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Student Loans

Federal Stafford Loans
Stafford Loans are available to all students who file the Free Application for Federal Student Aid (FAFSA) who are enrolled at least half-time. The maximum 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. The interest rate is 6.8%. For loans disbursed after July 1, 2008, the subsidized interest rate will be 6.0 %. The unsubsidized rate will remain 6.8%.

If you have been awarded a Federal Stafford Loan there are 3 steps you need to complete in order for Muskingum to be able to process your loan:

1. You will first need to select a lender for your Stafford Loan. When you are ready to begin the process you will be taken to FASTChoice which will allow you to compare several lenders before making your choice.

2. Depending on the lender you select, you will either be taken to USAFunds / Sallie Mae's OpenNet or Great Lakes FAST Loans(based on which one offers the better borrower benefits). At either site you will need to complete both

Entrance Counseling which will educate you about your rights and responsibilities as a Stafford Loan Borrower, and the Stafford Loan Master Promissory Note.

Click here to Start your Stafford Loan

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

If you have been awarded a Perkins Loan, please complete the Perkins Loan Information Sheet. At the beginning of the semester you will need to sign a Master Promissory Note in the Business Office.

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.

If you have been awarded a Schell Loan, please complete the Schell Loan Information Sheet. You will also need to sign for your loan each semester in the Business Office.

Private or Alternative Loans
Private or Alternative 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. The credit check that is done on the borrower or co-signer is a credit scoring process. 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.

There are hundreds of alternative loans available to students. We have selected the ones that we are most familiar with. If you go to FASTChoice you will be able to compare alternative loans (they are listed under the tab that says PRIVATE LOANS) and select the one that best meets your needs.

Click here to Start your Alternative Loan

Institutional Loans
Muskingum College has a limited amount of funding available to be used as loan assistance to students. Loans through the Hemphill and Caldwell Funds, and the Henry Strong Foundation are made to students who are not able to obtain sufficient loan assistance through standard Perkins and Stafford Loan programs. Repayment with 8% interest begins upon the student's departure from Muskingum.


Exit Counseling
All loan borrowers at Muskingum College who graduate, withdraw, or otherwise cease to attend at least half-time study are required to complete Exit Loan Counseling. During counseling you will receive information about repayment of your loans. Click on the link below to complete your loan counseling online.

if you have loans at Sallie Mae or

Great Lakes

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

Repayment of Student Loans
Student Loans are serious obligations which must be repaid. Repayment of principal begins after a student graduates, withdraws, or drops below half-time enrollment, and there is a six-month grace period between the time a student’s enrollment stops and repayment begins. Under certain conditions, such as full-time enrollment in college (both undergraduate and graduate), repayment of loans can be deferred. The repayment period for student loans is generally five to ten years, although this may be extended through a process called loan consolidation.

Loan Consolidation
Keep in mind that you will not be able to consolidate your loans until after yougraduate or withdraw from school.  If you choose to consolidate your loans, you may be able to extend your repayment period from 10-25 years up to 30 years.  This will reduce your monthly payments but will greatly increase the total amount of interest you will pay to the consolidation lender.  EdAmerica has provided a Consolidation Tips Sheet.

For more specific information regarding repayment of loans and loan consolidation contact Sallie Mae or Great Lakes Higher Education Corporation.


Stafford Loan Forgiveness Program for Teachers
You may receive up to $17,500 in loan forgiveness if you meet certain criteria. For more information visit www.studentaid.ed.gov. Select Repaying, click on Cancellation and Deferment Options for Teachers, then click on Cancellation for Stafford Loans.

Army 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.