cost
of Attendance for a student's education, less the amount of any
other financial aid received. You can review additional information
about Federal PLUS Loans by visiting the Federal
Parent PLUS Loan Webpage.
Federal Perkins Loans
Federal
Perkins Loans are long-term federal loans based on each student’s
need eligibility. A Free Application for Federal Student Aid (FAFSA)
is required. Amounts of Federal Perkins Loan awards can range from
$500 to $4,000 depending on the college’s funding. Please
visit the Federal Perkins Loan Webpage
for additional information.
Alternative Loans
Alternative
Loans, also known as Private Loans, help a student cover the difference
between the cost of attendance and financial aid. Alternative Loans
are credit based and can be borrowed in addition to Federal Direct Stafford
and PLUS Loans. Alternative Loans are offered by private lenders
who require the completion of their loan applications. A Free Application
for Federal Student Aid (FAFSA) is not required, but there are other
eligibility requirements that must be met such as the Office of
Financial Aid's Satisfactory Academic Progress Policy and minimum
enrollment requirements. Please visit the Alternative
Loans Webpage for additional information.