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.

Undergraduate and graduate students may be eligible to borrow loans under the Federal Direct Loan program. Loan eligibility is determined through a combination of factors including, but not limited to: FAFSA completion, dependency status, grade level, and maintaining satisfactory academic progress. Click here for more information on this loan program.

First-time loan borrowers of a Federal Direct Loan must complete a Master Promissory Note (eMPN) and Entrance Counseling at StudentLoans.gov.

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 website 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 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.  Some private lenders require students to be passing Satisfactory Academic Progress (SAP) in order to borrow alternative loans.  A filter option for lenders not requiring SAP is available on the ELM Select site. These loans are typically issued in your name and require a cosigner. Click here for more information about these types of loans.

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 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.  Learn more here

NOTE: The Federal Perkins Loan Program is ending September 30, 2017. Please be sure outstanding Entrance Counseling and Master Promissory Note requirements for Federal Perkins Loan are completed prior to September 30, 2017.  Perkins loans not able to be disbursed by this date will be canceled in accordance with federal regulation.

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