Student Loans

LOANS FOR SUMMER SEMESTER

Unlike loans for fall and spring semesters, students must request a loan for summer semester on eLion.  (If this is the first semester you are taking out a loan, submit your 2010-2011 FAFSA before proceeding.)

To request a summer loan:

  1. Enroll in 5 or more credits for the summer semester. Either sign up for 5 or more credits all at the same time, or indicate that you have finished enrolling for the semester only after you have signed up for 5 or more credits. Otherwise, the federal loan system will not consider you eligible for a semester loan. . 
  2. Place the request on or after April 1, when the option becomes available on eLion. Choose “Summer Loan Request” from the eLion menu, and following the prompts.
  3. Watch your Student Aid Summary on eLion. If all criteria are in order, a loan estimate to cover tuition and fees for summer courses will roll into your student account. The Student Aid Summary Checklist, customized to each student, provides instructions for completing the loan process.
  4. Confirm your registration. Once a loan estimate appears in your Student Aid Summary, it will instruct you to go to Bills/Tuition/Other and click the button “Confirm Your Registration.”  This effectively pays the balance due with your loan funds. 

 Note:

The 2011 summer semester uses the FAFSA for the 2010-2011 academic year. 
To apply for loans to cover the 2011 Fall, 2012 Spring and 2012 Summer semesters, submit the 2011-2012 FAFSA after June 1, 2011.

For more information on summer semester loans, click here.

Stafford Direct Student Loans

Penn State University participates in the Federal Stafford Direct Student Loan program for graduate students, in which funds for student loans come directly from the federal government. These are loans with low interest rates and generous borrowing limits, which do not require repayment while continually enrolled in a minimum number of credits and for which acceptance is not based on credit history.

Stafford Loans are available to Penn State Great Valley students who (among other criteria) are U.S. citizens or permanent residents, formally admitted to a master’s degree or Special Education Instruction I Certification program, enrolled in 5 or more credits per semester, and in non-default status with previous loans. (Students in graduate certificate or certification programs, or non-degree status, are not eligible for Stafford Direct Loans.)

For complete criteria and other details about Stafford Loans, visit the federal student aid Web site. From the menu on the left, click on Federal Student Aid Programs and follow the links for Stafford Direct Loans for graduate students.

Graduate Plus Loans
Penn State Great Valley students who require additional funds to meet their educational obligations may also consider federal Graduate Plus Loans, a supplemental loan for students who have borrowed the maximum allowed in the Stafford Program. Details about Plus Loans for graduates can be found on the federal student aid Web site under Federal Student Aid Programs.

Private Loans
A private loan may be of interest to Penn State Great Valley students whose funding needs to exceed Stafford or Plus funds limits, or who do not meet Stafford Loan criteria, including non-degree students, students enrolled in a certificate or certification program, students taking only one class in a semester and international students with a U.S. co-signer. Credit ratings and higher interest rates apply. Information on private loans is listed on the Penn State Office of Student Aid web site.

Loan applications and agreements
If you are interested in any student loan, first complete and submit a FAFSA (Free Application for Federal Student Aid) online. Indicate Penn State (school code 003329) as the institution to receive your results. After your FAFSA is processed, Penn State will inform you via your student eLion account about loan eligibility.

All borrowers complete loan counseling and sign a promissory note, the binding legal document listing the conditions under which you are borrowing funds and the terms under which you agree to repay your loan.