REQUIRED Steps to receive your loans
Please complete these steps only once.
- View terms for federal student and parent loans
- Compare the differences between the Parent PLUS and Private Education Alternative loans before you apply
- To estimate future repayment terms, go to the Federal Student Aid Repayment Estimator
Federal Direct Subsidized/Unsubsidized Loan
Federal Direct Loans are processed for all undergraduate students in the amount listed on their financial aid offer. Students who wish to accept a loan in its entirety, accept a portion, or decline the Federal Direct Loan must do so in Self-Service. Be sure to complete the loan process for the upcoming academic year after June 1.
STEP 1. All new Ashland University Federal Direct Loan borrowers must complete a Federal Direct Loan Master Promissory Note. If you received a Federal Direct Loan at any school within the last ten years, you do not need to sign a new Master Promissory Note.
STEP 2. All new borrowers must also complete Federal Direct Loan Entrance Counseling. (Click on the link to follow all the required steps.) These steps are done at studentaid.gov. Sign in with the student's FSA ID and click "Complete Aid Processes."
Federal PLUS Loan
Parents of dependent students may apply for a Federal Parent PLUS Loan up to the student's cost of attendance, less other financial aid received. Only one parent is the borrower on the PLUS Loan, and application processes must be completed for each Ashland University child you wish to borrow for. The current interest rate is fixed at 8.05% and there is a 4.228% loan fee deducted from the loan amount.
To apply, parents must carefully follow these steps for the upcoming academic year after June 1 at studentaid.gov by signing in with the parent's Federal Student Aid (FSA) ID:
STEP 1. Every year at studentaid.gov, click "Apply for Aid" and choose "Apply for a PLUS Loan", request the dollar amount of your loan and have a credit check completed. Remember to factor in the loan fee the government deducts from your loan when requesting the amount. To see the latest fee percentage, visit the Loan Terms page.
All Federal Direct Parent PLUS Loan borrowers must annually complete Annual Student Loan Acknowledgement (ASLA) at studentaid.gov under "Complete Aid Processes."
STEP 2. For new Federal Direct Parent PLUS Loan borrowers, also "Complete a Master Promissory Note" at studentaid.gov under "Complete Aid Process" and choose "MPN for Parents." The MPN is valid for 10 years.
STEP 3. Once you have applied for a PLUS Loan, Ashland University will be electronically notified by the U.S. Dept of Education.
STEP 4. If your credit is approved, Ashland University will process the loan. If denied, we will add additional Unsubsidized Federal Direct Loan funds to your student's financial aid award if he or she is eligible.
Private Alternative Loan for Students
Students who need more loan funds than what has already been awarded in federal loans can apply for a private education alternative loan. You will need to choose a lender and apply to that lender for the loan. Private education loans are credit-based, and students are more likely to be approved if they apply with a credit-worthy cosigner. Ashland University has provided a Private Loan Comparison List for your review, but you may select any lender. If you apply with a lender not on the Comparison List, please have the lender send their School Certification Form to Ashland University's Financial Aid Office for completion.
Private Educational Alternative Loan For Parents
Parents and, in some cases, other interested parties can now apply for loans to assist students in financing their education. These loans are credit-based and offer rates that are competitive with the Federal Parent PLUS Loan rate of 8.05%. Borrowers can borrow up to the Cost Of Education minus any aid the student has already received.
Ashland University has provided a Private Loan Comparison List for your review, but you may select any lender you wish. If you apply with a lender not on the Comparison List, please have the lender send their School Certification Form to Ashland University's Financial Aid Office for completion.
Nurse Education Assistance Loan Program (NEALP)
The Nurse Education Assistance Loan Program (NEALP) provides financial assistance to Ohio students enrolled for at least half-time study (or accepted for enrollment) in an approved Ohio nurse education program. NEALP provides funding for nurses who intend to serve as instructors or students who intend to serve as nurses after graduation.
