Loans

Students are encouraged to borrow only what they need and to seek outside scholarships and save summer earnings in order to reduce overall indebtedness. The Financial Aid Office works closely with students to achieve this goal.

There are two ways loans can help cover your college expenses: You can receive need-based federal loans as a part of your financial aid package and/or you can apply for non-need-based loans to cover your family's contribution to your education.

Federal Direct Loan (Stafford and PLUS)

Gustavus participates in the Federal Direct Loan Program for Stafford and PLUS (Parent Loan for Undergraduate Students).

• Federal Direct Stafford Loan Information
• Federal Direct PLUS Loan Information

Federal Perkins Loan

Gustavus participates in the Federal Perkins Loan program and offers Perkins Loans to first-year students.

• Perkins Loan Information

Private Alternative Loans

Private, alternative Loans are loans not guaranteed by the Federal Government and are not awarded as part of a student's financial aid package. The borrower (either student or parent) may borrow such a loan through various participants such as banks or credit unions to help cover college expenses.

There are many different types of alternative loans for different types of borrowers. Alternative loans are not need-based; rather they are based on creditworthiness. Most students will need a creditworthy co-signer such as a parent or other relative in order to obtain a private loan.

Terms and conditions applicable to these loans vary greatly. Factors such as interest rate, APR, length of repayment, loan minimum and maximum as well as fees should be carefully considered when researching and choosing a private loan.

• Private Loan Lender List

Processing Tips

• Loans are disbursed half in each semester.
• Using the information and worksheets provided by the College, plan your annual financial needs by June and complete the loan process by August 1.
• Utilize the on-line application processes whenever possible

GATE Loan

The lender providing the Gustavus GATE Loan is no longer in business due to the economic crisis facing lenders. Gustavus will continue to pay the interest on previous loans but will not be able to offer additional financing through this option. Please see the Private Loan Lender list above for replacement funding options.