Eligibility for federal loan programs is determined by evaluation of the student’s income and assets as declared on the Free Application for Federal Student Aid. Need-based awards are subject to the federally defined data verification process, which requires some students to submit a tax return and other supporting documentation. The amount of student debt load varies considerably, depending upon the type of loan(s) a student obtains, the student's intended course of study, and the student's need to borrow.
Federal Direct Loan Program
Federal Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution. For more information on Federal Direct Loans, click here. Please do not submit a Parent PLUS application before July 1 for the following academic year.
Compare Private Loans with Credible
Credible is the only student loan comparison tool that enables students and parents to compare unbiased, personalized and prequalified rates with no hidden fees and no impact to their credit. Credible is not a lender or a bank, we simply partner with the top student loan providers to offer a variety of competitive options . When considering a private student loan, it's important to compare rates, terms and repayment options across multiple lenders to ensure you get a loan that fits your financial situation. Credible is free to use and your information will remain secure. You can find out more about Credible and begin the process at credible.com/spfldcollege.
Other Loan Programs
Borrowers can apply for non-federal educational loans from the lender of their choice if additional loans are needed.
Please do not submit a non-federal loan application before July 1 for the following academic year.
Our recommended lenders meet the basic criteria listed below.
- Federal loans are almost always better for the borrower than non-federal loans. Please explore the use of all federal aid, scholarship aid, and institutional, state, and private grant aid before applying for a non-federal loan.
- A student or parent borrower may choose any lender even if not included on the list. We urge you to carefully compare benefits and responsibilities before choosing a lender. Many states have state agencies that provide educational loans at competitive rates and benefits. It's recommended that you research what is offered in your state.
- The lender list was developed based on information provided by lenders on terms and conditions favorable to the borrower. This includes competitive interest rates, payment or reduction of fees, high-quality loan servicing, sufficient minimum and maximum annual loan limits to cover average needs, and reasonable customer service call center hours and wait times, as reported by lenders.
- Some lenders offer loans to cover past due balances or offer loans to international students. Please research products offered by individual lenders if you are seeking a loan for one of these purposes. All loans for international students require a co-signer who is a U.S. citizen (or U.S. permanent resident for some loans).
- Lenders that have borrower reported issues that have not been resolved to the satisfaction of the College will be removed from the list.
- The list of lenders is offered in random order on ELM Select. A borrower can choose any lender and is not limited in any way to lenders on the list.
#DontBeFooled By Student Debt Relief Scams
If a student loan opportunity sounds too good to be true, then that might just be the case. Beware of scams targeting students and families seeking assistance in paying back student loans. As provided by the Institute of Student Loan Advisors, this infographic can help you identify scams. For further resources please visit www.StudentAid.gov.