Loans

Loans

A loan is a type of financial aid that is available to students and/or parents to help fund educational expenses that are not otherwise covered by scholarships and grants.  Loans can be broken up into two categories:  federal and private student loans.

Please read below for quick facts about each type of loan available.  For more detailed information about the different loan options available to you, please click on the link of the type(s) of loan you wish to learn more about.  You can also use the links located to the left of the page in the orange navigation bar.

Federal Direct Stafford Loans (Student Borrower)

  • Are guaranteed to students who are eligible and have completed a FAFSA application.
  • Students must be enrolled in at least 6 credits per semester.
  • Two types of loans are offered:
    • Subsidized Loan
      • Awarded based on financial need
      • Interest-free while enrolled in at least 6 credits per semester.
      • 4.66% fixed interest rate (Undergraduate Students ONLY)
    • Unsubsidized Loan: 
      • Non-need-based 
      • Acrues interest while in school
      • 4.66% fixed interest rate (Undergraduate Students)
      • 6.21% fixed interest rate (Graduate Students)
  • Both loan types charge an Origination Fee
    • 1.072% - for loans disbursed from October 1, 2013 - September 30, 2014
    • 1.073% - for loans disbursed from October 1, 2014 - September 30, 2015
  • Repayment is deferred while the student is enrolled and taking at least 6 credits per semester.
    • Students can choose to pay interest while in school.
  • Repayment begins 6 months after graduation or after the student is no longer enrolled in at least 6 credits.

Private/Alternative Loans (Student Borrower and credit-worthy Co-Signer)

  • Must be applied for separately through a private loan lender.
    • To view our Recommended Lender List, click here and select Millersville University as your school and enter your Program Type (i.e. Undergraduate, Graduate, etc.).
    • Please see our statement regarding preferred lenders.
  • Most lenders offer both Fixed and Variable Interest Rate options.
  • Lenders may have different enrollment requirements.
  • Payments are generally deferred while enrolled in at least 6 credits per semester.
    • Students can choose to make payments while in school.
  • Repayment generally begins 6 months after graduation or when the student is no longer enrolled.

Federal Direct PLUS Loan (Parent Borrower)

  • FAFSA must be completed.
  • Only applicable for Dependent, Undergraduate students.
  • Student must be enrolled in at least 6 credits per semester.
  • Parent must pass credit check.
    • If denied, the student may be eligible to receive additional unsubsidized loan money.
  • Has a fixed interest rate of 7.21%
  • Borrower is charged an origination fee
    • 4.288% for loans first disbursed between October 1, 2013 - September 30, 2014
    • 4.292% for loans first disbursed between October 1, 2014 - September 30, 2015
  • Can choose to defer payments while student is enrolled in school.
  • Interest accrues from the date the loan disburses.

Federal Direct Graduate PLUS Loan (Graduate Student Borrower)

  • FAFSA must be completed.
  • Student must be enrolled in at least 6 credits per semester.
  • Student must pass credit check.
  • Has a fixed interest rate of 7.21%
  • Borrower is charged an origination fee
    • 4.288% for loans first disbursed between October 1, 2013 - September 30, 2014
    • 4.292% for loans first disbursed between October 1, 2014 - September 30, 2015
  • Only applicable to Graduate students.
  • Post-baccalaureate Certification students do not qualify for this loan.

Federal Perkins Loan (Student Borrower)

  • Awarded by the Office of Financial Aid to students only if they are eligible.  You will be notified if you have been awarded.
  • Must have financial need as determined by the FAFSA.
  • Has a fixed interest rate of 5%.
  • Interest free while the student is enrolled in at least 6 credits per semester.
  • Repayment begins 9 months after graduation or the date the student is no longer enrolled in at least 6 credits.

Millersville University Student Lending Code of Conduct

Millersville University is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing.  In support of this and in an effort to rule out any perceived or actual conflict of interest between Millersville University officers, employees or agents and education loan lenders, Millersville University has adopted the following:

  • Millersville University does not participate in any revenue-sharing arrangements with any lender.
  • Millersville University does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any gifts of greater than a nominal value from any lender, guarantor or servicer.
  • Millersville University does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any fee, payment or other financial benefit (including a stock purchase option) from a lender or affiliate of a lender as compensation for any type of consulting arrangement or contract to provide services to a lender or on behalf of a lender relating to education loans.
  • Millersville University does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any thing of value from a lender, guarantor, or group of lenders and/or guarantors in exchange for service on an advisory board, commission or other group established by such a lender, guarantor group of lenders and/or guarantors.  Millersville University does allow for the reasonable reimbursement of expenses associated with participation in such boards, commissions or groups by lenders, guarantors, or groups of lenders and/or guarantors.
  • Millersville University does not assign a lender to any first-time borrower through financial aid packaging or any other means.
  • Millersville University recognizes that a borrower has the right to choose any lender from which to borrow to finance his/her education.  Millersville University will not refuse to certify or otherwise deny or delay certification of a loan based on the borrower’s selection of a lender and/or guarantor.
  • Millersville University will not request or accept any offer of funds to be used for private education loans to students from any lender in exchange for providing the lender with a specified number or volume of Title IV loans, private education loans, or a preferred lender arrangement for Title IV or private loans.
  • Millersville University will not request or accept any assistance with call center or financial aid office staffing.

For a printable version of the Code of Conduct, please see our Financial Aid Forms.