loans

When borrowing for the cost of education, there are a variety of loan options to consider. The following information describes the options available for undergraduate and graduate students and provides links for completing the necessary documentation.

 

Undergraduate 

 

Direct Subsidized and Unsubsidized Loans
These are loans available to students from the U.S. Department of Education. A FAFSA must be filed at fafsa.gov to qualify for Direct Subsidized and Unsubsidized Loans. If a FAFSA is filed, these loans will automatically be added to a student's financial aid award package based on eligibility per federal regulations. 

Both the entrance counseling and MPN are only completed when borrowing Direct Loans for the first time and do not need to be completed again in subsequent years.

 

Direct Parent PLUS Loans
These are loans that a parent (or step-parent) can borrow on behalf of their student. A FAFSA must be filed at fafsa.gov in order to borrow a Direct Parent PLUS Loan. 

 

Private Student Loans

These loans are offered through private lenders. Private loans are in the student’s name, but typically require a cosigner and a credit check of the cosigner to determine eligibility. 

Visit ELMSelect to view ONU’s preferred lender list. We work with all private loan lenders. If you choose to work with a lender that is not listed, please notify us so we may process your loan promptly.

To learn more about how we selected the lenders for our preferred lender list click here. 

 

Private Parent Loans

Private parent loans are offered through private lenders. These are private loans that a parent or sponsor can borrow on behalf of a student and a credit check is used to determine eligibility. 

Visit ELMSelect to view ONU’s preferred lender list. You are not limited to the lenders listed. We work with all private loan lenders. 

To learn more about how we selected the lenders for our preferred lender list click here. 

 

 

Graduate Students

 

Direct Unsubsidized Loans
These are loans available to students from the U.S. Department of Education. A FAFSA must be filed at fafsa.gov to qualify for Direct Unsubsidized Loans. If a FAFSA is filed, these loans will automatically be added to a student's financial aid award package based on eligibility per federal regulations. 

Both the entrance counseling and MPN are only completed when borrowing Direct Loans for the first time and do not need to be completed again in subsequent years.

 

Direct Grad PLUS LoansThese are loans that a graduate student can borrow to assist with educational expenses. A FAFSA must be filed at fafsa.gov in order to borrow a Direct Grad PLUS Loan.

  • To learn more, visit studentaid.gov/types/loans/plus
  • To apply for this funding, complete the following steps:
    • Complete this form at my.onu.edu. If you do not yet have an ONU email account, please contact the financial aid office to apply.
    • Complete a Master Promissory Note (MPN) for the Grad Plus Loan at https://studentaid.gov/mpn/. Log in using your FSA ID
    • Complete Loan Entrance Counseling at https://studentaid.gov/entrance-counseling/. Log in using your FSA ID and select that you are a Graduate or Professional Student. If you have already completed this counseling for your Direct Unsubsidized Loan it does not need to be repeated.

 

Private Student Loans

These loans are offered through private lenders. Private loans are in the student’s name, but often require a cosigner and a credit check of the cosigner to determine eligibility.

These loans are offered through private lenders. Private loans are in the student’s name, but require a cosigner and a credit check of the cosigner to determine eligibility. 

Visit ELMSelect to view a list of lenders used most frequently by our graduate students (law students, MSA students, or fifth- and sixth-year pharmacy students). You are not limited to the lenders listed. We work with all private loan lenders.

To learn more about how we selected the lenders for our preferred lender list click here.