Loans
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 $5,500 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.
