Loans

For many Oxford students, loans are an important way in which they pay for a portion of their educational costs. Loans are available from two primary sources:

Federally sponsored loan programs such as the Federal Stafford Loan Program and the Federal PLUS Program (for parents of students).
Private educational loan programs. Maximum federal loan eligibility should always be exhausted before borrowing from a private loan program.

Federal Stafford Loans
Federal PLUS Loans
Federal Loan Programs at a Glance
Private Educational Loans

Educational borrowing is an investment in your future and requires careful consideration and planning. We urge all student borrowers when considering lenders to carefully read the disclosure statements provided by your lender, confirm the lender's benefits and terms are consistent with the information provided, and to verify that the benefits and terms have not changed. The items below may be important factors in selecting a lender:

1. Interest Rates and Terms - Standard interest rates and terms on Federal loans do not vary from one lender to another. However, interest rates and terms can vary on private loans.

2. Borrower Benefits - These are the financial incentives, such as paying front-end fees or interest rate reduction, provided by lenders to reduce the price of your loans over time.

3. Customer Service - It is important that you select a lender with a demonstrated record of excellent customer service. Educational borrowing is a long-term commitment and the service provided by the lender is an important factor in that relationship.

Federal Stafford Loans

Federal Stafford Loans are available to degree-seeking students enrolled at least half-time. Commercial lenders who participate in the Federal Family Education Loan Program (FFELP) make these low-interest loans. Typically, lenders deduct an origination fee and insurance premium from each disbursement. Federal Stafford Loans may be subsidized or unsubsidized, depending upon your eligibility for need-based aid.

Subsidized loans require demonstration of financial need as determined by the information on the FAFSA. You do not pay interest on the loan if you continue to be enrolled at least half-time. Once you graduate or withdraw, payments and interest begin after a six-month grace period.

Unsubsidized loans are not based on need, although you must file the FAFSA to be considered. Interest will be charged from the time the loan is disbursed to you until it is paid in full. You can choose to pay the interest while you are in school or allow it to accumulate. Allowing it to accumulate will increase the total amount you have to repay. Interest is capitalized once at repayment.

Federal Loan Programs at a Glance

Stafford Loan Procedures

Accept your loan award on OPUS - After your file has been reviewed, you will be sent an email informing you that your awards may be viewed and accepted online via OPUS. Please electronically sign the award, indicating the amount of the Stafford loan you wish to accept.
Complete Entrance Counseling - Entrance Counseling can be done via the web at mappingyourfuture.org. All first-time student borrowers must complete an entrance interview counseling session to ensure that they understand the terms of their loans and their rights and responsibilities as borrowers. If you do not have web access, please contact the Office of Financial Aid to request entrance counseling information by mail.
Select a loan lender - Visit Stafford Lender List to view lenders who have responded to our survey. You are not required to use any of these lenders - the choice of lender is yours - but you must choose a lender in order to receive your Stafford loans. If you do not select a lender for your Stafford loans, you will not receive any loan funds. To indicate your lender choice submit our online form.
Sign a Master Promissory Note (MPN) - Emory University will electronically transmit your Stafford loan application to your lender/guarantor. After this transmission, a Master Promissory Note (MPN) will be produced. There are two ways for you to complete the MPN:
             a) sign a paper MPN and then mail back to your lender/guarantor
             b) sign the MPN electronically on your lender's/guarantor's website
You will receive instructions from your lender/guarantor on which of the two options above applies to your MPN. The MPN is valid for all subsequent Stafford Loans you may receive from your loan lender.

Stafford Lenders

In an effort to assist students and families in choosing a lender, the Office of Financial Aid has compiled a list of institutions we consider to offer competitive products, solid customer service, electronic payment of loan funds, and a variety of savings programs during loan repayment. The Office of Financial Aid surveys lenders annually to provide the latest information regarding products and benefits. The information presented in our lenders lists was compiled from information received from the lenders as of February 2009 and is available in the Office of Financial Aid upon request For a list of lenders who have responded to our survey, visit Stafford Lender List. The list of lenders is not in any order of preference. Reasons for selecting a particular lender will vary from person to person. This list should only be used as a guide or starting point for analysis.

Please note that you are not required to use any of these lenders - the choice of lender is yours. The Office of Financial Aid will process your loan with any lender you choose. Choose your lender carefully with the intent that you will remain with that lender throughout your studies at Emory.

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Federal PLUS Loans

Federal Parent Loans for Undergraduate Students (PLUS) are loans made to creditworthy natural or adoptive parents of eligible dependent undergraduate students enrolled at least half-time. Although you are required to file the FAFSA, PLUS loans are not based on need. Interest rates are fixed at 8.5%. Typically borrowers begin repaying principal and interest within 60 days of disbursement. Many lenders allow interest and payment to be deferred until the student graduates.

Federal Loan Programs at a Glance

PLUS Loan Procedures

Complete and submit the Free Application for Federal Student Aid (FAFSA) - Emory cannot process the PLUS loan application without a completed FAFSA.
Contact a PLUS lender for credit approval - You may use one of the lenders found in the PLUS Lender List or one of your own choosing. Credit pre-approvals are only good for 90 to 150 days. Select Emory University as the school; all loans are processed at the Atlanta campus. If Oxford College is chosen as the school, the loan will not be certified or processed.
Sign a Master Promissory Note (MPN) - Emory University will electronically transmit your PLUS loan application to your lender/guarantor. After this transmission, a Master Promissory Note (MPN) will be produced. There are two ways for you to complete the MPN:
a) sign a paper MPN and then mail back to your lender/guarantor
b) sign the MPN electronically on your lender's/guarantor's website
You will receive instructions from your lender/guarantor on which of the two options above applies to your MPN. The MPN is valid for all subsequent PLUS loans you may receive from your loan lender.

PLUS Lenders

In an effort to assist students and families in choosing a lender, the Office of Financial Aid has compiled a list of institutions we consider to offer competitive products, solid customer service, electronic payment of loan funds, and a variety of savings programs during loan repayment. The Office of Financial Aid surveys lenders annually to provide the latest information regarding products and benefits. The information presented in our lenders lists was compiled from information received from the lenders as of February 2009 and is available in the Office of Financial Aid upon request. For a list of lenders who have responded to our survey, visit PLUS Lender List. The list of lenders is not in any order of preference. Reasons for selecting a particular lender will vary from person to person. This list should only be used as a guide or starting point for analysis.

Please note that you are not required to use any of these lenders - the choice of lender is yours. The Office of Financial Aid will process your loan with any lender you choose. Further, the list of lenders is not in any order of preference. Choose your lender carefully with the intent that you will remain with that lender throughout your studies at Emory.

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Private Educational Loans

Private educational loans may be an important funding source for students who need more loan funds than the federal programs can provide. Terms of private loans vary significantly. These loans can be more expensive than federal loans because the federal government does not guarantee them. Maximum federal loan eligibility should be borrowed before a private loan is considered. Private loans require a credit check and/or debt-to-income ratio check on the borrower and/or co-borrower. A co-borrower may be required; lower interest rates may be available to students who choose to have a co-borrower. Each time a student wishes to borrow a private loan, a new loan application is required by the lender.

Before a dependent, undergraduate student borrows a private loan, parents should consider applying for a PLUS loan. Payments on a PLUS loan, like some private loans, may be deferred until a student graduates. Some restrictions could apply. Please check with your lender for specific details.

Private Educational Loan Procedures

Initiate the process by contacting your lender - You may use a lender from the Private Educational Loan Lender List or one of your own choosing. Apply online at the lender's website or contact the lender by phone. It is a good idea to apply early as processing may take several weeks. Select Emory University as the school; all loans are processed at the Atlanta campus. If Oxford College is chosen as the school, the loan will not be certified or processed.
Loan certification - Once the borrower and/or co-borrower's credit is approved, Emory will receive a request from the lender to certify the loan. We will certify the loan for the lesser of the amount you request on your application or the maximum amount allowed by your financial aid budget (total cost minus other financial aid).
Receipt of Funds - Funds will be applied first to your student account, and then refunded to you in the event of a credit balance. Using a lender other than the preferred lenders listed below may delay the arrival of your loan funds.

Private Lenders

In an effort to assist students and families in choosing a lender, the Office of Financial Aid has compiled a list of institutions we consider to offer competitive products, solid customer service, electronic payment of loan funds, and a variety of savings programs during loan repayment. The Office of Financial Aid surveys lenders annually to provide the latest information regarding products and benefits. The information presented in our lenders lists was compiled from information received from the lenders as of February 2009 and is available in the Office of Financial Aid upon request. For a list of lenders who have responded to our survey, visit Private Educational Loan Lender List. The list of lenders is not in any order of preference. Reasons for selecting a particular lender will vary from person to person. This list should only be used as a guide or starting point for analysis.

Please note that you are not required to use any of these lenders - the choice of lender is yours. The Office of Financial Aid will process your loan with any lender you choose. Further, the list of lenders is not in any order of preference. Choose your lender carefully with the intent that you will remain with that lender throughout your studies at Emory.

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