Student loans are another source of financial support to help students pay for tuition, books, room, board and more. Federal and private loans are available, as well as resources to help students locate the best loan options for their individual circumstances.
Federal Direct Loans
Student- Federal Direct Loan:
After completing the FAFSA, providing all needed documents to the university, and receiving a notification of award from the Financial Aid Office, if you have accepted your federal loan then you will need to complete the following requirements:
Step 1. Complete Entrance Counseling.
Step 2. Complete Master Promissory Note (MPN).
Parents – Federal Direct Parent PLUS Loan:
If a dependent student needs additional funding to help cover their balance, then a parent may want to consider applying for the Parent PLUS Loan. Follow the instructions below to apply for the Parent PLUS Loan:
Step 1. Complete the electronic Parent PLUS Loan Application. Once completed then a credit check will be initiated or you can choose to complete the paper Parent PLUS loan application form on Step 2.
Step 2. Complete and return Federal Direct Parent PLUS form to Friends University Financial Aid Office.
Step 3. Complete Parent PLUS MPN.
Graduate Student – Federal Direct Graduate PLUS Loan:
If a graduate student needs additional funding to help cover their balance, then you can consider applying for the Graduate PLUS Loan. Follow the instructions below to apply for the Graduate PLUS Loan:
Step 1. Complete the electronic Graduate PLUS Loan Application. Once completed then a credit check will be initiated or you can choose to complete the paper Graduate PLUS loan application form on Step 2.
Step 2. Complete and return Federal Direct Graduate PLUS form to Friends University Financial Aid Office.
Step 3. Complete Graduate PLUS MPN.
Private Loans
Friends University encourages students to take advantage of all sources of institutional, state and federal aid before considering private loans. Private loans do not require students to submit a FAFSA, are based on credit-worthiness, have variable interest rates, are repaid separately from federal loans, and may not be deferred until the student is no longer enrolled at least part-time.
Friends University does not endorse one lender or loan over another, we encourage students to do their research and select the loan that best fits their individual needs. Below is a link to a historical list of all private lenders who continue to offer alternative loans for education and have provided funds to Friends University students in the last 3 award years.
Ardeo Student Loan Insurance
We understand that the investment you and your family make in your higher education is significant, and often requires you to borrow federal student, private alternative, and parent PLUS loans. We understand that students and parents are often concerned about whether it will be difficult to repay these loans after graduation. Are you concerned about the negative impact on your income of potentially graduating during a recession? Do you feel compelled to study a major you don’t love because it might provide higher income?
We want students to feel free to pursue their passions both during and after college, as they choose their major and job. Ardeo’s Student Loan Insurance is an optional safety net that can provide peace of mind and help you repay your student loans if your income after graduation is below $50,000.
For additional information, including coverage details and exclusions, and how to sign up to purchase coverage, please visit Ardeo at this link: Purchase.StudentLoanInsurance.org/institution/Friends. You can also contact Ardeo at Service@StudentLoanInsurance.org or call (877) 909-4754.