As a Hastings College student, there are several types of loans available to help cover your costs while in school. Some are subsidized until after graduation, while others are not. Your eligibility for different school loans depends on your Free Application for Federal Student Aid (FAFSA).
We recognize the student loan process can be confusing, so please feel free to contact our Financial Aid Office at 402.463.7391 for assistance.
If you decide to take out federal loans to finance your education, you'll be required to complete Loan Entrance Counseling and the Master Promissory Note (MPN). Specific federal loan information and loan application instructions can vary from year to year.
Federal Direct Subsidized Stafford Loans
Available from the U.S. Department of Education, Direct Subsidized Stafford Loans are low interest, long-term loans made to students with financial need. No interest or principal payments are required until six months after you graduate, withdraw or drop below half-time status. Your Direct Subsidized Loan, when combined with your other financial assistance, may not exceed your need.
Federal Direct Unsubsidized Stafford Loans
This program does not take into account your financial need when determining how much money you may borrow. No interest or principal payments are required until six months after you graduate, withdraw or drop below half-time status. However, you are required to pay or capitalize the interest accruing on the loan while you are in school and a deferment period.
Federal Perkins Loans
Federal Perkins Loans are awarded on a limited basis to students with financial need, with priority consideration given to first year students and sophomores.
Federal Direct Parent PLUS Loans
The Federal Direct Parent PLUS Loan Program assists parents of dependent students in meeting expenses not covered by other financial aid sources. Parents are limited to borrowing an amount equal to the cost of your education fees less your financial aid. Repayment of Parent PLUS Loans begins 60 days after the loan is fully disbursed, although in some financial circumstances, payments may be deferred.
After filing the FAFSA and exhausting all other possibilities for federal loans and grants for you and your parents, you might still need additional financing through private or alternative loan programs offered by banks. Through FASTChoice, you can find more information.