Loan Programs
Loans are offered to students and parents to help fund your education. Shippensburg University does NOT offer a list of recommended lenders for private alternative loans. However, we recommend that you compare between six to ten lenders when shopping for an alternative student loan.
The following is a summary of loan programs.
Loan Program Summary
| Program |
Basis |
Annual Award |
Remarks |
| Federal Perkins Loan |
Need |
$400 - 2,600 |
Awarded based on need analysis |
| Federal Direct Stafford Loan |
Need/Non-need
|
depends on class standing |
See Federal Stafford Loan Page |
| Federal Direct Plus Loan |
- |
Up to cost of education less other aid received |
Federal Direct PLUS Loan application required. Must complete Free Application for Federal Student Aid (FAFSA) |
| Alumni Student Loan |
Need |
Up to tuition costs |
Available to academically outstanding students. Contact Financial Aid Office for more information. |
| Bush Student Loan |
Need |
Up to tuition costs |
Available to academically outstanding students. Contact Financial Aid Office for more information.
|
| Private Alternative Loan |
Non Need |
Up to cost of education less other aid received |
A separate application with a lender of your choice is required.
|
| Federal Direct Graduate PLUS Loan |
- |
Up to cost of education less Federal Driect Stafford Loan received |
Federal Direct Gradulate PLUS Loan application required. Must complete Free Application for Federal Student Aid(FAFSA) |
Tax Benefits
If you are borrowing federal student loans, please make note of the following tax benefits available to you (be sure to ask your tax preparer about these benefits):
- The student loan interest deduction can reduce the taxable income of many student and parent loan borrowers based on the amount of interest paid by the borrower or on the borrower's behalf over the tax year.
- The tuition and fees deduction can reduce the taxable income of taxpayers based on college tuition and fees paid during the tax year.
- The American Opportunity, Hope, and Lifetime Learning tax credits allow many taxpayers to claim a credit against their federal income taxes for college tuition and fees paid during the tax year.
Source:
http://www.tgslc.org/borrowers/tax/