Graduate Education Loans
A loan is a type of financial aid that must be repaid. Students must complete an application and sign a promissory note (a legal obligation to repay) before the loan is disbursed. In addition, you may be required to participate in loan counseling prior to receiving your loan funds (Entrance Counseling), and again when you graduate or withdraw from Silver Lake College of the Holy Family (Exit Counseling).
Students interested in loans must first file a Free Application for Federal Student Aid (FAFSA) to have eligibility determined. Your Silver Lake College of the Holy Family Financial Aid Award letter will list your loan eligibility.
To apply for the loan eligibility listed on your Financial Aid Award Letter, you must complete an on-line Loan Request and a Master Promissory Note (MPN).
A processing fee will be deducted from each loan disbursement. The net loan amount will be directly credited to your Student Account.
For information on loan forgiveness for teachers or for public service, click here.
Federal Direct Stafford Loans
Silver Lake College of the Holy Family students enrolled at least half time in an eligible program may receive Federal Stafford Loans. Payment on the principal balance of the loan is deferred as long as the student is enrolled at least half time.
Subsidized Stafford Loans are available to students with demonstrated financial need. Payment on principal and interest are deferred as long as the student is enrolled at least half time.
***Effective for loans made for periods of enrollment (loan periods) beginning on or after July 1, 2012: graduate students are no long eligible to receive federal Direct Subsidized loans.***
Financial Awareness Counseling
Financial Awareness Counseling provides students the basics of financial management, shows students their current federal student loan debt (and their current student loan debit if they enter information about their private student loans), and provides students an estimate of what their student loan debt is likely to be at the time they leave school.
Financial Awareness Counseling includes topics such as:
- Understand Your Loans - This section will allow logged-in users to see their existing federal student loan debt based on the National Student Loan Data System (NSLDS) data. Users can enter additional loans that are not reflected in the NSLDS. Outside the log-in, users can enter their student loans.
- Manage Your Budget - This section includes an in-school budgeting tool that compares living expenses vs. a user's current income. The user can export his or her data to an Excel spreadsheet.
- Plan to Repay - This section includes a budgeting tool which compares living expenses vs. estimated income after leaving school and calculates monthly payment amounts for each of the basic repayment plans. This section also includes a tool that allows the user to see the effect of paying extra towards their loans to reduce their overall debt and the amount of interest paid over time.
- Avoid Default - This section provides tips on how to postpone repayment or lower monthly payments, if needed.
- Make Finances a Priority - This section discusses the development of a financial plan and making financial decisions.
- A Summary Page - This page gives a summary of the data used and/or entered and can be printed.
Each academic year$8,500
Unsubsidized Stafford Loans are awarded to students not eligible for the subsidized loan, and to independent students in addition to subsidized eligibility. Unsubsidized Stafford Loan limits are calculated in combination with any Subsidized Stafford Loan amounts. Interest accrues to the student while in school but may be deferred and capitalized prior to entering repayment.
Graduate Combined Stafford Loan Limits
Each academic year$20,500
Graduate students may borrow up to $138,500, including their undergraduate Stafford Loans. Up to $65,500 may be subsidized.
Federal Direct GradPLUS Loans
Silver Lake College of the Holy Family students enrolled at least half time in an eligible graduate program may choose to access additional funds through a Federal GradPLUS Student Loan. Repayment of principal and interest begins 60 days after the loan is fully disbursed.
The maximum GradPLUS Loan amount in a given academic year is the difference between the total cost of attendance and any other financial aid awarded to the students. A credit check will be done prior to loan approval.
Non-Federal (Alternative) Loan Programs
In addition to the federal loan programs, various private lenders offer education loans that may supplement other financial aid or assist students who are not eligible for federal loans. These include loans to students with and without co-signers. You may find more information by going directly to lender websites to learn more about their private loan programs.