Financial Aid

Direct Loans are available to all students who file the Free Application for Federal Student Aid (FAFSA) who are enrolled at least half-time, making Satisfactory Academic Progress and are not over-awarded or in default on any federal aid program and if selected for verification (federally or institutionally) must submit documentation to complete the verification process.

Federal Direct Stafford Loans disbursed on or after July 1, 2023 and before July 1, 2024 have an interest rate of 5.50%. You can find more information about loan interest rates and origination fees at studentaid.gov

Undergraduate students have a lifetime limit of $23,000 in the subsidized Federal Direct Loan Program and a lifetime limit of $31,000 in the subsidized and unsubsidized Direct Loan Programs combined (combined limit for independent students and students whose parents are unable to borrow a Federal Parent PLUS Loan is $57,500).

You can view the loan amount you have been offered by reviewing your financial aid offer in Muskie Link. The maximum Federal Direct Loan amount for which the student is eligible is reflected on the financial aid offer. In some cases, part or all of the loan will be classified as "unsubsidized," meaning the student, rather than the government, is responsible for the interest while enrolled in school.

If you have been awarded a Direct Loan there are 2 steps you need to complete in order for Muskingum to be able to process your loan. You will need to complete a Loan Agreement (MPN) and Loan Counseling which informs you of your rights and responsibilities as a borrower.

Please go to studentaid.gov and click on the blue "Log In" button to begin. You will need your FSA ID (the same one you used to sign the FAFSA). Once you are signed in click on Complete Loan Agreement and choose MPN for subsidized/unsubsidized loans. After you have completed the loan agreement, click on Complete Loan Counseling and select Entrance Counseling as the type.

Make sure you complete both Entrance Counseling and the MPN.

If you can't remember your FSA ID go to studentaid.gov .

Upon completion of the MPN and Entrance Counseling we will process your Federal Direct Loan(s) for the amount listed on your financial aid offer unless you reduce or decline your loan(s) on Muskie Link or notify our office that you do not want the loan(s) or want a lesser amount.

To receive your Federal Direct Loan(s) as a returning student you do not need to complete a new MPN or Entrance Counseling. You should file the FAFSA and be attending Muskingum at least half-time. Your financial aid offer listing your loan eligibility will be available in Muskie Link. You will need to go to Muskie Link to complete the Annual Student Loan Acknowledgment and accept or decline your loans. Loans will be processed for the amounts listed unless you notify Student Financial Services that you do not want the loan(s) or that you want a lesser amount.

Federal Direct Parent PLUS Loans are loans to parents of dependent students. The parent can not be in default on any federal aid program. The student must be enrolled at least half-time, be making  Satisfactory Academic Progress and can not over awarded or in default on any federal aid program and if selected for verification (federally or institutionally) must submit documentation to complete the verification process.

Upon credit approval, parents are able to borrow up to the Cost of Education less any financial aid received per academic year. Cost of Education includes tuition, room, board, fees, books, transportation and incidental expenses. The interest rate for loans disbursed after July 1, 2023 and before July 1, 2024 is 8.05 % with upfront loan fees of 4.228%. Repayment begins within 60 days of full disbursement or can be deferred annually as long as your student is enrolled at least 1/2 time.

To apply for the PLUS Loan a parent should go to studentaid.gov and click on the blue "Log In" button to begin. You will need your parent FSA ID (the same one you used to sign the FAFSA). If you can't remember your FSA ID go to studentaid.gov.

After signing in, a parent should click on Apply for a Direct Loan and then choose Direct Plus Loan Application for Parents as the type. There will be 4 steps to complete the credit check. 

If approved the parent will then be directed to complete the PLUS MPN for Parents. 

If declined our office will be notified of the denial which will allow your student to borrow additional Unsubsidized Federal Direct Loan (up to $4,000 for freshmen and sophomores or up to $5,000 for juniors and seniors). Or a parent can choose to appeal the decision or find an endorser for their PLUS Loan. If approved the parent will have to complete PLUS loan counseling.

To receive a Federal Parent PLUS Loan for a returning student you do not need to complete a new MPN. A parent should go to  studentaid.gov and click on the blue "Sign In" button to begin. You will need your parent FSA ID (the same one you used to sign the FAFSA). 

After signing in, a parent should click on Apply for Direct PLUS Loan and then choose Direct Plus Loan Application for Parents as the type. There will be 4 steps to complete the credit check.

If approved our office will be notified and will process your loan for the amount you requested.

If declined our office will be notified of the denial which will allow your student to borrow additional Unsubsidized Federal Direct Loan (up to $4,000 for freshmen and sophomores or up to $5,000 for juniors and seniors). Or a parent can choose to appeal the decision or find an endorser for their PLUS Loan. If approved the parent will have to complete PLUS loan counseling.

Once you and your family have considered federal loan options you may find that you are still in need of additional financing options. Private Loans can be used to cover any educational expenses not covered by financial aid. The loan is in the student's name, but in most cases a credit-worthy cosigner is required. There are several payment options, though in most cases either interest or both principle and interest can be deferred. Students may borrow up to the cost of education minus financial aid. When borrowing in this program you will need to borrow what you need for the academic year. The loan will, however, be disbursed by semester.

Students may obtain a private loan through the lender of their choice, though the following information may help you choose a loan. We offer a comparison of Private Loan Options that we are most familiar with, and that are most commonly used by Muskingum students. We review this list regularly to ensure these lenders are reputable and continue to meet the needs of Muskingum students. You will be able to compare interest rates, borrower benefits, APRs, and repayment options to help you find the private loan that best meets your needs. Your credit is checked as part of the application process once you have selected a loan.

A few lenders now offer private loans where the loan is in the parent's name(or sponsor's) rather than the student's name. Private Loans can be used to cover any educational expenses not covered by financial aid. A parent may borrow up to the cost of education minus financial aid. When borrowing in this program you will need to borrow what you need for the academic year. The loan will, however, be disbursed by semester.

A parent may obtain a private loan through the lender of their choice, though the following information may help you choose a loan. We offer a comparison of Private Loan Options for parents that we are most familiar with, and that are most commonly used by Muskingum families. We review this list regularly to ensure these lenders are reputable and continue to meet the needs of Muskingum students. You will be able to compare interest rates, borrower benefits, APRs, and repayment options to help you find the private loan that best meets your needs. Your credit is checked as part of the application process once you have selected a loan. 

NEALP provides financial assistance to Ohio students enrolled at least half-time in an approved nurse education program in Ohio to nurses who intend to serve as instructors and to students who intend to serve as nurses after graduation. NEALP offers eligible students loans which can be forgiven if the recipient serves as a fulltime nurse in Ohio for five years. The application is open between January 1st and July 15th each year. Visit NEALP for more information and to apply.

The following loans may be included as part of a student's need-based financial aid package. The amount and type of loan offered to a student is dependent on a student's financial need and academic record. Our Business Office assists students with completing promissory notes through signmyloan.com.

All loan borrowers at Muskingum University who graduate, withdraw, or otherwise cease to attend at least half-time study are required to complete Exit Counseling. During counseling you will receive information about repaying your loans. Go to studentaid.gov and Log In with your FSA username and password. Click on "Manage Loans" then click on "Complete Exit Counseling."

You can also view our handout on Getting Ready to Repay Your Student Loans.

If you have borrowed a Muskingum Loan, University Accounting Service will contact you about completing your Exit Counseling.

If you had a private loan while in school you can get information on this type of loan by contacting your servicer or reviewing your credit report at annualcreditreport.com.

The FY 2019 cohort default rate (the most recent data available) is a snapshot of the cohort of borrowers whose first loan repayments came due between Oct. 1, 2018 and Sept. 30, 2019, and who defaulted on between October 1, 2018 through September 30,2021.

The national FY 2019 student loan cohort default rate is 2.3%.

Muskingum's FY 2019 student loan cohort default rate is 0.6%.

The average amount of Federal Direct Loan indebtedness of undergraduate student loan borrowers from the class of 2022 was $26,879. For students who borrowed private loans, the average combined Direct Loan and private loan indebtedness was $35,017.

You may be eligible for loan forgiveness if you meet certain criteria. For more information visit studentaid.gov and click on Loan Forgiveness.

The US Army offers potential college student loan repayment up to $65,000 for initial enlistment for those qualified to serve their country with the Army. For information pertaining to student loan repayment, potential bonuses up to $40,000, qualifications for direct Officer Candidate School or Special Forces for graduating college seniors, or how to serve our nation in over 200 career fields go to GOARMY.COM.