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Parents - click here for financing options!!



Student & Parent Loans

woman filling out loan applicationFederal Direct Stafford Loans
Direct Stafford Loans are available to all students who file the Free Application for Federal Student Aid (FAFSA) who are enrolled at least half-time providing that they are making Satisfactory Academic Progress and are not over awarded or in default on any federal aid program and if selected for verificaton (federally or institutionally) must submit documentation to complete the verification process. The maximum Federal Direct Stafford Loan amount for which the student is eligible is reflected on the financial aid award. 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.
Federal Direct Stafford Loans disbursed after July 1, 2014 and before July 1, 2015 have an interest rate of 4.66% and an upfront origination fee of 1.072% (1.073% after 10/1/14).

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).

If you have been awarded a Direct Stafford 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 Master Promissory Note (MPN) and Entrance Counseling which informs you of your rights and responsibilities as a borrower.

Please go to studentloans.gov and click on the green "Sign In" button to begin. You will need your Department of Education PIN (the same one you used to sign the FAFSA). Once you are signed in click on Complete MPN and choose subsidized/unsubsidized. After you have completed the MPN, click on Complete Entrance Counseling.

Make sure you complete both Entrance Counseling and the MPN.

If you can't remember your PIN go to pin.ed.gov to request a duplicate PIN.

Upon completetion of the MPN and Entrance Counseling we will process your Federal Direct Stafford Loan(s) for the amount listed on your financial aid award unless you notify Student Financial Services that you do not want the loan(s) or that you want a lesser amount.

To receive a Federal Direct Stafford 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. We will send you a financial aid award listing your loan eligibility. 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 Loan
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 verificaton (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, 2014 and before July 1, 2015 is 7.21% with upfront loan fees of 4.288% (4.292% after 10/1/14). 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 studentloans.gov and click on the green "Sign In" button to begin. You will need your Department of Education PIN (the same one you used to sign the FAFSA). If you can't remember your PIN go to pin.ed.gov to request a duplicate PIN.

After signing in, a parent should click on Request PLUS Loan and then choose Parent PLUS as the type. There will be 4 steps to complete the credit check.

If approved the parent will then be directed to complete the Parent PLUS Master Promissory Note (MPN).

If declined our office will be notified of the denial which will allow your student to borrow additional Unsubsidized Federal Direct Stafford Loan. (up to $4,000 for freshmen and sophomores or up to $5,000 for juniors and seniors)

To receive a Federal Parent PLUS Loan(s) for a returning student you do not need to complete a new MPN. A parent should go to www.studentloans.gov and click on the green "Sign In" button to begin. You will need your Department of Education PIN (the same one you used to sign the FAFSA). If you can't remember your PIN go to pin.ed.gov to request a duplicate PIN.

After signing in, a parent should click on Request PLUS Loan and then choose Parent PLUS 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 Stafford Loan. (up to $4,000 for freshmen and sophomores or up to $5,000 for juniors and seniors)


Private Loans
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.

As part of the private loan application process students are now required to complete a Self-Certification Form. Many lenders will have the form built into their electronic application process. Click here if you need to print a Self-Certification Form to send to your lender. You may Contact Us or stop in the office if you need assistance in completing the form.


Muskingum Loan (Strong)
Muskingum University has a limited amount of funding available to be used as loan assistance to students. Loans through the Henry Strong Foundation are made to students who are not able to obtain sufficient loan assistance through the Direct Loan program. Repayment with 8% interest begins upon the student's departure from Muskingum.

Federal Perkins Loans
Perkins Loans are federally-funded need-based loans awarded through the University. The interest rate is 5% and the loan is repayable after completion of studies.

Schell Loan
This is an interest free institutional loan funded by the Charles E. Schell Foundation, awarded to selected students as an alternative to the Federal Perkins Loan.


EXIT signExit Counseling
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 studentloans.gov and click on Exit Counseling under Tools and Resources.

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

The Department of Education has also created an EXIT Counseling Guide for Federal Student Loan Borrowers (pdf) which provides you with the information you need to successfully repay your federal student loans.

If you have borrowed a Federal Perkins Loan, University Accounting Service will contact you about completing your Federal Perkins Loan 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 www.annualcreditreport.com.


Cohort Default Rate
The FY 2010 three-year 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, 2009, and Sept. 30, 2010, and who defaulted on or before Sept. 30, 2012. The FY 2010 three-year national student loan cohort default rate is 14.7%.

Muskingum's FY 2010 three-year cohort default rate is 6.7%.

Student Loan Indebtedness
The average amount of indebtedness of undergraduate student loan borrowers from the class of 2014 was $28,843 (not including private loans).


Stafford Loan Forgiveness Programs for Teachers and those in Public Service
You may be eligible for loan forgiveness if you meet certain criteria. For more information visit:http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts

US Army logoArmy Student Loan Repayment
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 WWW.GOARMY.COM.

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