The following options are provided for those students who need additional assistance after applying through the regular financial aid process first. Deciding which option to use is a personal decision, based on each individual family's circumstances. This information is not listed in any particular order. Students and their families are encouraged to research these resources and choose one that best meets their individual needs and circumstances. It is always most beneficial for a student to pursue financing options through the standard financial aid application process first. The terms and conditions of federal student loans may be more favorable to a borrower than the provisions of a parent or private alternative loan. We highly recommend that students complete the FAFSA to apply for all low, fixed interest rate Federal Direct Stafford Loans before considering private, credit-based alternative loans.
In additional to these loan options, we also offer a monthly payment plan for those students and their families that would prefer to make installment payments and not borrow through an outside resource.
Federal Parent Loans for Undergraduate Students (PLUS)
When applying for Parent Plus loan, be sure to log in using the Parent's FSA User ID (not the student's) and follow the links for Parent Borrowers.
- Credit based loan
- For parents of dependent students as determined by the FAFSA
- Student must be enrolled at least 1/2 time (6 credits)
- In parent name only
- Repayment is parent's responsibility only
- Interest rate based on 10 year Treasury Bill
- Interest rate changes every July 1
- 2020-2021 interest rate is 5.3%
- There is a 4.236% origination fee taken from loan
- Repayment begins 60 days following full disbursement of loan
- Can request deferment of payment as long as student is enrolled at least half time
- Student must be making Satisfactory Academic Progress
- Student must file a FAFSA
Private Alternative Loans
The FastChoice website has an easy to read chart that gives you important lender information including current interest rates. You can also click to apply with the lenders shown right from the chart.
- Credit based loan
- Student is primary borrower and will most likely need a credit-worthy co-signer for approval
- Interest rate is usually based on credit-worthiness of co-signer
- Most lenders require that the student is enrolled at least 1/2 time (6 credits)
- Interest rate is often variable
- Usually the most expensive way to finance an education
- Most lenders allow deferment of payment as long as student is enrolled at least half time (6 credits)
- Some states have a state sponsored loan authority. These non-profits may be able to provide you with cost effective loan options
- Alternative loans may not be used as credit against your tuition bill until all paperwork has been completed with the lender and certified by the loan coordinator in the MMA Office of Student Financial Services.
- This process can take anywhere from a few days to a few weeks, depending upon the lender.
- Once the loan has been certified by MMA's loan coordinator, the loan will show as 'pending financial aid' on the student's e-bill.
- You are encouraged to borrow the full amount that you will need for the entire academic year.
- Students are encouraged to begin the application process as soon as they determine that additional funds are needed to avoid late fees on their billed charges and/or disruptions to their enrollment status
- If you choose to borrow on a semester by semester basis:
- For the fall semester, this should be done no later than early July
- For the winter semester, no later than early November
- For the spring semester, no later than early January
NOT ELIGIBLE FOR FINANCIAL AID (INCLUDING FEDERAL LOANS) DUE TO ACADEMICS?
For students who are not meeting the minimum standards of our Satisfactory Academic Progress Policy, there are a handful of private lenders that do not have academic standards.