Loan Programs

Loans help you and your parents pay for your college education. The Federal government offers several different loan programs, and you can also apply for education loans via private alternative lenders such as banks as well as through an alumni program here at Ship.

Federal student loans offer several tax benefits for you and your parents:


  • Interest deduction reduces your taxable income based on the amount of interest paid during the tax year

  • Tuition and fees deduction reduces your taxable income paid during the tax year

  • American Opportunity and Lifetime Learning tax credits can be credited against your Federal income taxes for college tuition and fees paid during the tax year


For additional information about these benefits, find out more below and consult with your tax preparer.

If you are an undergraduate or graduate student with exceptional financial need, you may be eligible to receive a Federal Perkins Loan up to $2,000 based on need, fund availability and renewal of the Perkins Loan program by Congress. Learn more here.

If you are an undergraduate student, you may be eligible for a subsidized Federal Direct Loan of $3,500 to $5,500 per year (based on grade level) plus an unsubsidized loan of $4,000 to $7,000 (based on grade level and dependency status) per year. Graduate student borrowers are eligible for up to $20,500 per year in unsubsidized Federal Direct Loans.

First-time loan borrowers of a Federal Direct Loan must complete a Master Promissory Note (eMPN) and Entrance Counseling at StudentLoans.gov. Click here for more information on this type of loan.

 

If you are an undergraduate student, your parents may qualify for a Federal Direct Parent PLUS Loan to help you pay for college. This type of loan enables your parent to borrow up to an amount equal to your total cost of attendance at Ship minus any other financial aid you receive.

In order to borrow a Federal Direct PLUS Loan, your parents must log onto the StudentLoans.gov web site using their own FSA User ID and apply. If they are approved, they will need to complete a Master Promissory Note (eMPN) on StudentLoans.gov after April 1. Learn more about this loan here.

If you are a graduate student, you may borrow up to the total cost of attendance minus any other financial aid you receive with a Federal Direct Graduate PLUS Loan. To borrow, please complete a Master Promissory Note (eMPN) on StudentLoans.gov. Go here to find out more.

If you are an academically outstanding undergraduate or full-time graduate student and have need of additional financial assistance, Shippensburg has a limited number of Alumni Student Loans to help with your tuition costs. To learn more, click here or contact the Financial Aid Office at 717-477-1131.  

If you are an academically outstanding undergraduate student who needs financial help to complete your degree at Ship, contact our Financial Aid Office at 717-477-1131 and ask about a Bush Student Loan. Find out more about this program here.

If you are ineligible for Federal aid or require additional funds after Federal aid and assistance from Shippensburg have been provided to you, you may apply for an alternative student loan from a private lending institution, like a bank. These loans are typically issued in your name and require a cosigner. Click here for more information about these types of loans.