Student loans are an important source of financial aid and are available to help meet expenses. These loans offer fixed interest rates, and some with no interest accruing while you’re enrolled in school at least half time. Repayment for most loans begins after graduation or withdrawal from college.
| Loans | Amount | Criteria | Comments |
|---|---|---|---|
| Federal Subsidized Direct Loan |
$3,500-$5,500 |
Submit FAFSA, awarded based on demonstrated need. | Interest is paid by the federal government while the student remains enrolled at least half-time. Six-month grace period after student leaves school before repayment begins. |
| Federal Unsubsidized Direct Loan |
$2,000-$7,000 | Submit FAFSA, no demonstrated need. Awarded with or instead of subsidized loan. | Student responsible for accrued interest. Six-month grace period after student leaves school before repayment begins. |
| Federal Direct PLUS Loan (for Parents or Graduate Students) |
Up to the cost of attendance minus other financial aid | Application is made with the lender; must be creditworthy. | Graduate students or parents of dependent undergraduate students may borrow the amount needed to cover educational costs minus other expenses not covered by financial aid. |
New Borrowers
You will need to complete your Direct Loan Master Promissory Note and your Direct Loan Entrance Counseling HERE. These documents are submitted electronically to King. The Master Promissory Note and Entrance Counseling walk new borrowers through the process of what a loan is, how it works, and what to expect.
Once you have completed the electronic loan process and your loan is approved, the funds are sent to King University and applied to your student account.
Exit Counseling
Federal Student Aid requires borrowers to complete Direct Loan Exit Counseling upon graduation or dropping below half time enrollment. Exit Counseling is submitted electronically and assists borrowers in repayment options and future management of student loans.
Access Direct Loan Exit Counseling HERE.
Click here for the Direct Loan Exit Counseling Guide.
Consolidation Loans
A Direct Consolidation Loan allows students to combine multiple federal student loans into one loan with a single monthly payment. Contact your lender for information on whether consolidation is right for you.
Private/Alternative Loans
Private Alternative Loans are available for students who have exhausted all other avenues of financial aid (i.e. Federal Direct Loans, Federal Parent PLUS Loans, outside scholarship opportunities, etc.). Private loans are credit-based and may require a co-borrower depending on the student’s credit history.
To apply for Alternative Loans using lenders that King University students have used over the past three years, visit FastChoice. The lenders listed on FastChoice is in no way an exclusive or exhaustive list of all existing lenders. The King University Financial Aid Office will honor requests to certify any alternative lender of your choice. The Private Loan Disclosure and Self Certification Forms are located on FastChoice.