Loan Programs Designed For Undergraduate Students
Federal Direct Loans - subsidized and unsubsidized and PLUS (Parent loan for dependent students)
- Subsidized: For undergraduate students with demonstrated financial need, as determined by the FAFSA. The Federal government pays the interest on this loan while the student is enrolled in school on at least a 1/2 time basis.
- Unsubsidized: This type of loan is not based on financial need. Interest is charged while the student is in school, grace and deferment periods. Interest accrued during these periods will be capitalized onto the principal amount borrowed when the student drops below 1/2 time enrollment. When students complete the Master Promissory note (MPN) they are given the option of making interest payments during the in-school period.
- PLUS: This is an unsubsidized loan for the parents of dependent students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods and repayment normally begins 60 days after the loan is fully disbursed. A FAFSA is required to determine the parents' eligibility along with a credit check of the parents' credit worthiness.
- Alternative Loans
- Once you have exhausted all federal grant, loan and work opportunities along with institutional aid funds, but still do not have the personal resources to pay any remaining balance owed to Creighton, a non-federal private alternative loan may be an option to consider.”
- Creighton Undergraduate Institutional Loan Program
- The Creighton Undergraduate Loan Program allows undergraduate students to borrow a limited amount of loan funds through the University. The interest rate is fixed at 6%, no interest accrues while a student is enrolled at least half-time and repayment begins 9 months after graduation or less than half-time enrollment, whichever comes first.
- Federal Nursing Loans
- Federal Nursing Loans are low-interest loans for needy nursing students through the Department of Health and Human Services. Award amounts vary each year depending upon available funds. The interest rate is fixed at 5%, no interest while a student is enrolled at least half-time, and repayment begins 9 months after graduation or less than half-time enrollment, whichever comes first.
Loan disbursement is when the funds of your loan are applied to your account. Federal loans and most private loans are disbursed electronically to your student account at the Business Office. Provided all requirements are met, loan funds generally disburse about 3 business days before classes start each term. If your financial aid exceeds direct costs, the Business Office will refund the balance to you generally within 2 business days by signing up for direct deposit on the NEST.
The Federal Student Aid Ombudsman works with federal student loan borrowers to resolve loan disputes or problems from an impartial, independent viewpoint. If you have a problem with a federal student loan, you should contact the holder of the loan and try to resolve the problem. If you can't resolve the problem, contact the FSA Ombudsman at 1-877-557-2575.