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.
PRIVATE ALTERNATIVE LOANS FOR STUDENTS
Before turning to private education loans we encourage all of our students to complete the Free Application for Federal Student Aid (FAFSA) and consider first borrowing your maximum eligibility on the Federal Direct Student Loan program. The terms of the federal student loans are generally better than borrowing on a private alternative education loan.
Students that require additional funds to cover educational costs, who are enrolled less than half-time, or students who are not eligible for federal aid due to failing SAP may review more information on private alternative loans for students here.
In most cases when borrowing an alternative education loan, the student will need a credit-worthy cosigner. Each lender has different cosigner options available. Your cosigner does not need to be your parent.
To find lenders not requiring Satisfactory Academic Progress (SAP) or half-time enrollment please use the available filter options when using the ELM Select List.
PRIVATE ALTERNATIVE LOANS FOR PARENTS
Several lenders have available private education loans specifically for parents to borrow to cover their child's educational costs. Each lender offers its own terms and conditions. Please review more information on private alternative loans for parents here by entering Shippensburg University and selecting ‘Parent Loans’ on the loan program drop down menu.
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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