Loans

Many people are under the assumption that loans are not financial aid. "Financial aid," however, refers to grants, employment and loans. The types of federal loans a student is eligible for are included in the student's Financial Aid Offer.

Although recommended as a practical means of funding a college education, you are not obligated to accept a loan as part of your Aid Offer. In fact, you should think carefully about borrowing. A family should consider level of debt that you may be incurring over the span of your education and the amount you may be repaying over the life of the loan when deciding whether or not to borrow an educational loan.

Your Aid Offer will include information on federal student loans only. There are other types of educational loans available such as a Federal PLUS and private Alternative Loans. Descriptions on all of the loan programs can be found below. It is recommended that before borrowing a loan, all grant and scholarship options are explored first.  If a loan is needed, we recommend that you exhaust federal loan options first.

Should you decide to accept the loan offered to you, additional forms must be completed. Please read all forms carefully prior to submitting them to the appropriate agency. Keep in mind that loans must be repaid and borrowers do have specific rights and responsibilities when taking a loan.

To review the overall cost of a loan, please review the loan calculator(s).

Loan Programs

 

Federal Loans

Federal Direct Subsidized & Unsubsidized Loans - federal loan
Nursing Student Loans - federal loan
Federal Perkins Loans - federal loan (program expired Sept. 30, 2017)
Federal Direct PLUS - federal loan

Non-federal/Private educational loans

Private educational loans should only be borrowed after all federal aid is exhausted including federal loans.  Private educational loans often require a student to have a credit-worthy co-signer and each lender has their own loan terms, interest rates and fees.  Wagner College does not recommend any private loan lenders.  A family is encouraged to research lenders and choose the one who has the best terms according to the student needs.

If a private educational loan is borrowed, we recommend borrowing only what is needed to assist with covering your educational costs.

Borrowers are required to complete a Private Educational Loan Applicant Self-Certification form and return it to their lender.

* Please read the information about choosing a lender prior to completing your loan application.

The Federal Trade Commission has published a brochure about consumer credit and student loans.  It is a valuable resource and a tool to becoming an educated student loan consumer.

Loan-Related Information

Federal Direct Federal Loan Master Promissory Note
Federal Direct Loans Entrance Counseling
Federal Direct Loan Loan Exit Counseling
Federal Direct Federal PLUS/GradPLUS Master Promissory Note

Federal Plain Language Disclosure for Subsidized and Unsubsidized Loans