Loan Options
Click here to view Eastern University's Student Lending Code of Conduct.
Federal Direct Parent PLUS Loan
Federal Direct Graduate PLUS Loan
Federal Direct Stafford Loan
The Federal Direct Stafford Loan Program offers low interest loans to students to help pay for their college education. Interest rates vary from year to year, but never exceed 8.25%. Principal payments are deferred while students are enrolled at least half-time.
Eligibility Requirements
- The student must:
- Meet general eligibility requirements
- Enroll at least half-time each semester
- File the current year’s FAFSA (Free Application for Federal Student Aid)
First-time loan borrowers at Eastern must complete a Federal Stafford Loan Master Promissory Note (MPN) and Entrance Counseling questionnaire online at www.StudentLoans.gov. You will need your FAFSA PIN # to access the website (the student’s PIN #).
Two Types of Stafford Loans
Subsidized: The Federal Government will pay the interest on this loan while the student is enrolled at least half-time.
Unsubsidized: Interest accrues on the loan while the student is in school. The student may choose to pay the interest monthly (which saves money in the long run!)
A student’s eligibility for Subsidized & Unsubsidized is determined by filing the FAFSA.
Annual Borrowing Limits (Federal Direct Stafford Loan Only):
|
1st Year (0-24 credits) |
$3,500 Subsidized |
|
2nd Year (25-54 credits) |
$4,500 Subsidized |
|
3rd through 5th Year (55+ credits) |
$5,500 Subsidized |
|
Teacher Certification Only |
$5,500 Subsidized |
|
Graduate Students |
$8,500 Subsidized*** |
**Dependent Students must receive a Federal Direct Parent PLUS Loan denial before becoming eligible for the Additional Unsubsidized. Independent Students automatically become eligible for the Additional Unsubsidized.
***Effective July 1, 2012, graduate and professional students are no longer eligible to receive Subsidized Federal Direct Stafford Loans. Your annual loan limit of $20,500 remains unchanged; however the amount will be limited to Unsubsidized funds only.
Aggregate Loan Limits (the maximum amount a student can borrow in their lifetime)
Undergraduate:
- Dependent Students = $31,500 (no more than $23,000 of which can be Subsidized)
- Independent Students = $57,500 (no more than $23,000 of which can be Subsidized)
Graduate and Professional Students:
- Maximum = $138,500 (no more than $65,500 of which can be in Subsidized)
Special Note for Graduate Students
Students who have enrolled in the EDUCATION CERTIFICATION program are not considered to be enrolled in a graduate level program – for financial aid purposes only. Your loan eligibility will be determined as a 5th year Undergraduate. You will be held to the Undergraduate Borrowing Limits and Aggregate Limits.
Entrance/Exit Counseling
Entrance and Exit Counseling are both required in order to participate in the Federal Direct Stafford Loan Program. They ensure that you fully understand your rights and obligations as a student loan borrower. Financial aid for a higher education is often the key to a successful future, but it is also a serious obligation with specific responsibilities. Both the Entrance and Exit Counseling sessions will help prepare you for your new responsibilities, while ensuring that you make the most of your higher education and enjoy a worry free repayment process.
Entrance Counseling is typically completed at the same time as the Master Promissory Note (MPN). You can complete the Entrance Counseling questionnaire online at www.StudentLoans.gov. Please note: Your Federal Direct Stafford Loan will not be approved and the funds will not be sent to Eastern until both the Entrance Counseling and MPN are completed.
Exit Counseling is typically completed at the completion of school. If you have graduated, dropped below half-time, or withdrawn from Eastern, you must complete your Exit Counseling at www.StudentLoans.gov.
Deferments
Under certain conditions you can receive a deferment on your loan as long as your loan is not in default. This allows you to temporarily postpone payments. Students enrolled at least half-time can be considered for an in-school deferment.
If your prior loan is a Direct Stafford Loan, you must contact the Direct Loan Servicing Center to request a deferment. (www.StudentLoans.gov or 1-800-848-0979)
If your loan is NOT a Direct Stafford Loan, then you must contact the lender or guaranty agency that holds your loan. (e.g. AES/PHEAA www.aessuccess.org or 1-800-692-7392)
You must continue making scheduled payments until you are notified that the deferment has been granted, otherwise your loan could enter into default.All Deferment Forms should be submitted to Eastern’s Registrar’s Office for completion. The Registrar’s Office can be reached at (610) 341-5853 / registra@eastern.edu .
Federal Perkins Loan
A Federal Perkins Loan is a low interest (5%) loan for students with exceptional need as determined by filing the FAFSA. The University is the lender and awards the loans on the basis of this need and the availability of funds following Eastern University guidelines. Eastern normally awards these loans to first and second year undergraduate students as a supplement to the Federal Direct Stafford Loan.
Eligibility Requirements
Recipients must:
- Meet general eligibility requirements
- Enroll full-time each semester (CAS students only)
- File the current year’s FAFSA (Free Application for Federal Student Aid)
Program Procedures
- First-time borrowers must complete a Perkins Loan Promissory Note and Entrance Counseling. Notification will be sent to the student from ECSI (a company that works with the Eastern University’s Student Accounts Office).
- Questions? Contact Student Accounts by phone at 610-341-5831, by email at stuaccts@eastern.edu, or visit their website.
- Disbursement of funds cannot occur until the Perkins Loan Promissory Note is signed.
- The Perkins Loan Exit Interview is required prior to graduation or ceasing to be enrolled at least half-time (6 credits).
Federal Direct Parent PLUS Loan (Parent Loan for Undergraduate Students)
Parents of dependent undergraduate students may apply for the Federal Direct Parent PLUS Loan to help pay their child’s education expenses. Depending on creditworthiness, parents can borrow the difference between the Cost of Attendance (COA) and the total financial aid award listed on the Financial Aid Award Letter.
Eligibility Requirements
The Parent must:
- Be the student’s biological or adoptive parent;
- Be a U.S. citizen or eligible non-citizen;
- Not be in default on a federal loan or owe an overpayment on a federal education grant.
The Student must:
- Meet general eligibility requirements
- Enroll at least half-time each semester
- File the current year’s FAFSA (Free Application for Federal Student Aid)
Parents may complete the Parent PLUS Loan Application online at www.StudentLoans.gov.
Federal Parent PLUS Loan or Private Alternative Loan? Click here.
Federal Direct Graduate PLUS Loans (for Graduate Students)
Students pursuing a Master's degree or a Doctorate may apply for the Federal Direct Graduate PLUS Loan to help pay for education expenses. Depending on creditworthiness, students can borrow the difference between the Cost of Attendance (COA) and the total financial aid award listed on the Financial Aid Award Letter.
Eligibility Requirements
- Meet general eligibility requirements
- Enroll at least half-time each semester
- File the current year's FAFSA (Free Application for Federal Student Aid)
Students may complete the Graduate PLUS Loan Application online at www.StudentLoans.gov.
Federal Graduate PLUS Loan or Private Alternative Loan? Click here.
Private Alternative Loans
Before applying for a Private Alternative Loan, remember to first exhaust all Federal & State Grant opportunities, as well as federal student loan programs, such as the Federal Perkins and Federal Stafford Loan. We encourage all students to file the FAFSA (Free Application for Federal Student Aid) each school year at www.fafsa.gov.
Many students use Private Alternative Loans to help pay their tuition costs. We have selected several loan programs for you to choose from (see below). Please note that these loans are credit-based, and we strongly recommend that all students apply with a cosigner to ensure they are receiving the best interest rate possible. Keep in mind, each loan program has different eligibility requirements, loan rates, terms and conditions. Therefore, we suggest reviewing the details of each loan program listed before making your selection. Please click here to read more about Private Alternative Loans.
Federal Parent PLUS Loan or Private Alternative Loan? Click here.
Federal Graduate PLUS Loan or Private Alternative Loan? Click here.
Private Alternative Loans now require the borrower to complete a Self-Certification Form which asks the borrower to provide their Cost of Attendance and total financial assistance for the period of enrollment covered by the loan. To find out your Cost of Attendance, please click here.
Below is a list of lenders that have a history of excellent customer service in dealing with our students, parents, and Eastern staff. They have an online application process, convenient call center hours, an informative website, and a variety of borrower benefits*. (Remember, this list is only Eastern's suggested Private Alternative Loan lenders. You are not required to select a lender from this list. This list will be updated annually.) Please click here for a printable version of the list below.
Sallie Mae Smart Option Student Loan®
1-888-2-SALLIE
Disclosure Information
StuFund Smart Option Student Loan
1-888-272-5543
Disclosure Information
Wells Fargo Collegiate® Loan for Undergraduate and Graduate Students
1-800-658-3567
Disclosure Information
iHELP Student Loans
1-800-645-7404
Disclosure Information
Union Federal Private Student Loan
1-866-513-8445
Disclosure Information
CitiAssist® for Undergraduate and Graduate Students
1-800-STUDENT
Disclosure Information
PNC Solution Loans For Undergraduates and Graduates
1-800-762-1001
Disclosure Information
The Citizens Bank TruFit Student LoanTM
1-800-708-6684
Disclosure Information
SunTrust Bank Custom Choice Loan Program
1-866-232-3889
Disclosure Information
Discover Student Loans
1-877-728-3030
Disclosure Information
Due to the numerous disclosures required by the Department of Education, students need to remain in contact with their lender. Applying for the loan late, or failure to complete required disclosures, may delay the disbursement of your funds.
*Our staff has conducted a rigorous review process of each of these lenders to ensure they meet our high standards.
